Timo Leino, Markku Pohjola, and Harri Saukkomaa reflect on the owner’s will in its various forms in Finland. Their book Omistajan tahto – Kuinka se syntyy? Kuinka sitä käytetään? (Owner’s Will – How is it Born? How is it Used?) has now been published.
00:00 Intro
00:30 Introductions: Authors of the book Omistajan Tahto – Timo Leino, Markku Pohjola, Harri Saukkomaa
02:00 Eeva Ahdekivi Solidium-Delimium, Finland is a capital-poor country
03:49 Forms of ownership: private equity, family businesses, the state, cooperatives. Why are Private Equity investors fairly straightforward owners? Ownership by private individuals
04:45 The trade union movement as an owner – “employers don’t negotiate with those who are broke,” ownership by organizations
05:50 Nalle Wahlroos’s boring (?) board appointments, Elliott Management, Sampo, and Antti Mäkinen
08:00 The owner’s voice, board chairman, executive management, and other stakeholders
10:08 Is ESG just useless fluff?
12:00 Views from Jorma Eloranta and other strong board chairmen/CEOs on the O-B-M (Owner-Board-Management) chain of command
13:20 State ownership steering – Fortum/Uniper, VR, Posti
16:00 Disappointments between the owner, the board, and executive management
18:30 Family businesses as owners: the Fredmans, the Paasikivis, the power of a significant minority investment in strategy formation
28:00 Elon Musk
32:00 Stakeholders and the goals of pension companies
35:10 Takeover situations such as Rovio-Playtika, Caverion-Triton-Bain
42:00 Nordic state ownership steering
43:00 WEF: You’ll own nothing and you’ll be happy, philosophies of the stupidity of non-ownership
46:00 How has communicating the owner’s will changed?
48:00 Outro
Since I previously gave critical feedback, I’ll now offer some praise: the recent episodes featuring Mauri Kotamäki, Lasse Corin, Verneri Pulkkinen, Omistajan tahto, and Libera have been very rewarding. In these interviews, the guests are experts in their respective fields, and the listener gains new food for thought.
At the same time, let me provide some constructive feedback. As the elections approach, I understand there will likely be more politicians interviewed during the spring. The issue with these political interviews, however, is that they often don’t necessarily have a basis in truth, and the interviewee isn’t really challenged. A good example was the interview with Roininen, where, for instance, the view on joint household taxation wasn’t challenged at all. Don’t be afraid to challenge these kinds of silly ideas!
Since I previously gave critical feedback, I’m now giving roses and praise
Thank you!
Patrik Backman, Managing Partner at Open Ocean, discusses how database giants are built.
Examples include Open Ocean VC’s exits such as True Caller, open-source databases MySQL and MariaDB, as well as current portfolio companies such as Supermetrics, Leadoo, and Nosto. Open Ocean and Translink Corporate Finance Oy are located in the same building at Mikonkatu 1B, 00150 Helsinki.
00:00 Intro MariaDB multiples, Supermetrics’ recent growth
00:54 Patrik Backman – A big fan of Argentinian football
02:30 Open Ocean’s investment focus, Translink’s SaaS and Slack
05:40 True Caller growth in India etc., and Fonecta
08:40 Databases, MySQL, MariaDB and Oracle
14:20 MariaDB’s decreased valuation with SaaS multiples
17:33 Scalable SaaS company metrics such as ARR, Rule of 40%, NRR, Churn, 10x vs 100x philosophy
20:52 Supermetrics’ rise from the Google Analytics-Sheets level, co-CEO
28:17 Leadoo, website marketing and sales analytics
32:30 Nosto and e-commerce software such as Shopify and Videoly
35:06 AppGyver to SAP
36:00 MindsDB, reflections on ChatGPT’s excellence and mistakes. B2B SaaS vs B2C such as WordDive
40:45 Patrik Backman, Patrick Bateman and Erlich Bachman
41:20 Outro Mikonkatu neighbors Open Ocean and Translink Corporate Finance Oy
I’m trying to make an episode this week about the Silicon Valley Bank bailout. You can also find “rah-rah” episodes on my channel, e.g., on Western tanks in Ukraine with Major General (Ret.) Pekka Toveri, as well as interviews with politician friends.
