2025, The Year of Building in Public
From searching for one business to building infrastructure for many. My honest reflection on 2025 and what’s next.
Hello, and welcome back to Buyout Diary.
I’m writing this between Christmas and New Year, in that strange pocket of time when the world slows down and you can actually think. This year didn’t go as planned. I thought 2025 would be the year I bought a business, but instead it became the year I discovered what I’m actually meant to be doing. That might sound like failure, but it’s not. It’s clarity.
Part 1: What Actually Happened
Let me be honest about 2025. I started the year with a clear plan to complete my MBA, join ETA, find a business, and buy it. Simple, linear, the acquisition entrepreneur’s playbook. What actually happened was messier, more circuitous, and ultimately more valuable than anything I’d planned.
I pivoted between industries more times than I’d like to admit. Digital businesses, then accounting firms, then retail, maritime businesses, agri-logistics, craftsmanship businesses, local services companies. From the outside, this probably looked like indecision, and from the inside it felt like wandering without a map. But here’s what I’ve come to realise: I wasn’t lost, I was researching. I was searching for businesses that are AI-resistant and recession-resistant, businesses that can’t be easily automated or disrupted, businesses that serve fundamental human needs regardless of economic cycles. Each pivot taught me something about deal structures in Europe, and each conversation with a broker or a business owner added to my understanding of what sellers actually want, what buyers actually need, and where the gaps are. I still believe in the craftsmanship and local services space, and that focus hasn’t shifted, but the way I think about how to approach it has fundamentally changed. In fact, my wife and I have found something in our local area that fits this profile, and we’re working through the details now.
Here’s the thing I didn’t plan: whilst I was searching for a business, I was actually building an ecosystem. I founded ETA Amsterdam not as a strategic move but because it felt necessary. Europe needs its own voice in the acquisition entrepreneurship movement, and we’re not just copying the American search fund model. We’re building something different, something that fits our market, our values, our regulatory landscape. The community grew faster than I expected, the conversations were richer than I’d hoped, and somewhere along the way I realised I was spending more energy building the ecosystem than I was closing deals. That should have told me something.
Buyout Diary started as a way to document my journey, to write down my thoughts and force myself to clarify what I was learning in real-time. But it became something else entirely: a space to think in public, to test ideas, to connect with people who are asking the same questions I am. Every week I publish, some weeks tactical, some weeks personal, some weeks both, and through that consistency I’ve learned what it actually means to build in public. Not just the wins, but the wandering too. If you’re reading this, thank you for giving me the time and space to figure things out in front of you. That trust isn’t something I take lightly.
Part 2: The Conversation That Changed Everything
On 23 December, the day before Christmas Eve, I had a meeting with a local M&A lawyer. We sat for two hours and talked about ETA in Germany, in the Benelux countries, in Europe more broadly. We discussed the difference between private equity and venture capital and search funds, and debated whether the distinctions even matter anymore. Then he asked a question that landed like a punch:
“You have the mindset of an acquisition entrepreneur, but your skills are more like an investor. Why aren’t you raising a fund?”
I sat there for a moment because here’s the thing: I’d been thinking about this for two months already. I’d had conversations with other search fund investors, people who never operated businesses themselves but built successful portfolios by allocating capital well. I’d been watching how they structured their funds, how they sourced deals, how they supported operators without being the operators themselves. The lawyer didn’t give me the idea, he gave me permission to see myself clearly.
Let me be direct about what I realised in that conversation. I’m not a solo searcher, not really. I mean yes, I’ll still do the search. My wife and I will find a business we can handle together, something in craftsmanship or local services, something we can build and run. That path hasn’t disappeared. But it’s not enough, and it doesn’t match the scale of what I’m actually trying to build.
