The First Steps to a Family Holdco - Acquiring Minds Recap

Podcast: Acquiring Minds

Published: 2026-01-26

Duration: 1 hr 35 min

Summary

Ling and Leo von Diebel discuss their journey as self-funded searchers in the UK, focusing on the challenges and strategies of acquiring a business as a couple, particularly in a foreign market. They also share insights into balancing their entrepreneurial ambitions with personal challenges, such as IVF.

What Happened

In this episode, hosts Will Smith welcomes Ling and Leo von Diebel, a married couple who embarked on a journey to acquire a business together while navigating the complexities of the UK market. Ling shares her rich background in finance and entrepreneurship, highlighting her transition from investment banking and private equity to the world of self-funded search. The couple emphasizes the unique challenges they faced due to their non-British backgrounds and the limited availability of loans for business acquisitions in the UK, contrasting with the more accessible funding landscape in the U.S.

Ling recounts her initial exposure to the search fund model during her time at Wharton, where she received an intriguing offer from a successful investor to fund her search in Vietnam. Although she appreciated the opportunity, the idea of relocating to a lesser-known city in Vietnam didn’t appeal to her. Instead, Ling's frustration with the startup ecosystem led her to revisit the search fund model, which ultimately prompted her to attend a self-funded search conference in Dallas. This commitment to her entrepreneurial path, alongside her husband Leo, sets the stage for their venture into business acquisition, specifically within the AI sector.

Key Insights

Key Questions Answered

What challenges do Ling and Leo face as non-British business acquirers?

Ling and Leo highlight that being non-British adds layers of complexity to their search for a business to acquire in the UK. They mention that the loan market for business acquisitions in the UK is not as favorable as in the U.S., making financing a more challenging aspect of their journey. This situation is compounded by their lack of local networks and understanding of the market dynamics, which can hinder their ability to make informed decisions or secure funding.

How did Ling's background influence her approach to entrepreneurship?

Ling’s entrepreneurial spirit was nurtured from a young age, growing up in a family of small business owners in Vietnam. This upbringing instilled in her the desire to become a business owner herself. Her educational and professional experiences in finance, including investment banking and private equity, provided her with a solid foundation for understanding business operations and investment strategies, which she later applied to her search for a company to acquire.

What led Ling to reconsider the search fund model?

After spending years in fintech startups, Ling found herself frustrated with the venture capital ecosystem, particularly as the fintech boom began to dwindle. This dissatisfaction prompted her to take a break and reflect on her career. During this time, she revisited the search fund model, which she had previously learned about at Wharton. This model offered a viable pathway to entrepreneurship that differed from starting a business from scratch, which had a high failure rate.

What was Ling's experience at the self-funded search conference in Dallas?

Ling attended the self-funded search conference in Dallas in 2023, where she was the only participant from outside the U.S. This trip underscored her commitment to her entrepreneurial path and her proactive approach to networking and learning. The conference allowed her to connect with other searchers and gain insights into the search fund model, reinforcing her decision to pursue this route with her husband Leo.

How does IVF impact Ling and Leo's entrepreneurial journey?

Ling's journey with IVF is highlighted as a significant personal challenge that intersects with their business acquisition efforts. The IVF process is described as long, emotionally draining, and time-consuming. Ling notes that managing these personal challenges while actively searching for a business to acquire can be particularly taxing. She hopes that sharing her story will provide support to other couples facing similar situations, emphasizing the importance of resilience in both personal and entrepreneurial endeavors.