---
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"
datePublished: 2020-06-28
duration: "29:34"
youtube: "https://www.youtube.com/watch?v=j-3aeFF5TWg"
captionsVtt: https://www.neuvottelija.com/podcast/episodes/ep26-exit-prosessi-ja-yrityskaupat-tero-nummenpaa/captions.en.vtt
captionsSrt: https://www.neuvottelija.com/podcast/episodes/ep26-exit-prosessi-ja-yrityskaupat-tero-nummenpaa/captions.en.srt
originalLanguage: "fi"
topics: ["ma_exits"]
subtitleMethod: "none"
provenance: "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the published Neuvottelija AI edition summary. No transcript imported."
fiCanonical: "https://www.neuvottelija.fi/fi/episodes/32-neuvottelijat-26-exit-prosessi-ja-yrityskaupat-tero-nummenpa"
canonical: https://www.neuvottelija.com/podcast/episodes/ep26-exit-prosessi-ja-yrityskaupat-tero-nummenpaa/
---
# The Exit Process and M&A | Tero Nummenpää | Neuvottelija 26

## Chapters

- [00:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=0s) Matias Mäenpää the EXIT book and selling Pappila Penkkala to Visma
- [02:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=120s) Tero's route from industrial engineering to investment banking
- [04:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=240s) The pandemic across thirty countries: China South Africa Latin America
- [06:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=360s) Technology and e-commerce deals closed during the pandemic
- [08:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=480s) The two-stage auction versus a lighter letter-of-intent model
- [10:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=600s) Growth and profitability are what break in due diligence; close fast
- [12:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=720s) Industrial versus financial buyers; the shareholders' agreement
- [14:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=840s) The kickoff workshop question about hidden problems
- [16:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=960s) From physical to virtual negotiation; Teams speeds it up
- [18:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1080s) Physical data rooms in the 2000s and Slack as a client workspace
- [20:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1200s) The fee model: success fee kicker and discretionary fee
- [22:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1320s) Advising the buyer and splitting the synergies
- [24:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1440s) Pro Farm: seventy advisers opposite and the earnout structures
- [26:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1560s) Nordic arbitration versus American courts
- [28:00](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1680s) What the job demands: negotiation skill and reading the other side

## Summary

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

- [**00:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=0s) — Matias Mäenpää the EXIT book and selling Pappila Penkkala to Visma
- [**02:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=120s) — Tero's route from industrial engineering to investment banking
- [**04:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=240s) — The pandemic across thirty countries: China South Africa Latin America
- [**06:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=360s) — Technology and e-commerce deals closed during the pandemic
- [**08:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=480s) — The two-stage auction versus a lighter letter-of-intent model
- [**10:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=600s) — Growth and profitability are what break in due diligence; close fast
- [**12:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=720s) — Industrial versus financial buyers; the shareholders' agreement
- [**14:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=840s) — The kickoff workshop question about hidden problems
- [**16:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=960s) — From physical to virtual negotiation; Teams speeds it up
- [**18:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1080s) — Physical data rooms in the 2000s and Slack as a client workspace
- [**20:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1200s) — The fee model: success fee kicker and discretionary fee
- [**22:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1320s) — Advising the buyer and splitting the synergies
- [**24:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1440s) — Pro Farm: seventy advisers opposite and the earnout structures
- [**26:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1560s) — Nordic arbitration versus American courts
- [**28:00**](https://www.youtube.com/watch?v=j-3aeFF5TWg&t=1680s) — What the job demands: negotiation skill and reading the other side

## Watch

The recording lives on the Neuvottelija channel: [#neuvottelijat 26 - EXIT-prosessi ja yrityskaupat (Tero Nummenpää)](https://www.youtube.com/watch?v=j-3aeFF5TWg).
A Finnish edition of this episode is published at [www.neuvottelija.fi](https://www.neuvottelija.fi/fi/episodes/32-neuvottelijat-26-exit-prosessi-ja-yrityskaupat-tero-nummenpa).

---

Cite as: Sami Miettinen, Neuvottelija — The Exit Process and M&A | Tero Nummenpää | Neuvottelija 26, https://www.neuvottelija.com/podcast/episodes/ep26-exit-prosessi-ja-yrityskaupat-tero-nummenpaa/, 2020-06-28. For quotes include episode 26 and timestamp.