The first mistake Nordic owners make when they decide to sell
They call one buyer.
Usually a competitor. Sometimes the PE fund that already owns something similar. The conversation feels serious. A number appears. Then six months disappear into exclusivity, a data room that never quite finishes, and a walk-away that leaves the company marked as “for sale.”
A first process is not a handshake. It is a controlled auction with a timetable, a clean information pack, and at least two credible alternatives. Without that, you are negotiating against yourself.
Three things to do before anyone’s name is in an NDA:
Write the last 36 months of revenue and margin by customer — not by legal entity.
List every verbal promise to key people. Buyers will find them.
Decide whether you are selling the company or selling your job. Those are different deals.
If you have never run this, that is normal. Most Nordic owners sell once.
This is the work we do from Vuorikatu. The monthly brief is for the owners who want the process in writing before they pick up the phone.