However, here is an episode about camel investing. Like, subscribe, and watch all episodes: https://www.youtube.com/samimiettinen
Petri Lehmuskoski from Gorilla Capital discusses camel investing, which seeks features like profitability, strong customer retention, a diverse team, and resilience. Petri compares the benefits and returns of the model to so-called unicorn investing and venture capital.
00:00 Intro HBR: Camel investing. Problem solution, product market, and scaling fit
00:21 Petri Lehmuskoski – Gorilla Capital, Turun Tietokeskus
01:26 How the Finnish Business Angel Network FiBAN, the impact of Vigo accelerators, and Gorilla Capital [developed]
03:20 Sami’s angel investment philosophy, e.g., leaning on investments like those of Open Ocean
04:00 Gorilla Capital vs. Vendep and Lifeline. Camel investing vs. unicorn investing
11:20 Finnish companies don’t know how and don’t want to do M&A, the low wealth of Finns
12:50 The importance of customer expertise
14:20 Co-investors are important, evaluating investment targets and exit potential
16:20 Investor documents and investment processes, due diligence
18:00 Returns on camel investing and the low return rate of VC investing, how the returns and risks of these investments differ
21:20 The optimal age for entrepreneurship is quite high. Behind young success stories, there is often an experienced team: case Apple
23:50 The board must know how to support the company at the right growth stage
25:20 Strategic and tactical assistance. Reporting, MVIR i.e., Minimum Viable Investor Reporting. Qualitative vs. quantitative measurement
16:20 Growth company team and the right focus. Problems are solved with time, not money
25:20 Problem solution, product market, and scaling fit
29:20 Internationalization
36:00 Outro
As an update, Petri Deryng is avoiding the spotlight, so it’s not happening.
Here is a top-tier episode about the banking crisis!
The banking crisis at Silicon Valley Bank step-by-step, as told by Jyri Engeström. AI.
00:34 Intro Jyri Engeström Yes VC guest for the second time
00:58 Jyri Engeström’s rollercoaster week as Silicon Valley Bank collapsed, March 8–15, 2023
04:16 Why SVB wasn’t a typical bank run, how bank risk is formed. Signature Bank collapses,
06:15 How Jyri’s week of horrors continued with 3 capital calls
11:51 The problematic nature of the $250,000 deposit insurance cap (or its removal!)
13:00 What if the crisis had happened in Finland? Nordea vs. SVB.
15:36 Unpredictable depositors as a systemic risk. Even California’s wines were almost lost!
17:19 Dinosaur banks JPM, Citibank, etc. scavenging on SVB’s remains
22:24 Is SVB a good bank again after the bailout, new management and VC support. Will SVB be sold
26:31 Rapid interest rate hikes as the root cause. Broken incentives for risk-taking
29:09 Structure, risks, and benefits of venture debt
31:24 Payday in the middle of the crisis. Layoffs would have started if a solution hadn’t been reached
34:57 Political finger-pointing began - Trump’s dismantling of Dodd-Frank regulation vs. Tucker Carlson’s wokenomics
36:54 Stock sales by bank management, criminal liability
40:28 Systemic crisis of the monetary system - alternatives to deposit money like cryptos or central bank digital currencies
43:20 People want safe money; does everyone have to become a bond expert? The size of the monetary system is massive - over €20,000 billion in Europe
44:34 Falling interest rate expectations as a side effect. Back to square one
46:34 The AI revolution brought about by GPT-4. Yes VC’s investment in Adept, which could explode labor productivity in software usage
55:39 Jyri and Sami’s wild visions of Neuralink-controlled AIs
57:30 Is GPT and AI creative or an algorithm extrapolating web content
58:56 Will people hand over their lives or at least copies of their lives to AI?
01:01:43 “Kahneman juice”, removing cognitive friction. Continuous flow or an AI dystopia?
