Interview of the Month with Tomáš Kozubek, Tarpan Group

How do you build a business designed to last for generations? What role does partnership play? Which key elements must be defined from the start? And which investments are worth pursuing?

Your company, TARPAN Group, has been on the market for more than 15 years, continues to grow, and your plans remain ambitious. What’s the secret? And can it be replicated?

I don’t have a magic wand. But thanks to TARPAN, I do have a wealth of business experience that I’m happy to generalize into lessons others can apply.

We started from scratch 15 years ago with a vision to build something different from the standard large consulting firms — different from a corporation. We aimed to create an environment for entrepreneurship, self-realization, and real freedom for a group of strong and diverse individuals. We wanted to focus on what we each excelled at and enjoyed, while maintaining independence. We’ve succeeded in doing that, and today, we probably represent a unique model in the market. Our firm isn’t for everyone, but if someone shares our DNA, they won't find a better place.

Did you have a clear vision from the outset?

We started with distress and restructuring projects, which remain a key part of our work. Over time, we expanded into M&A transactions and financing. TARPAN Legal, our law firm, provides legal services in cooperation with other teams internally as well as to external clients. We’ve also added management consulting and interim management, with a focus on mid-sized, often owner-managed businesses.

While our scope has broadened, one thing has stayed the same: we build our business on long-term relationships and trust. It may sound clichéd, but we genuinely live by those values. It’s not uncommon for us to work without a formal contract. We simply agree on principles and begin. We can afford to take on risks that most companies would consider unacceptable. Many of our clients have been with us for over a decade. They know our recommendations aren’t just theoretical — we’re practitioners. Our goal is to build meaningful, long-term partnerships.

What’s the most important factor in building long-term client relationships?
Consistency, trust and reliability. Clients need to know you’ll be there when it matters and should be comfortable to share “full and honest picture” with you, knowing that you’ll respond with integrity.

They say a business should have an odd number of partners, and three is too many. You have six. How has that worked for you? What were the biggest challenges in building a partnership?

From the beginning, we operated as a very informal partnership built on mutual trust, shared values, and openness. We didn’t want a structure where decision-making was rigid or centralized. For over a decade, we ran on a verbal “gentleman’s agreement.”

Has this changed since?

We formalized our structure only three years ago. We needed a framework that worked for our four founding partners and the two new ones. We also wanted to appeal to younger colleagues who might one day lead the firm, as well as like-minded professionals looking for a different operating model. And we wanted to preserve our core values: freedom, flexibility, consensus-based decision-making, and a fair economic model. (It may sound funny, but we still use a slightly modified version of our original Excel sheet.)

A fair economic model for running the business sounds intriguing. Can you elaborate?

Let me outline the principles. Specifics are more complex. You need to balance distribution of results based on contribution and merit, while maintaining a degree of solidarity. This isn’t a solo venture — it’s a joint enterprise with mutual interest, a stabilizing element. Value must be fairly distributed between those who bring in business and those who deliver the work. Not everyone combines sales acumen with deep technical expertise.

Then there are the complexities around partners joining or leaving. What is the value of the firm over time? What should a buy-in or buy-out cost? How do you ensure fairness across scenarios? All of this had to be carefully structured. Today, we consider it part of our know-how — our “recipe for success.”

This is particularly useful as we aim to attract new partners who share our vision and bring fresh ideas. We offer a platform where people can quickly integrate and grow, without the risks of starting from scratch. Sometimes, when I describe how we operate, people think it’s just marketing. It’s not.

Do you think your business model can work in other industries?
Absolutely. At its core, our model is built on universal principles of trust, flexibility, and shared success. Aligned motivation and the opportunity to participate in the value we create attracts the right kind of talent. We see this in the startup world with strong role of equity-based incentives (like ESOP) and significant value distributed to larger board of key team players.

Your company is growing. Do you look for specific qualities in new colleagues to ensure they align with TARPAN’s culture?

Yes and no. There are just over 20 of us, and about half the team are seasoned professionals with 20+ years of experience. Unlike many consultancies, much of the hands-on work here is done by senior professionals and partners. That’s how we ensure top-tier quality and serve as true strategic sparring partners for our clients.

This is also why we grow slowly. We look for people who share our vision, mindset, and values. We’re looking for the right cultural fit. People who understand how we want to operate in the long term.

And how exactly do you operate?

Our model isn’t for everyone. We work hard, but in a way that’s sustainable over time. We don’t want to burn ourselves or our colleagues out. We want to enjoy the work and do it for the long run. Anyone trying to sprint at 200% all the time will be left behind. We run an honest marathon — no shortcuts, no doping. And we want to enjoy the journey.

