Acquiring Minds From €4 Million, to Zero, to €12 Million
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Oct 23, 2025 Ivona Butcher, Co-CEO of Bayeret and former Kellogg MBA, shares her inspiring journey from acquiring a business in the Czech Republic to facing a total revenue collapse during COVID-19. She discusses the challenges of operating in a post-Soviet culture and pivoting to virtual events to keep her staff employed. Ivona highlights her aggressive strategies in negotiating with banks, successfully buying back a seller note, and ultimately tripling revenue and doubling EBITDA post-crisis. Her insights on entrepreneurship alongside her husband offer valuable lessons for aspiring business owners.
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Why A Niche Events Business Fit
- Exhibition services looked unattractive until Ivona and Corbin realized the industry is project-based but highly repeatable with Western clients.
- The role matched their strengths: export orientation and sales/marketing improvements.
Raise Diligence Capital Fast
- Raise targeted due-diligence capital once you find a promising target to hire legal and accounting experts.
- Use that diligence to firm up an investor group for the acquisition equity raise.
Local Banks Can Be More Generous
- Czech banks accepted higher leverage (60%) because small-business lending and collateral norms differ by market.
- Local market characteristics can make acquisition financing easier than expected for first-time buyers.