Acquiring Minds – "$250k SDE Acquisition: Limited Downside, Big Upside"

Podcast Host: Will Smith
Guest: Ville Matias Villen (Finland - Owner of Fin Easy, Maker of the Easy Swing Cattle Brush)
Date: February 2, 2026

Episode Overview

In this episode, Will Smith sits down with Ville Matias Villen, a Finnish entrepreneur who transitioned from a corporate career to acquire and run Fin Easy, a niche manufacturer of cattle brushes (the Easy Swing brand). Unlike many self-funded searchers who gravitate toward larger businesses, Ville chose a small company with $900k revenue and $150k in earnings (EBITDA), believing in its growth potential and limited downside risk. The conversation delves into the Finnish acquisition environment, deal structuring (including a government-backed loan), the personal journey of buying and running a business, and practical lessons for entrepreneurs in and outside the US.

Key Discussion Points & Insights

Ville’s Background and Motivation (03:32–07:40)

• Raised in an entrepreneurial Finnish family, witnessing both business bankruptcy and success ([03:36]).
• Spent a decade in corporate roles at Accenture and Nordea, but grew frustrated by bureaucracy, risk aversion, and misaligned incentives.
  • “I think sometimes you were kind of rewarded for how things look rather than actual outcomes.” – Ville ([05:37])
• Discovered acquisition entrepreneurship via the Acquiring Minds podcast. Inspired to consider small business ownership as a career pivot.

Finnish Culture and Market for Acquisitions (07:40–23:25)

• Finland’s risk-averse culture was partly shaped by the major 1990s recession. Entrepreneurship has become more accepted since the mid-2000s with the startup boom ([08:17]).

• Small business acquisition is less competitive than in the US; more supply than demand due to aging owners and limited private equity at smaller company size ([19:44]).

  • “There is a sort of imbalance between supply and demand. So there's a lot more supply than demand.” – Ville ([20:05])

• Sellers are generally receptive to educated, ambitious buyers even if they are outsiders to the industry, provided backgrounds and intentions are explained ([22:43]).

Ville’s Acquisition Search Process (11:28–18:10)

• Began his search broadly, vetting businesses similar to BizBuySell listings in the US.
• Narrowed focus to tangible businesses (manufacturing), avoiding people-intensive or “air ball” service businesses, after learning his strengths and interests ([13:59]).
  • “I just felt it wasn't perhaps aligning well with my strengths and what kind of topics I want to work on.” – Ville ([15:07])
• Took a patient, part-time approach while expecting his second child and not in a rush to acquire.

The Target: Fin Easy & Easy Swing Cattle Brush (23:46–34:09)

• Fin Easy makes mechanical, pendulum-style cattle brushes for dairy farms, a product spanning durability, patented design, and a worldwide distributor network.
  • “It's a brush that is used primarily in dairy farms…to basically groom themselves. It sounds like a pretty fun product, but it's in fact a product that both improves the animal's welfare as well as productivity.” – Ville ([23:54])
• Competes with expensive motorized brushes and cheap wall-mounted brushes, occupying a differentiated middle position.
• Product design is patented in 30 countries, offering a strong IP moat ([28:44]).
• Revenue structure: ~95% is export, with 30 distributors globally. Domestic Finnish market is small ([32:40]).

Evaluating and Getting Comfortable with a Small, Declining Business (34:09–39:51)

• Historical revenue: ~$900k USD, with SDE of $250k and owner’s salary of $100k, yielding $150k adjusted earnings ([34:09]).
• Revenue had been declining due to the owners stepping back, not for lack of customer demand.
  • “Even though the revenue was declining, it was still quite steadily coming from…old customers.” – Ville ([36:20])
• Ville saw upside in activating underperforming distributors and increasing marketing, confident the product could grow with more energy ([38:23]).
• The trustworthiness and openness of the sellers was a key positive factor.

Deal Structure & Financing (43:28–56:15)

• Purchased at 2x SDE multiple; deal financed with 80% government-backed debt (Finvera, the Finnish equivalent of the SBA) and 20% cash ([52:33]).
  • “I don't think it's as well known, but there is actually a similar solution available in Finland. It's called Finvera…” – Ville ([52:33])
• Ville partnered with his family business (also manufacturing) to enable moving Fin Easy’s manufacturing into their facility, capturing synergies and sharing risk.
  • Process required business relocation, which the sellers explicitly encouraged. Only two employees were affected, both choosing not to relocate ([48:04–49:38]).
• Ville retained 40% personal ownership, the family business holds 60% ([51:49]).
• Bank loan amortization over five years, with interest-only payments for the first three, helping de-risk the cash flow during the transition ([53:47]).

