Acquiring Minds – Episode Summary

Episode: The First Steps to a Family Holdco

Host: Will Smith
Guests: Ling and Leo von Diebel
Original Airdate: January 26, 2026

Overview

This episode explores the journey of Ling and Leo von Diebel, a married, non-British couple based in London who bought a business together and are building a family holding company (“holdco”) with a long-term, hands-on philosophy. Their story touches on several unique aspects: searching for and acquiring a business as a couple, doing so in the UK (with its distinct market constraints), being non-citizens, and navigating the intensely personal challenge of IVF while building their entrepreneurial future.

Key Discussion Points & Insights

1. Backgrounds and Early Career Paths

• Ling: Entrepreneurial roots in Vietnam. Banking, private equity, then fintech/startups across the US, UK, and Europe.
• Leo: German-born, educated in the US, started in consulting (BCG), then private equity, then joined Ling in the search.
• Both attended Wharton and leveraged their broad business experience as a foundation for acquisition entrepreneurship.

Notable Quote

“I have an entrepreneur itch from an early age because both my mother and grandmother are small business owners in Vietnam.”
—Ling von Diebel, (03:38)

Timestamps

• Ling’s career & inspiration: 03:38 – 05:49
• Leo’s career & partnership genesis: 10:49 – 13:44

2. Discovering Search, Philosophical Deliberation & the “White Paper”

• Ling learned about search funds at Wharton and was encouraged by a successful alum, but initially declined the traditional path.
• Frustration with the VC/startup world and a desire for more autonomy reignited her interest in search.
• Ling took a highly analytical and reflective approach, interviewing dozens of searchers, and crafting a 20-page “white paper” to analyze models (traditional search, self-funded, independent sponsor), detailing risks, economics, and long-term vision.
• The document was instrumental in securing Leo’s buy-in and shaping their approach.

Notable Quotes

“I wrote this 20 page document... to get my husband buy-in, but also to really understand the difference between types of search models.”
—Ling von Diebel, (13:47)

“For me, it was seeing her commitment... when she puts her mind to something... she’ll do a great job.”
—Leo von Diebel, (16:38)

Timestamps

• Ling’s “white paper”: 13:47 – 16:21
• Leo’s perspective & decision: 16:21 – 18:30

3. Deliberate Model Selection & Holdco Vision

• Rejected traditional search due to governance constraints (board control).
• Chose self-funded search for autonomy, hands-on operational control, and a family/investment vehicle for long-term growth.
• Firm belief in the “holdco” model to create compounding value and economies of scale with future acquisitions, but with a deliberately slow, operationally-focused approach.

Notable Quote

“The traditional search fund does not make sense where you have a board... That does not make sense to me. It seems to me more like, you know, I'm still in startup managing a board of directors and investors.”
—Ling von Diebel, (19:53)

Timestamps

• Search model deliberation: 19:37 – 22:51
• Holdco vision: 22:51 – 25:53

4. Unique Challenges: Searching as a Non-British, Non-male, International Couple

• Encountered cultural and gender bias; brokers recommended Ling involve an “older white male” for credibility.
• Overcame skepticism by sheer numbers—meeting with as many brokers as possible—and building a brand.
• Brought Leo into key meetings while maintaining Ling’s leadership role, despite attention shifting to Leo in seller meetings.

Notable Quotes

“A lot of brokers told me that I am considered...a ‘soft figure’ and so I need to bring in an older white male into meetings to make Acacia look more representable.”
—Ling von Diebel, (33:07)

"When a decision had to be made in the room, everyone turned to Leo."
—Ling von Diebel, (34:30)

Timestamps

• Navigating bias, search hurdles: 32:34 – 36:00

5. Deal Sourcing & Criteria

• Started with both proprietary and broker deals, found broker deals far more time-efficient.
• Reviewed around 1,000 teasers, requested ~200 SIMs.
• Initially targeted software given Ling’s background, but quickly realized difficulty; shifted to more opportunistic-mandate focused on growth potential and transformation.
• Long-term thesis over thematic/industry dogma, which was often limiting with the fragmented UK broker market.

Notable Quotes

“Being thematic can really hurt you... because a lot of these brokers, they don’t have great deal flows. So you just only harm yourself if you are too specific and too focused, at least from our experience.”
—Ling von Diebel, (43:31)

Timestamps

• Search criteria: 38:21 – 44:24

6. Personal Parallel: IVF & Search – The Double Rollercoaster

• Ling and Leo discuss openly their simultaneous IVF journey and the work/life stress interplay.
• IVF proved far more time-consuming, emotionally and physically grueling than anticipated. Required Ling to step back from the business at times.
• They make a key point about the value of entrepreneurship: autonomy made it possible to adjust life's pace for IVF, a flexibility rarely available in corporate careers.

Notable Quotes

“I probably reviewed a thousand deals... but it’s just a numbers game at the end of the day. And we were quite deliberate in terms of what criteria we choose to look at…”
—Ling von Diebel, (37:21)

"IVF process is much more brutal because you feel like you have no control..."
—Ling von Diebel, (47:34)

"At the end of the day, we’re accountable to ourselves...that’s part of the benefit of being in the search, you have that control."
—Leo von Diebel, (49:14)

Timestamps

• IVF and entrepreneurship: 45:21 – 54:30

7. The Business: Infrastructure Design Solutions (IDS)

• Engineering consultancy for large infrastructure projects—specializing in telecoms, data centers, office builds across EMEA.
• Found opportunistically through a broker, not a targeted search.
• Good growth market (10%+), aligned with AI/data trends, but not at nosebleed valuations due to not being software.
• Established technical staff; Ling and Leo leveraged their consulting, execution, and professionalization skills in management, not technical service delivery.

