{
  "title": "The Exit Process and M&A | Tero Nummenpää | Neuvottelija 26",
  "titleOriginal": "#neuvottelijat 26 - EXIT-prosessi ja yrityskaupat (Tero Nummenpää)",
  "episodeNumber": "26",
  "guest": "Tero Nummenpää",
  "publishedAt": "2020-06-28",
  "duration": "29:34",
  "durationIso": "PT29M34S",
  "youtube": "https://www.youtube.com/watch?v=j-3aeFF5TWg",
  "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/32-neuvottelijat-26-exit-prosessi-ja-yrityskaupat-tero-nummenpa",
  "originalLanguage": "fi",
  "format": "full",
  "topics": [
    "ma_exits"
  ],
  "description": "Tero Nummenpää, chairman of Translink International, and Sami Miettinen open up how a founder-owned company worth between ten and fifty million euros actually gets sold. The episode contrasts the heavy two-stage auction with a lighter model that nails the main terms already at the letter-of-intent stage, and explains why the depth of the sales material determines how high a buyer will bid. The discussion covers the difference between industrial and financial buyers, the role of the shareholders' agreement, the kickoff workshop question about hidden problems, and a fee model weighted to success. It closes on the pandemic's effect on cross-border processes, virtual due diligence rooms and complex consideration structures.",
  "chapters": [
    {
      "t": "00:00",
      "title": "Matias Mäenpää the EXIT book and selling Pappila Penkkala to Visma",
      "seconds": 0
    },
    {
      "t": "02:00",
      "title": "Tero's route from industrial engineering to investment banking",
      "seconds": 120
    },
    {
      "t": "04:00",
      "title": "The pandemic across thirty countries: China South Africa Latin America",
      "seconds": 240
    },
    {
      "t": "06:00",
      "title": "Technology and e-commerce deals closed during the pandemic",
      "seconds": 360
    },
    {
      "t": "08:00",
      "title": "The two-stage auction versus a lighter letter-of-intent model",
      "seconds": 480
    },
    {
      "t": "10:00",
      "title": "Growth and profitability are what break in due diligence; close fast",
      "seconds": 600
    },
    {
      "t": "12:00",
      "title": "Industrial versus financial buyers; the shareholders' agreement",
      "seconds": 720
    },
    {
      "t": "14:00",
      "title": "The kickoff workshop question about hidden problems",
      "seconds": 840
    },
    {
      "t": "16:00",
      "title": "From physical to virtual negotiation; Teams speeds it up",
      "seconds": 960
    },
    {
      "t": "18:00",
      "title": "Physical data rooms in the 2000s and Slack as a client workspace",
      "seconds": 1080
    },
    {
      "t": "20:00",
      "title": "The fee model: success fee kicker and discretionary fee",
      "seconds": 1200
    },
    {
      "t": "22:00",
      "title": "Advising the buyer and splitting the synergies",
      "seconds": 1320
    },
    {
      "t": "24:00",
      "title": "Pro Farm: seventy advisers opposite and the earnout structures",
      "seconds": 1440
    },
    {
      "t": "26:00",
      "title": "Nordic arbitration versus American courts",
      "seconds": 1560
    },
    {
      "t": "28:00",
      "title": "What the job demands: negotiation skill and reading the other side",
      "seconds": 1680
    }
  ],
  "sourceTranscriptType": "none",
  "subtitleMethod": "none",
  "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the published Neuvottelija AI edition summary. No transcript imported.",
  "slug": "ep26-exit-prosessi-ja-yrityskaupat-tero-nummenpaa",
  "guestsCanonical": [
    "Tero Nummenpää"
  ],
  "guestPages": [
    "https://www.neuvottelija.com/podcast/guests/tero-nummenpaa/"
  ],
  "page": "https://www.neuvottelija.com/podcast/episodes/ep26-exit-prosessi-ja-yrityskaupat-tero-nummenpaa/",
  "markdown": "https://www.neuvottelija.com/podcast/episodes/ep26-exit-prosessi-ja-yrityskaupat-tero-nummenpaa/index.md",
  "captions": null,
  "transcript": null
}