01:03:25 Outro #negotiator#negotiators#bankingcrisis#svb#siliconvalleybank#investors#vc
Maybe this is relevant as well, since Rahapod host Martin Paasi is being interviewed:
00:00 Intro: Finns are smart entrepreneurs and employees whose ideas are better than the government’s; if pouring money into care solved problems, the USA would be a leftist dream.
00:45 Sami invites back former neuvottelija guests Elina Valtonen (Helsinki, candidate number 152) and Martin Paasi (Uusimaa, candidate number 70).
01:50 Government’s number magic 1: Marin’s tax rate increases from the 41.8% level to 43.2% and the yearning to replace Denmark as the world’s #1 taxer. Fifteen years of miserable economic growth and a mountain of debt.
03:15 What is efficiency in the private and public sectors?
10:15 Growth investments in Finland by listening to business needs. A “Whatever it takes” attitude.
13:37 Instead of ill-considered Hornet promises, strengthening the Finnish defense industry.
16:45 The importance of NATO in the future.
19:15 Ministerial competence and incompetence, and the use of experts in EU, NATO, and Fortum-Uniper level negotiations.
21:35 Did Finland lose billions by refusing to consider Western track gauge?
23:30 Economic experts are missing from the left. Sami even misses Esko Seppänen (M.Sc. Econ.). M.Sc. Econ.s to Parliament!
25:00 Finns are programmed to think through the collective and the state. Individual potential has been forgotten.
26:10 Finns are a small nation (Norway is about to pass us).
29:30 The government has lacked a demographic vision for the economy.
31:10 Labor-based immigration into the hands of qualified and reliable companies.
33:05 Even Ukrainians are not allowed to work in “Regulation Finland.” They are not willing to come from Estonia to Finland. Remove labor market testing (saatavuusharkinta), replace it with post-monitoring or certification.
35:40 Estonia’s flat tax, the side costs of Finland’s pension system, and shifting to a funded system at least regarding YEL (Entrepreneur’s Pension).
37:48 Elina: Elections are coming soon and there is still irresponsible arguing about immigrants’ minimum wage. Self-sufficiency must be incentivized.
40:55 Martin: Success must be allowed; public administration must not throw a wrench in the works.
43:45 Sami recommends both Martin Paasi and Elina Valtonen based on his own experience.
44:05 Sami realizes that a candidate’s place of residence and electoral district can be different when Martin announces he is voting for Elina! Doh! Next time, fixing the bank crisis.
Samuli Knüpfer, Professor of Ownership at Aalto University, discusses Finnish capital and ownership. Finland is a poor Nordic country, even after the impact of pension funding has been removed.
00:00 Intro: Finns like to equalize income and wealth more than others. Our capital in unlisted companies, for example, is low.
00:45 Samuli Knüpfer - return from London to Helsinki via Oslo. Is capital visible abroad?
02:19 Establishing the Aalto professorship of ownership. Why is ownership in the shadows in Finland?
03:15 Forms of ownership; the owner bears the ultimate risk.
04:45 Are Finnish owners low on assets? Net wealth comparison: Finland, Norway, Sweden, Denmark.
05:32 Sweden and Denmark are the wealthiest in net wealth; Finns and Norwegians are poorer (excluding the oil fund).
07:33 Distribution of financial assets: Finns are poor, high in deposits, low in unlisted shares.
08:35 The danger of tax increases on unlisted companies as an election theme, the decline in the number of employer companies already.
10:05 The anemia of the Finnish Stock Exchange.
11:49 Finns have weak financial literacy; perceiving competition as a bad thing.
15:28 The excellence of the equity savings account; how to increase equity saving for children.
20:20 Comparison of investments by growth funds and other institutions in the Nordic countries.
22:40 High income and capital gains tax rates in Finland.
25:35 Developing ownership in Finland.
33:20 The significant role of even minor ownership in guiding behavior.
38:40 Finns’ risk aversion is evident in the large amount of deposits.
41:38 Finnish state ownership is at a high level.
44:33 The role of impact investing and ESG investing alongside ownership.