Execution, Transition, and Early Outcomes (56:31–64:29)

• Sellers continued running the business during the transition period while the new facility was set up. The move took longer and more capital than anticipated ([57:34]).

• Ville left his well-paid six-figure corporate job, initially drawing no salary to invest in growth.

  • “I've been actually not taking out any salary for…the first year to kind of allow us to invest.” – Ville ([59:13])

• The Finnish welfare state (universal healthcare, free education) made personal risk more manageable ([60:20]).

• Product and distributor feedback at major German trade shows validated Ville’s bullish thesis.

  • “We got 40 new dealers interested in starting to sell our products… the price point was actually surprisingly low.” – Ville ([61:16])

• Despite a 3–4 month production pause for the move, 20% YoY growth was achieved, with expectations of 40–50% growth in the next year ([63:38]).

  • “We'll do 20% growth compared to previous year this year and… Q1 is basically pointing to that we should be able to grow 40, 50% next year.” – Ville ([64:29])

Operating Model and Future Plans (65:40–70:41)

• Ville runs the company from Helsinki, five hours from the factory, leveraging trusted family-business oversight and frequent communication ([66:17]).
• Focus is on growing the distributor network and boosting branding/marketing, with scalability opportunities due to the light manufacturing model ([65:40]).
  • “It is a more scalable business than a sort of pure service business where basically the margin is dependent on the headcount.” – Ville ([66:17])
• Ville’s long-term ambition is to grow into a HoldCo, providing capital and mentorship to other aspiring Finnish searchers after scaling Fin Easy ([68:43, 70:13]).
  • “My vision is to…transition into more of a Holdco model where the family business could give similar opportunities to other people in Finland…” – Ville ([68:43])

Notable Quotes & Memorable Moments

• On the appeal of entrepreneurship:

  • “I was appealed by the sort of eat what you kill mentality that is often associated with entrepreneurship.” — Ville, [05:54]

• On business decline and growth upside:

  • “If a product sells without any sale and marketing, then there must be something about the product…it was quite comforting.” — Ville, [37:36]

• On deal structure and downside:

  • “The downside risk is also quite limited because... the purchase price is also reflected by the current size of the business.” — Ville, [41:51]

• On Finland’s acquisition finance landscape:

  • “There is actually a similar solution available in Finland…a government-backed loan given by a private bank…” — Ville, [52:33]

• On leaving his job and accepting risk:

  • “I was willing to…cut my salary and…have been actually not taking out any salary for…the first year to…initiate the growth.” — Ville, [59:13]

• On supporting prospective searchers in Finland:

  • “I would definitely encourage people to look into it. It's not too crowded yet. There's a lot of good companies to be bought…” — Ville, [71:04]

Key Timestamps

• 03:32 Ville’s background: Finnish roots and corporate-to-entrepreneurial journey
• 07:40 Entrepreneurship and risk culture in Finland, post-’90s changes
• 19:44 The search/acquisition market dynamics in Finland versus US
• 23:46 Introduction to Fin Easy & Easy Swing cattle brush
• 34:09 Business size, SDE, and rationale for buying a small declining company
• 43:28 Deal structure, family partnership, and business relocation
• 52:33 Financing with government-backed loan (Finvera)
• 56:31 Transition: Moving operations, sellers’ involvement, Ville’s full-time jump
• 61:16 Initial trade show, validating demand
• 63:38 First-year results: 20% growth, targeting 40–50%
• 65:40 Operating model: remote ownership and scalability
• 68:43 Ville’s future vision: HoldCo and supporting other Finnish searchers
• 71:04 Encouragement for Nordic/European acquisition entrepreneurs

Lessons & Takeaways for Non-US Searchers

• Market Opportunity:
  • Smaller, less competitive buyer markets mean deals are more accessible outside the US.
• Government Financing:
  • Many countries offer government-backed business acquisition loans akin to the US SBA—searchers should seek these programs.
• Creative Structure:
  • Utilizing personal/family partnerships and relocating businesses can unlock operational efficiencies.
• Growth Potential:
  • Steady, niche products with loyal downstream customers can yield strong returns even if headline numbers appear small.
• Mindset:
  • Open, honest assessment of personal skills, interests, and risk tolerance leads to better business fit and satisfaction.

Connect with Ville:

• Find Ville Matias Villen on LinkedIn (link in podcast show notes)
• Fin Easy / Easy Swing Cattle Brush – learn more online

This summary delivers comprehensive insights, illustrative quotes, and an actionable breakdown of key moments, allowing listeners and would-be acquisition entrepreneurs to deeply understand Ville’s acquisition journey and its broader implications.