You cover a broad range of services. Is it important for partners to specialize?

Each of us has areas we specialize in, where we have more experience and interest. But it’s not a rigid division. There’s plenty of overlap, and we often collaborate across verticals — either to contribute or to learn.

The situations we handle often overlap, too. A startup may fall into distress, which leads to M&A. Or a fundraising transaction might evolve into a turnaround effort. The fact that we can handle a wide range of scenarios — including legal services under one roof — is a big advantage.

What fundamentally sets you apart from your competitors?

The breadth of situations we help clients navigate. We work on a wide variety of mandates, across companies of all sizes — from small startups to large international firms. Diversity is at the core of our culture. We look for projects that are meaningful, engaging, and involve people we respect.

We’re pragmatic, tailor-made in our approach, and we often bring unconventional perspectives. Recently, for example, we added management consulting to our portfolio after seeing strong demand from clients. In some cases, we even step in with direct management support.

Let’s shift gears. How do you view AI’s role in your business? How do you see your work evolving?

Artificial intelligence is already reshaping every industry, and we believe advisory services will be no exception. AI won’t replace advisors entirely, but it will dramatically improve analytics, modelling, and data evaluation. We want to be among the first to embrace this shift.

We’re encouraging younger colleagues to lead the charge. We’re placing some bets on them. Soon, they’ll be the ones pushing the boundaries.

That’s also why we stay close to the startup ecosystem — as mentors or investors. These teams often show us how fast things are moving. Many innovations are already here, and some people don’t realize just how much change is coming. We’re glad to be in the mix, and proud that we can offer value even to the most sophisticated tech professionals.

Do you only invest in startups?

We’ve made more than 20 investments, either as angel investors or in larger projects alongside our clients. Typically, we focus on early-stage, fast-growth opportunities or unique special situations where we can add value.

It’s always clear from the start whether we’re acting as advisors or investors. Occasionally, the two roles complement rather than conflict. For instance, we might advise on an investment and also co-invest, putting "skin in the game." Sometimes our compensation is tied exclusively to future value creation. That’s our way of signalling genuine belief in a project.

What are your unique investment philosophies?

I believe in reinvesting capital into innovative local projects and talent. Helping connect entrepreneurs and build IP locally brings value not just to founders and shareholders, but to our entire region.

That sounds like both a virtue and a risk. Does it evolve from your own experience?

I’ve been involved in startups for over 15 years as a mentor and angel investor, and I currently sit on the investment committee at StartGuide VC. It makes more sense to have capital actively working here than passively sitting in U.S. stocks or funds. That’s why I encourage our clients — especially those who have exited businesses — to reinvest locally, within their risk tolerance. Whether through direct investment, local VC, or private equity, our economy needs more private capital to remain competitive. These are the kinds of investments I believe in, even if they break the textbook rules of diversification.

If you were starting your business again today, what would you do differently?

I’m quite critical by nature, so I can think of many decisions I might have made differently. But when you’re building a "startup," you make the best decisions you can in the moment. What matters most is holding onto your direction, values, and principles for the long term.

Patience was key, especially in the early years. Our business is 100% people-driven, and in hindsight, we could have grown the team faster. Delivering another project is easy for us; finding a new partner often takes years. Looking back, I would have taken more risks earlier.

What or who inspires you today?

I admire young entrepreneurs who jump into ambitious projects without fear of failure. It’s best to start early, when you have energy, courage, and fewer commitments. When I graduated, most classmates chased stable jobs at big corporations. Today, student mindsets have thankfully shifted. That’s why I enjoy supporting young founders and also offering unique opportunities within our group.

Bio

Tomáš Kozubek has been a founding partner at TARPAN Group since 2009, specializing in M&A, investments, strategy, fundraising, and startup support.

He began his career in 1999 at ATLANTIK finanční trhy and KKCG, followed by five years at McKinsey & Company (2004–2009), where he worked on projects for major financial and energy-sector clients in CEE and briefly in the Chicago office.

In recent years, Tomáš has led major M&A deals (e.g., Akcenta CZ acquired by Raiffeisenbank, CAPEXUS sold to ČEZ ESCO, Fondee to Direct Group, or Megapixel to EIG), advised startups on fundraising and exits (including early funding for Socialbakers), co-founded several ventures, worked for and invested in others. He has mentored at StartupYard since 2013 and is part of StartGuide VC’s investment committee. He advises entrepreneurs and investors on transactions, financing, growth, strategy, and value creation.