47:54 Outro
The politics episodes are over. By the way, 7 members of parliament among my guests were elected, if you’re interested.
A staggering number of Finnish growth companies - What connects them? An investment and often a board seat by Olli Sirkiä, as well as Trado Capital.
00:00 Olli Sirkiä, Trado Capital and its portfolio, e.g., Lyyti, Hoiwa, Augment, Mjuk, Timma, Freska, Fiksuruoka, Jobilla, Profinder
00:24 Job search simulation – strange questions as selection criteria
02:52 Trado’s co-investments such as Lyyti and Augment
05:00 Augment’s business model is healthier than Voi’s and Tier’s
06:00 Jobilla and Hoiwa
08:30 Timma - B2B2C
12:50 Use of Venture Debt in growth companies when only accounts receivable and shares are accepted as collateral
16:15 Why is the SaaS Rule of 40% a bad metric?
17:40 High sales costs are a risk
20:30 Characteristics of a good salesperson and KPIs. A bonus model is better than a commission model
21:30 Hoiwa, Auntie, Terapiatalo Noste, and Äännekoulu. How the potential reform of the social and health care (sote) model could impact things
25:00 Topi fixed little Sami’s ‘r’ sound error in a day while the speech therapist just drew pictures. How are things done today?
27:00 Mental health services and their demand, especially among young women
29:30 Fiksuruoka – the fight against food waste and dry food
31:00 Fredman Group and Chefstein IoT-based SaaS. Case Finnair
32:03 How Olli Sirkiä and Sami Aho from Trado Capital select potential investment targets
33:50 Finland has excellent startup teams – small target market as a problem
34:50 The challenge of internationalization – how, for example, Chefstein could go international – international residents, country subsidiaries, and acquisitions
35:58 The reseller model doesn’t work very well in the SaaS industry
37:30 When is it worth joining the board in addition to investing?
38:45 OKR (Objectives and Key Results) or MWB (Must Win Battles). Board compensation systems and goal setting
41:23 VAR model (Value Added Reseller). Can the AI revolution make these valuable?
42:36 Translink’s SaaS expertise vs. competitors
43:27 How Olli utilizes AI
44:20 Outro: Olli Sirkiä’s contact information
In English, touches upon public takeovers, particularly on the US-Finland axis.
Cross-border Mergers and Acquisitions Translink Miami Mike Dinan Fredrik Ullberg #negotiator 190
Cross-border Mergers & Acquisitions in the global mid-market investment banking. Reflections and interviews with Mike Dinan and Fredrik Ullberg at the Translink Directors’ Meeting in Miami Beach April 2023.
00:00 Sami Miettinen Partner of Translink Corporate Finance in Miami Directors’ Meeting
00:40 Dinan & Company is one of the most successful mid-market investment banks in the USA
01:00 Mike Dinan, founder of Dinan & Company on the cooperation with Translink Corporate Finance and with Private Equity and industrial clients
01:48 Ignacio Macias Chairman of CECOP North America discussion on Buy-side cross-border M&A dynamics including the importance of trust and coordinated due diligence
03:20 Mike Dinan on the very close relationship between investment banker and client
04:15 Dinan & Company’s expansion from buy-side M&A to sell-side and cross-border M&A. Benefits of global coverage through Dinan-Translink network
05:00 USA private equity and industrial companies are looking to do deals in Europe. Finland and the other Nordic countries are greatly appreciated in the USA
06:40 Mike Dinan on the thrill of investment banking and getting his hands in grease on 1967 Corvette
08:18 Let’s go Panthers - NHL with Juuso Marttinen, Suora Broadcast Finland-Sweden
09:30 Fredrik Ullberg, the Managing Director of Translink Sweden describes the Miami M&A conference and the outstanding relationship with Miss Group and its 21 buy-side acquisitions with Translink (so far!)