Here’s what I actually am: I’m an ecosystem builder and a capital allocator. This isn’t new, by the way, it’s just taken me this long to see it clearly. I’ve been investing since I was a student. I paid for my entire degree, every module, every exam fee, with stock market investments. Not inheritance money, not loans, but investments I made myself. When I worked at a Big Four firm, what excited me wasn’t client delivery but financial analysis. Reading balance sheets, understanding cash flows, seeing the patterns in how capital moves. I’m good at this, I’ve always been good at this, but I kept thinking I was supposed to be something else. An operator, a CEO, someone who runs the day-to-day.
The truth is I don’t want to be CEO. I want to build infrastructure, allocate capital, find the right people (which my ecosystem conveniently gives me access to) and support them in acquiring and growing businesses. That’s not a searcher’s profile, that’s a fund manager’s profile.
The lawyer laid it out clearly. Give yourself until the end of February to make a decision, use these two months to think properly, to test the idea, to see if this is what you actually want. If yes, then spend 2026 building the infrastructure. Formalise the ETA Amsterdam ecosystem, which is already a goldmine for finding operators and deal flow. Prepare to raise capital, and the money won’t be the problem because there are plenty of investors looking for exactly this kind of vehicle. Structure the fund properly, not a search fund model but a small PE or VC fund focused on European SMB acquisitions. By the beginning of 2027 you could be deploying capital, perhaps ten to twenty-five million euros to acquire three or four businesses. Roll them up if it makes sense, place strong operators as CEOs, build a portfolio that preserves European businesses and gives them the succession they need. Not extraction, but continuation.
“You don’t have to choose between ecosystem and acquisition,” he said. “You can do both. In fact, the ecosystem makes the fund possible.”
So here’s where I sit as 2025 ends. I’m about seventy to eighty percent decided. This feels right, it matches my skills, my background, my actual strengths, and it scales the impact I want to have on European acquisition entrepreneurship. But I’m not naive about this. It’s a fundamentally different path, not just “searcher plus more capital” but a different identity, different responsibilities, different challenges. The solo search with my wife still happens, that’s personal, that’s us building something together. But the fund? That’s about building infrastructure for a movement.
Let me be specific about what this year taught me:
About myself:
I’m better at building systems than running operations
I get energy from allocating capital and enabling others rather than being the person in the arena every day
My ecosystem work isn’t a distraction but the foundation
About European deals:
Sellers want continuity more than they want maximum price
The best deals come through relationships rather than brokers
Every market has its own logic which means you can’t just copy American models
About search itself:
Industry pivots aren’t failures if you’re learning
The perfect business doesn’t exist because it’s about fit and timing
Community matters more than I gave it credit for
What I got wrong:
I thought I needed to choose between ecosystem or acquisition
I underestimated how long real deal-making takes in Europe
I overestimated my desire to be CEO
What I need to do better:
Trust my instincts about capital allocation instead of forcing myself into an operator mould
Build infrastructure before deploying capital rather than the other way around
Stop treating ecosystem-building as separate from deal-making because they’re the same work
Part 3: What I’m Building Towards in 2026
So here’s what 2026 looks like from where I’m sitting today. End of February is my personal deadline, and by then I need to be clear about whether I’m raising a fund or staying solo. I’m using these two months to stress-test the idea with people whose judgement I trust, model out what the fund structure would actually look like, and be honest with myself about what I want versus what I think I should want. This isn’t about rushing, it’s about being deliberate.
If I move forward with the fund, and I’m leaning towards this, here’s what changes. The solo search continues, my wife and I will still find a business in craftsmanship or local services, something we can build and run together. This is about us, our own journey, our own skin in the game. But alongside that, the fund becomes about infrastructure. Formalising ETA Amsterdam into a proper European ETA ecosystem, building the infrastructure to raise capital properly, structuring a small PE or VC vehicle focused on European SMB acquisitions, deploying capital to acquire three or four businesses, supporting strong operators, building a portfolio. The timeline would be infrastructure in 2026, deployment starting 2027. These aren’t in competition, they’re complementary. The solo search keeps me close to the work, the fund lets me scale impact.
