In this edition of Search Fund Squared, we’re thrilled to introduce Lisa Stuhler, the very first single, female search fund entrepreneur in Germany and founder of Tilia Nachfolgekapital GmbH. We, at Moonbase Capital, are proud to be investing in Lisa’s search fund as she embarks on her journey to acquire and grow a business in the DACH region.

With over 13 years of experience in strategy consulting, marketing, sales, PR, and customer experience, Lisa has held leadership roles at Accenture Strategy, where she managed multi-country projects, and Avantgarde Group, where she transitioned the company from owner-led to management-led operations.

After co-founding Time of Wow, a “HelloFresh for events” startup, Lisa discovered search funds through a chance LinkedIn post. Her entrepreneurial spirit, expertise, and groundbreaking role as Germany’s first female searcher position her uniquely to succeed in the DACH region’s evolving search fund landscape.

MC: After running your own startup, what motivated you to pursue a search fund specifically?

Lisa: The search fund model aligns perfectly with my background and aspirations. Being born and raised in the Bavarian countryside, I’ve always been fascinated by the German Mittelstand, and I want to make it my life’s work through entrepreneurial endeavours. The search fund approach allows me to leverage my diverse experience in strategy, M&A, and business development to acquire and grow a business.

Moreover, I’m driven by the opportunity to be a pioneering force in the German entrepreneurial ecosystem. As the first single woman to launch a search fund in Germany, I hope to inspire others and bring a fresh perspective to the industry. The search fund model offers a unique chance to combine my strategic insights, people skills, and passion for driving growth and innovation.

MC: How does fundraising for a search fund compare to your experience with startups?

Lisa: It’s a night and day difference. When we tried to raise a pre-seed round for our startup earlier this year, it was incredibly difficult to even get replies or phone calls with potential investors. Now, as a search fund entrepreneur, it is different. It’s quite ironic – I’m the same person with the same profile, but the reception is completely different. Some investors who ignored my outreach attempts for the startup are now actively engaging with my search fund posts on LinkedIn.

MC: What types of businesses are you targeting in your search?

Lisa: While I’m looking across industries, I’m particularly interested in two areas: consultancies/agencies, business services and consumer goods with a digitalization angle.

Just as a concrete example, I’d love to find a company with a product – perhaps an old-school brand that could benefit from modernisation and digitalisation. My goal is to acquire a business that I’m genuinely excited to work on every day. I get one chance and I want to make it count!

MC: Have you noticed any regional differences within the DACH market?

Lisa: The main differentiators I’ve observed are more about rural versus urban locations and the age of the business owner. There’s also a stark contrast between, say, modern performance marketing agencies and traditional family-owned businesses. Each deal is unique, but these factors definitely influence the conversations and negotiations.

MC: What’s your approach to preserving the legacy of the businesses you’re looking to acquire?

Lisa: That’s a crucial aspect of my strategy. I believe my background actually helps in this regard. They appreciate that I’ve worked my way up and understand the value of hard work and dedication. This connection often helps build trust and ensures that they feel confident about the future of their business under my leadership.

MC: Any final advice for aspiring search fund entrepreneurs, especially those looking at emerging markets for search funds?

Lisa: My main advice would be to challenge preconceived notions. When I first started exploring this path, I heard many discouraging comments about how difficult it would be to find sellers or secure funding. However, by getting out there and having real conversations, I’ve found that the reality is often quite different from these “myths”.

Also, don’t be afraid to leverage your unique background and experiences. What might seem like an unconventional path can actually be your greatest asset when connecting with business owners and investors.