10:49 Sweden-Finland is a very important cross-border M&A deal channel. IK Partners Renta double acquisitions in Finland and Sweden in 2023. Translink industry groups in e.g. ICT, software and SaaS
12:06 Fredrik Ullberg speculates Sweden can play ice hockey better than Sweden
12:20 Sami Miettinen on international public takeovers Brady Corporation-Nordic ID, the importance of Chair of Board
13:30 Risto Siilasmaa specific communication in the Nokia-Alcatel-Lucent merger
14:20 Using equity offerings to finance acquisitions - case Tamtron-Lahti Precision
15:30 Sami discusses David Strempel’s mid-market M&A statistics and the balance of global deals
Translink client
16:15 Outro - what do you think of the English-language content?
Telia has comprehensive expertise in data analytics and the application of AI.
AI and AI initiatives in the government program. Guest: Tapio Levä, Telia Head of Data & AI Solutions. The episode was produced in commercial collaboration with Telia.
00:00 Intro: Tapio Levä, Business Director of Data and AI Solutions at Telia, reference to the Olli Sirkiä episode
00:40 Episode structure – industrial AI, 5G, IoT, office AI and software, GPT, and AI initiatives in the government program
01:28 What is IoT, the Internet of Things, and how automation and remote control are being revolutionized by 5G
02:58 How remote control works at its best – case: Telia and the (good guys’) Kittilä gold mine
04:32 Tapio’s view on industrial needs for new technologies, e.g., in uninterrupted production
05:50 Digital twin – from Tolkien’s shadow world to augmented reality
07:30 Was Zuckerberg an idiot – was the metaverse invested in too early?
10:00 Microsoft’s brilliant OpenAI collaboration brought Co-pilot AI to Office and Windows. How big of a change is this?
12:00 Microsoft’s AI, work management vs. other software, e.g., Trello and Jira. The last of the Mohicans on the C: drive and desktop
14:44 Data protection, databases, Pitäjänmäki data center, AI legislation (AI Act), and GDPR
18:05 The EU’s choice – regulating use cases vs. regulating the training of generic language models
20:05 Data privacy in terminal devices, edge computing, and Apple
22:40 Analyzing visual information with AI, micro-expressions, dangers of smart glasses
23:45 Service design for UI and UX using AI. Case: Telia and C More
26:40 Utilizing ChatGPT and GPT language models vs. menu-based customer service
29:20 The many roles of AI – personal assistance, family “meta-work,” and the work community
30:50 AI as a superpower – a productivity perspective
32:20 AIs on top of each other and side by side
33:40 Importance of context, the AI hallucination problem, and information retrieval
35:35 Data visualization and the future of data analytics
37:40 Data democracy and Tapio Levä’s message to the future government – AI and AI initiatives in the government program
40:20 Data economy and Telia Crowd Insights
42:20 Outro
Will we finally see fairness in marginal taxation under the right-wing government?
Elias Erämaja, Chief Economist of The Finnish Business School Graduates (Suomen Ekonomit), describes a cycle in which Finland has the EU’s highest marginal tax rates, the stingiest index adjustments to tax brackets, and dramatically weakened net wages. This episode was produced in commercial cooperation with Suomen Ekonomit ry.
00:00 Elias Erämaja, Chief Economist of Suomen Ekonomit ry
00:40 Transitions between employee unions and employer unions are common, Elias’s career
01:10 Suomen Ekonomit is close to economists’ thinking and serves economists from Aalto, Hanken, and also the Faculty of Social Sciences. The general applicability of economists
03:10 Median salaries for economists have fallen in real terms to levels from a decade ago
03:57 Finland’s sky-high marginal tax rates near 60% are among the heaviest in the world
05:40 Even middle-income earners in Finland are overtaxed, i.e., with over 50% marginal taxes. Sweden has lightened taxation significantly
06:40 Are Finnish wages low in net and gross terms due to labor taxes?
08:54 Nalle Wahlroos’s thought experiment - tax leisure time!
09:57 The 2013 “temporary” solidarity tax must end in 2023
11:47 Finland’s high taxation relative to Sweden and key EU competitor countries
14:20 The Laffer curve in Finland - an undervalued economic theory?
