Case Study Stapelstein

Founded in 2016 as joboo GmbH, Stapelstein® aimed to create a playful, creative space for children's holistic development. Early on, founder Stephan Schenk brought in business angels as shareholders, unknowingly giving away significant decision-making power. This led to conflicts, as the investors prioritized exits and dividends, clashing with Stephan's vision for the company. A key milestone in Stapelstein®'s journey to steward-ownership was when Stephan and Hannah bought out the investors using free cashflow and new capital from providers with capped returns and no voting rights. The case underscores the importance of carefully considering ownership and financing structures early on, while also showing that it's possible to reclaim control, albeit at high financial and entrepreneurial costs.