Exploring the Art of Acquiring and Operating Small Businesses in Europe and the UK.
For a long time, I thought entrepreneurship meant starting from scratch.
Coming up with an idea, building something from zero, and pushing until it worked.
I’ve previously built and exited a small online business, but I’ve also had two other unsuccessful ventures. Those failures were humbling, but they helped me realise what I really wanted: to create something stable and lasting. But when it was over, I knew I didn’t want to go back to the corporate world, and I also didn’t want to start another high-risk, high-burn venture.
Then, halfway through my MBA, I discovered Entrepreneurship Through Acquisition, which is the idea of buying an existing, profitable small business instead of starting one. It made immediate sense. Proven customers. Real cash flow. A working system already in place. It’s not about chasing unicorns. It’s about buying something that already matters. And making it better over time.
That’s when Buyout Diary began.
Why I Started This
Most of what I found out about the ETA came from the United States, specifically Stanford and Harvard, as well as countless podcasts about SBA loans and search funds.
But Europe is different.
Diverse markets. Older owners. 25+ languages. Different cultures. Different rules.
Here, ETA is still in its early stages, being a quiet movement that is mostly under the radar.
And there wasn’t much written for people like us: those in Europe or the UK who want to buy and operate small, real businesses.
So I started Buyout Diary to document my own journey, share what I’m learning through my MBA research, and highlight what other acquirers are doing on this side of the Atlantic.
What You’ll Find Here
Every week, I share insights into the world of small business acquisitions, covering everything from the search to the ownership process.
That includes:
Lessons from my own research and interviews with ETA operators and investors
Frameworks and tools that help with sourcing, due diligence, and leadership
Deep dives into iconic acquisitions (like LVMH, Tiffany, or Spotify), and what small business buyers can learn from them
Reflections on ownership, integration, and the human side of taking over a business
No hype or glossy success stories. Just the real process of learning how to buy, lead, and grow a business in today’s Europe.
Who It’s For
Buyout Diary is for:
First-time acquirers in Europe and the UK
Small business owners preparing for succession or a sale
Builders, operators, and investors who believe in long-term ownership
Curious readers who want to understand how real businesses change hands
If you’re looking for practical, honest insights rather than theory, this is for you.
My Background
I’m Alexander Kelm, based in Amsterdam.
My background is in finance, entrepreneurship, and corporate governance. During my MBA, I researched Entrepreneurship Through Acquisition (ETA) — focusing on how small business buyers design governance structures, manage principal–agent dynamics, and ensure effective post-acquisition control.
That research gave me a front-row view of what really happens after a deal closes, where theory meets people, incentives, and real-world decisions.
In this newsletter, I share what I’m learning about buying, leading and owning small businesses in Europe and the UK, and connect these lessons with practice.
The Bigger Vision
I believe Europe is at the beginning of a generational shift in ownership. Thousands of small businesses will soon need a successor. They need an entrepreneur willing to continue the story. They do not need a corporate buyer.
Buyout Diary exists to give that movement a voice.
To connect people who care about craftsmanship, longevity, and responsible ownership.
To make acquisition entrepreneurship more accessible, and more European.
It’s written in Amsterdam, but it’s for everyone who believes in building, not flipping.
If that resonates with you, subscribe and join the journey.