16:30 The irrationality of the tax debate
18:50 High-income Estonians with flat tax rates avoid Finland due to taxation
21:40 The impact of wellbeing services counties on taxation
24:00 Three economist wishes for the government program - more reasonable taxes, work-based immigration, and productivity
28:00 Getting productivity in order!
29:50 Loss of purchasing power for better or worse - 15 years
33:34 Index adjustments to tax brackets below inflation as a form of tax tightening
34:15 Problems with the Ministry of Finance’s forecast
35:05 Summary and outro
In between, there were various government negotiator episodes and an interview with Pekka Toveri regarding the Putin-Prigozhin-Ukraine counter-offensive situation.
Tero Nummenpää and Ilkka Liljeroos discuss M&A closing mechanisms and transaction structures. What is important regarding net debt, working capital adjustments, and the choice of transaction structure? Closing accounts or Locked Box? Asset deal or share deal?
00:00 Tero Nummenpää, Chairman of Translink Corporate Finance; Ilkka Liljeroos, Managing Partner at DLA Piper
01:00 Enterprise Value, Net Debt, working capital adjustment, and shareholder value
03:30 Share deal or asset deal?
05:20 Liabilities transferred in an asset deal. Specific indemnity
07:20 Working capital adjustment in M&A – prevents manipulation and balances seasonal fluctuations
11:20 Prepayments in SaaS companies – working capital or net debt?
13:50 How front-loading and back-loading of expenses affect the deal. Seller and buyer perspectives in growth companies
15:40 Investment bank modeling should be done on a monthly basis
16:10 On the diligence of calculations in the purchase agreement. Preparing sample calculations as appendices
17:40 Working capital in an asset deal and its financing
19:50 Closing accounts and Locked Box mechanisms and their differences
22:30 Leakage and locked box interest. Delays in competition authority reviews. Returning from a zero-interest world
25:10 Which to choose - Locked Box or Closing Accounts?
27:30 Trends identified by DLA Piper – Earn-outs are on the rise
29:20 Why an additional purchase price mechanism, Earn-out, can be a good solution
30:10 Errors in due diligence, accounting, and modeling. Multiplier effect
32:40 Indirect and direct damage – litigation has decreased (direct & indirect damage)
33:40 Impact of damage – by multiplier or as a lump sum? First or second year in forecasts
35:20 Finns are reliable and seek mutual growth
37:20 Salary adjustment – a common delicate topic
38:20 The cornerstone of Translink+DLA Piper cooperation is a high-quality Letter of Intent (LOI)
40:40 Benefits of an exclusivity process. Non-compete clauses. Reinvestment mechanism
43:05 Different industries can have a significant impact on the transaction structure
44:00 It is always worth asking both the investment banker and the law firm!
44:34 Contact information for Tero Nummenpää and Ilkka Liljeroos and neuvottelija Platinum additional interviews
Hi Sami,
In your latest episode, in the “will of the people” section, you could have also addressed that online petition calling for Purra’s resignation (120,000 “voters”)? Quite different response numbers compared to Jeti’s and others’ polls.
Just generally commenting on Purra’s communication style regarding the racism scandal.
Electricity Grids and Financing in Order Jyrki Tammivuori neuvottelija 205
Finland’s power grids are in good condition and ready for bidirectionality. Ahead lies a +50% rise in demand and an up to +100% increase in transmission capacity driven by wind and small-scale production by 2040. How is Caruna doing? Is it still the controversial company from the days of the capital structure and underground cabling crisis? CEO Jyrki Tammivuori also discusses the development of financial markets with Sami.
00:00 Jyrki Tammivuori, CEO of Caruna, met Sami during their Stora Enso days and together they executed, among other things, a global 16-bank syndicated €700m RCF. How has financial documentation evolved over the last decade?
03:07 Internationalization of funding sources. How is capital competed for? Nordic Trustee
04:28 Green bonds, green financing. Sustainable bonds and the EU taxonomy
06:12 How bank relationship managers think on the private side too – Sami’s 1-month vs 12-month Euribor bidding. Floating vs. fixed. Confidential banking relationships
09:25 Caruna in the spotlight “during a leftist-toxic era”. Right to deduct interest expenses, capital intensity.