Notable Quote

“What we really liked... it was a growing market, which in the search space is rather uncommon...and we had a good rapport with the sellers.”
—Leo von Diebel, (55:58)

Timestamps

• IDS business model: 55:58 – 63:09

8. Deal Structure

• No UK equivalent to SBA—required private lender negotiations.
• Deal comprised ~50% bank debt (maximum available), the balance in equity—own, friends/family, and (diversified) outside investors (8-9 in total), plus seller financing via earnout and equity rollover.
• Achieved 60–70% ownership; diversified investor pool for resilience if any dropped out pre-close.
• INSIGHT: Pre-planned for a cash cushion (~10–20% of fresh equity) for resilience, which proved vital when a top client paused projects.
• Sellers retained a stake and long earnout—alignment ensured, especially with knowledge transfer.

Notable Quotes

“We structured it with roughly 50% debt...and the rest with equity...and seller financing, which is a combination of both earn out as well as equity rollover.”
—Ling von Diebel, (69:53)

“If you want to do something differently, you need to really have a thesis, know what you want to do with the business, why it’s going to work, why you’re credible, who else is in the boat with you…”
—Leo von Diebel, (76:28)

Timestamps

• Deal structure: 69:53 – 80:00

9. Post-Acquisition Surprises: Surviving Black Swans

• Two black swans shortly after acquisition:
  1. Biggest client paused all projects; thanks to their equity-funded cash cushion, they had time to react and professionalize sales and diversify.
  2. Home Office national security inquiry due to being non-British owners of a critical infrastructure consultancy; deal could (retroactively) have been unwound. Required months of legal/government process post-close.

Notable Quotes

“Shortly after the acquisition the UK home office informed us that they were going to be inquiring whether us acquiring this business was a national security threat.”
—Leo von Diebel, (82:40)

“We were willing to give up kind of our equity stake a bit to have that cash cushion in the beginning so that we can sleep at night the first few months.”
—Ling von Diebel, (86:44)

Timestamps

• Black swans & cash cushion: 80:50 – 88:20

10. Doing It as a Couple

• Upside: Total understanding, shared journey.
• Downside: All stress is mutual; challenging to set work-life boundaries.
• Their partnership evolved organically: Initially, Ling said no to working with Leo, but grew to appreciate and thrive in the partnership.

Notable Quotes

“There’s nobody else I trust more to be on this venture with other than Leo... But... you share all the same stress.”
—Ling von Diebel, (89:38)

“Seeing a whole new side of Ling for me was really great... you always assume your partner is great at what they do, but when you really see somebody thriving...you feel very proud.”
—Leo von Diebel, (91:15)

Timestamps

• Reflections on couple search: 89:38 – 92:32

11. Community & Legacy

• Ling’s family supports her switch to entrepreneurship, recognizing her impact.
• Company started to feel like an “extended family”—echoes of Vietnam roots.

Notable Quote

“They always knew that if I put my mind into something, I would do it well. So they're proud that I finally made the plunge from the corporate world... to do this."
—Ling von Diebel, (92:47)

Timestamps

• Family reflections: 92:32 – 93:45

Memorable Moments & Quotes

• On search perseverance:
  “I've never received so many rejections in my life in such short period of time.”
  —Ling von Diebel (33:07)

• On the search/IVF rollercoaster:
  “If I can compare to the search, the IVF process is much more brutal because you feel like you have no control of the process and you have no idea why it doesn't work out.”
  —Ling von Diebel (47:34)

• On authority in meetings:
  “I ran the meeting, I did all the talking points. But when a decision had to be made in the room, everyone turned to Leo to make the decision.”
  —Ling von Diebel (34:30)

• On holding company philosophy:
  "The first acquisition is always the hardest. Building your brand from scratch... But once you have that first deal under the radar, you create that foundation and that playbook to then do more deals."
  —Ling von Diebel (22:56)

• On minority versus majority investor structures:
  “A lot of investors... don’t like searchers to have majority stake in the business. It took us a lot of work... It’s not an easy model to replicate but it took a lot of persistence...”
  —Ling von Diebel (75:41)

Recommended Segments & Timestamps

• The Search as a Numbers Game & Dealing with Bias: 33:07 – 36:00
• IVF and Entrepreneurship Parallel: 45:21 – 54:30
• Deal Model & Structuring Outside the US: 69:53 – 80:00
• Post-Close Black Swans & Planning for Resilience: 80:50 – 88:20
• Doing It as a Couple – Pros and Cons: 89:38 – 92:32

Final Takeaways

• Buying a business as a couple, especially as non-citizens outside the US, is challenging but possible with persistence, self-reflection, and deliberate planning.
• Autonomy of self-funded search offers both professional and personal freedom—but requires a thick skin and an appetite for risk and hard work.
• Prepare for setbacks—financial (cash cushions!) and personal.
• Navigating investor expectations and deal structures is more difficult outside the US (no SBA), and local norms differ.
• Shared values, mutual support, and flexibility as a family—especially during life’s major challenges, like IVF—can transform the entrepreneurial journey.

For full details, listen to the episode or check the show notes at acquiringminds.co.