Some things don’t change regardless of which path I take:
Buyout Diary continues with a new newsletter every week. This is my laboratory, my thinking space, my way of staying honest.
The ecosystem grows. ETA Amsterdam is transforming from a community into a proper European ecosystem with more events and more specific programming, not just for searchers but for acquirers, operators, investors.
The focus holds on craftsmanship and local services, businesses that need succession rather than extraction, European businesses that deserve to continue rather than get corporatised.
Beyond the fund question, I’m also beginning to invest in smaller search processes, so if you’re searching and need support I’m open to conversations. I’m attending more conferences, and if you’re hosting or attending we should connect. I’m building relationships with investors who understand the European market.
Here’s how I’ll measure 2026, not by deals closed because that’s an outcome and outcomes take time, and not by capital raised because that’s a vanity metric if the infrastructure isn’t right. Instead I’ll measure by clarity, infrastructure, and momentum:
Do I know by March what I’m actually building?
Have I formalised the ecosystem in a way that creates real value?
Am I building relationships with the right people: operators, investors, sellers?
Am I continuing to learn in public, to share what’s working and what isn’t?
2026 is a building year, not a victory lap, a foundation year.
My Top 3 Newsletters from 2025
If you’re new here or if you want to revisit the year, these three pieces capture what 2025 was really about.
The first is “Three Ideas That Are Shaping My Acquisition Journey”, which is about the frameworks I use to make sense of the search process. Three specific ideas that changed how I evaluate opportunities, think about risk, and understand what I’m actually trying to build. If you’re in the middle of your own search and feeling overwhelmed by options, this one might help you clarify your thinking.
The second is “Clarity Before the Chase: Writing Your Investment Thesis”. Before you can find the right business, you need to know what you’re looking for. This piece walks through how to write an actual investment thesis, not a vague wish list but a clear framework that helps you say no to the wrong opportunities and yes to the right ones. I wrote this after months of pivoting between industries, and it forced me to get specific about what I actually wanted.
The third is “Scaling Through Acquisition: My Thoughts on Roll-Ups”. Roll-ups get a bad reputation, but done right, done with respect for the businesses and the people, they can be a powerful way to preserve and grow European SMBs. This piece explores when roll-ups make sense, when they don’t, and what it takes to execute them without destroying value. If the fund path is what I choose, this thinking will be foundational.
For Everyone Building, Not Flipping
As 2025 ends, I want to say something clearly. This newsletter exists because I believe Europe is at the beginning of a generational shift in ownership. Thousands of small businesses, good businesses, profitable businesses, businesses with loyal customers and skilled employees, will soon need a successor. They need an entrepreneur willing to continue the story, not a corporate buyer, not someone who sees them as an arbitrage opportunity. They need someone who cares about craftsmanship, longevity, and responsible ownership.
That’s what Buyout Diary is for. To give this movement a voice, to connect people who think long-term, to make acquisition entrepreneurship more accessible, more European, more humane. If that resonates with you, you’re in the right place.
As we step into the new year, here’s what I hope for you:
Clarity, not certainty because that’s impossible, but clarity about what you’re actually trying to build and why.
Momentum, even if it’s slow, even if it’s unglamorous, because progress matters more than speed.
Community, because you’re not alone in this, and whether you’re searching, operating, or investing, there are others asking the same questions you are.
Health, because this work is long and hard and requires endurance. Take care of yourself, spend time with the people who matter most, because business is important but it’s not everything.
If you’ve read this far, you’re part of this journey, and thank you for that. In 2026 I’ll keep writing, keep building, keep learning in public. If you’re searching for a business, if you’re building an ecosystem, if you’re trying to figure out what acquisition entrepreneurship looks like in Europe, let’s stay connected. Reply to this email, share what you’re working on, tell me where you’re stuck. I can’t promise I’ll have answers, but I can promise I’ll engage honestly, because that’s what this community is. People who care enough to do the work, to ask the hard questions, to build something that matters.
Until next Monday,
Alexander