11:10 Caruna’s capital structure now – €2.5 billion of debt with an investment grade BBB rating, an optimal capital structure. The role of capital loans
12:20 Finland’s decision to build a weatherproof power grid. Has it worked?
14:20 Mikael Jungner: How did this go so well? Plenty of green electricity and grids in top shape? Low electricity price
16:55 Fingrid’s role, bidirectionality of the power grid
19:47 Transmission connections. Why does Finland have only one area price?
21:22 Electricity consumption rising from 82 TWh in 2022 by +50% to 121 TWh in 2040. What are the impacts?
23:00 Impact of electric vehicles. Daily rhythm of electricity use.
24:30 Negative prices in the market. Volatility is increasing
26:00 Batteries and storage. Electric vehicle – the home’s best battery
27:12 Regulatory method and model being renewed – a very big opportunity. MPs Vestman and Valkonen
29:11 Weighted Average Cost of Capital (WACC) is market-based. 10-year bond yield and other parameters come from the market
30:39 Where does Caruna’s capital come from? Pension funds. The role of foreign capital?
32:22 Caruna’s listing or other exit. Tornator as a similar long-term investment. The idea for the episode came from the neuvottelija Platinum community
34:10 Caruna is a medium-sized company but serves 1.5 million Finns
35:19 Main grid (Transmission): Fingrid 110kV, 220kV, 400kV. Distribution companies 110kV, medium and low voltages. The “highway network” of electricity. Transformers
37:28 The regulatory model passes down main grid costs, transmission costs, and taxes as pass-through billing to the consumer
38:35 A +50% increase in electricity consumption may require doubling the transmission capacity
39:00 Electricity price composition: 1/3 production, 1/3 taxes, 1/3 the entire transmission system. Electricity tax is collected through the distribution fee and can be two-thirds of the distribution fee.
41:40 To whom would Jyrki dare recommend exchange-priced (spot) electricity?
42:35 Greetings to the right-wing government - what should be done in the electricity market? Predictable and stable environment (Jyrki), lower taxes (Sami)
43:43 Competitive situation – a natural monopoly regarding customers, but competition for resources
44:10 Platinum neuvottelija 13 Jyrki Tammivuori M.Sc. (Econ) Career Path Treasurer CFO CEO https://youtu.be/8end_cdDo8I
A new episode from Neuvottelijajäbä about construction sites:
Serial entrepreneurs Katariina Komulainen and Tia Kiiskinen discuss the narrowing operating space for entrepreneurs on construction sites. Sami asks: is the construction union picking on entrepreneurs? The episode was produced in commercial collaboration with Euro Work.
00:00 Katariina Komulainen (Euro Work), Tia Kiiskinen (Yrittäjän Tili ja Laki). Petri Roininen pondered if the government is worsening the housing crisis
01:22 Good gals on the site vs. Saudi Arabia. Platinum neuvottelija 14 Katariina Komulainen as an expat in Saudi Arabia and the Worst business mistake • Video
03:20 New construction halved, layoffs started, unemployment and bankruptcies ahead. Renovation construction is better
05:45 Entrepreneurship under pressure - Construction Union vs. Ukrainians. Billing service users cleared from construction sites
08:50 Taxes and pension contributions must be paid, but does everyone want salaried work?
11:05 Options: sole trader, cooperative member, and limited company owner
13:58 SAK (Central Organisation of Finnish Trade Unions) claims: “Those who came to Finland on a work permit cannot act as entrepreneurs”. Are you allowed to employ yourself?
15:10 The construction industry is not complex and suits entrepreneurs. There are always abusers
16:16 Almost everyone wants work-based immigration - what is possible within the EU and outside the EU? Construction Union disgruntled, just as they were previously with Estonians
18:07 What is entrepreneurship? A case study of entrepreneurship
20:01 Finland’s solo entrepreneurs in distress
20:48 Discrimination against entrepreneurs in the construction industry
24:08 Finns are taught to be employees. Can one opt out of another country’s pension system? Change is scary
24:44 Business ID (Y-tunnus) as a parallel identity? The essence of entrepreneurship
28:40 Social security for entrepreneurs, unemployment security, and YEL (Self-employed persons’ pension insurance). Is YEL a scam?
29:50 Cooperative member and limited company shareholder on equal footing. Entrepreneurial risk
31:10 Plastering gig on Kalevankatu. 6000 + VAT. VAT must be paid
33:40 True left-wingism!
35:40 Right-wing government fixing YEL? What has been planned and what could be done. Small business owners in trouble. TyEL (Employees’ pension insurance) is not the right point of comparison
43:10 Why doesn’t the media talk about entrepreneurs’ problems constructively? Is there hatred toward entrepreneurs in Finland?
44:50 Entrepreneurship is the solution to the recession
46:25 Platinum neuvottelija 14 Katariina Komulainen as an expat in Saudi Arabia and the Worst business mistake
Kevin van Dessel joins Sijoituskästi for the second time in a short episode about the Finnish market’s faded growth stars – Qt and Revenio. Kevin and Sami quickly go through the companies, and Sami ponders whether the bargain bin is attractive enough this time.
In connection with the episode, Sami’s take on top investment banking salaries and neuvottelija insider 15 surpassing Rahapodi 2024 were filmed for Sijoituskästi.
00:00 Kevin van Dessel and Sami: efficiency in the studio
02:44 Qt is an operating system and development environment for embedded systems. A profitable growth stock
05:44 From hardware to software as a source of added value
08:58 Revenio is a world-leading company in eye diagnostics. An even more profitable growth company
14:10 The interest rate cut spring is now fully tensioned – multiples up again? Fixed income investments as an alternative to stocks
16:48 neuvottelija insider 15 surpassing Rahapodi 2024
While I mentioned in the Revenio and Qt Group episode that I didn’t own any shares, in the interest of transparency, I am now posting a notice that I have made the following purchases within the past week:
Revenio Group Corporation: 23.10 EUR
Qt Group Plc: 56.23 EUR
I do not provide investment recommendations. Reviewing individual stocks has simply been a long-standing request from my community.
Tero Nummenpää, Chairman of the Board of Translink Corporate Finance AG, discusses with Sami what to do when an owner receives an indicative offer to purchase their company.
00:00 Tero Nummenpää, Translink Corporate Finance
01:06 Translink in Stockholm – Payday is visible in the streetscape
02:20 What to do if you receive an indicative offer for your company. Is the value sufficient and what is it based on?
03:35 Public M&A market. Caverion tender offer – the first offer was not the best. Efficient markets and competition. 10 million in costs for the Bain consortium
09:10 Private M&A market
12:45 How to utilize a centralized process – multiple offers in one package. The same information for all potential buyers. Structured offers
14:10 Transaction structuring. Share swaps work poorly in Finland. Foreigners do not understand Finnish market practices or taxation
16:15 Deemed acquisition cost (hankintameno-olettama) and capital gains taxes for ownerships held over 10 years and under 10 years
17:19 Comparability of offers. The value of an external perspective in legal matters and price assessment can bring benefits worth millions
19:26 Hundreds of completed transactions and publicly listed companies provide support for price assessment. The importance of timing and preparation
21:16 Competition authorities tightened the limits for investigating mergers and acquisitions. The temptation and problems of buying a synergistic competitor
22:05 Why the first offer is rarely the best
23:20 Translink’s mandate is to search for and recommend the best transaction, but the client always decides. Why Translink’s process is reasonable for buyers as well
26:00 How financing changes the M&A process. The major role of reinvestments
28:09 Leaver terms and employment contracts
29:17 Even if you don’t feel you need external help, you still do
30:18 Translink Corporate Finance in initial public offerings – Norrhydro and Tamtron. Stock exchange opportunities
31:40 Dual-track sales process. What benefits listing can bring to the capital structure
35:43 Tero Nummenpää for the second time in the neuvottelija inner circle. This time on the topic of miscarriages of justice for entrepreneurs caused by estimate-based YEL contributions
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