# Negotiating ETA Acquisition | Gautam Basu Mikko Järvinen | Negotiator 14 – Litterointi

Jakson aikaleimattu litterointi

Canonical: https://www.neuvottelija.fi/fi/episodes/834-negotiating-eta-acquisition-gautam-basu-mikko-jarvinen-negot/transcript/

[Katso jakso](https://www.youtube.com/watch?v=P2nlSO_icBU)

Recorded as the first True North Search webinar, this episode shows how negotiation skills apply to Entrepreneurship Through Acquisition. Gautam Basu and Mikko Järvinen first explain the ETA model: a jockey, a horse and a trainer, meaning an aspiring entrepreneur who screens some 500 targets, acquires one established business and runs it as CEO toward an exit in four to seven years. Sami Miettinen then demonstrates why the COVID-19 crash may be an ideal entry point, how EV/EBITDA multiples and valuation discounts shape the deal, and why master negotiators aim for either a genuine win-win or a fast no deal. The session covers the four levers of negotiation, Rumsfeldian information gathering from open cards to black swans, signaling lessons from Björn Wahlroos and Elon Musk, and the Columbo tactic for extracting information. Slides are used throughout, so the YouTube version is recommended over audio only.

00:00 Cold open on boring but inexpensive targets
00:49 Sami introduces the episode and its structure
02:15 Gautam welcomes viewers to the first webinar
03:05 Why negotiation is core to ETA success
04:07 Mikko takes over to explain the model
04:54 ETA origins at Stanford in the mid 80s
05:47 Jockey, horse and trainer principles
06:16 Who becomes a searcher and what gets bought
07:05 Four steps and the five to ten year timeline
07:25 Funded, self funded and accelerator search options
08:03 Screening 500 targets to acquire one
08:29 Operating as CEO and growing the business
08:50 Exit paths, third party sale or recapitalization
10:12 Sami's banking background and negotiation book
11:38 Sell side versus buy side advisory in ETA
12:12 VIX fear index at Lehman level highs
12:51 Why a crash is a good entry point
13:09 Buy boring and cheap, not the next Supercell
13:54 Valuation discounts as price levers
14:31 EV/EBITDA multiples and the engineering sector
15:43 Comparable data and the two to twenty million range
16:39 Bad bargaining corridor versus win-win or no deal
17:55 Exit book and entrepreneur success stories
18:30 Anatomy of a bad negotiation arc
20:26 Doing it right with agenda and walk away options
21:54 Four levers, split the pie and bake it bigger
23:19 Power, analytics, interaction and principles in practice
24:40 Signaling and the Texas Hold'em analogy
25:11 Rumsfeld's unknown unknowns and black swan leverage
26:28 What to signal openly and what to withhold
27:27 Wahlroos and Musk as extreme signaling examples
28:29 The Columbo tactic for gathering information
29:19 Outro and topics for the follow-up episode

[0:00](https://www.youtube.com/watch?v=P2nlSO_icBU&t=0s) this is essentially where the aspiring  entrepreneurs get to put their management skills seniors so as CEOs of these acquired  businesses they will be trying proliferation activities increasing operational efficiency  one would think that it's always good to buy sort of a highly valued and high growing  companies and be the CEO and owner of

[0:24](https://www.youtube.com/watch?v=P2nlSO_icBU&t=24s) unicorn or highly skilled technology value  or software as a service however this is not what the program is about you actually the  speed Spotify Korean companies is more in the boring end of things so you want to have  a company which is relatively inexpensive in addition to this potential like so on  effects of the of the market in general

[0:50](https://www.youtube.com/watch?v=P2nlSO_icBU&t=50s) hello this is some Amir tenon I run this channel  called neva Thalia or negotiator and in this episode i show how to negotiate an acquisition  in a TrueNorth program entrepreneurship through

[1:12](https://www.youtube.com/watch?v=P2nlSO_icBU&t=72s) acquisition my host Gautam Basu and Miko Järvinen who will first explain the ETA concept and then I will demonstrate how negotiations can  be used to acquire company at the reasonable price especially taking advantage the change  circumstances in the current corporate finance market

[1:38](https://www.youtube.com/watch?v=P2nlSO_icBU&t=98s) will go through a couple of basics in negotiation  first showing and evaluation and relative price work and how a weak negotiation arc is  formed then I will go through a couple of information gathering tactics and how to  signal in negotiations this will be later on

[2:00](https://www.youtube.com/watch?v=P2nlSO_icBU&t=120s) followed up with the rest of the training where  people have the opportunity to ask me question some negotiations if you're listening to this  podcast I would certainly recommend you what's also the Youtube version of it because of the  slide I will be using throughout welcome to the

[2:26](https://www.youtube.com/watch?v=P2nlSO_icBU&t=146s) first ever True North Search webinar my name is  Gautam Basu and I'm the managing partner at true north search we originally planned to hold this  event at the altar of business school but due to the Covid 19 situation we decided to leverage the  principles of agility and adaptability in business operations and we quickly adapted to the remote  online format which I think many of you have

[2:53](https://www.youtube.com/watch?v=P2nlSO_icBU&t=173s) already started doing but that being said I don't  think this will detract from the value will get today because we have an exciting presentation by  Mr. Sami Miettinen from Translink Corporate Finance on the topic of negotiation for acquisition  entrepreneurs negotiation is one of the key skills to develop if one wants to be successful  in entrepreneurship through acquisition from

[3:18](https://www.youtube.com/watch?v=P2nlSO_icBU&t=198s) negotiating a transitional service agreement with  the seller to negotiating the final purchase price of a transaction the art and skill of negotiation  is a core competency for this career path so we're thrilled to have Sammy present for us this evening  but before we dive into this exciting presentation a couple of ground rules so number one everyone  on this call please mute yourself so we minimize

[3:45](https://www.youtube.com/watch?v=P2nlSO_icBU&t=225s) all background noise and number two is if you have  a question for the presenter then please use the chat function in zoom to ask your question and I  will monitor the chat area during the presentation and then we can ask the presenter in a timely  manner with that being said I'd like to turn it over to my associate Mikko Järvinen will give  us a quick review of the ETA model for those of

[4:14](https://www.youtube.com/watch?v=P2nlSO_icBU&t=254s) you that may not be familiar with that and once  he's completed then we'll turn it over to Sami so Mikko the floor is yours Thank You Gautam just  a moment I will be sharing my screen for you and I think I have now accomplished that successfully  you see my screen right excellent good so for you

[4:43](https://www.youtube.com/watch?v=P2nlSO_icBU&t=283s) that are first time attending these our events  in general or our new to t entrepreneurship through acquisition model I have just a couple  of slides to actually explain what all this is about so uh essentially entrepreneurship  through acquisition isn't something very new businesses have been traded probably for  as long as there has been people around but

[5:10](https://www.youtube.com/watch?v=P2nlSO_icBU&t=310s) this specific approach this specific model of  entrepreneurship through acquisition acquisition has originally developed in us by a gentleman  called prospect in the Stanford University in mid-80s essentially we see it as a career path  where an aspiring entrepreneur can search for acquire lead operate and grow an existing business  so essentially an alternative to your startup path

[5:38](https://www.youtube.com/watch?v=P2nlSO_icBU&t=338s) where businesses are created from basically  zero maybe the one key aspect of ETA model is three main principles it has so essentially there  are the Chokey the horse and trainer Choki being the aspiring entrepreneur starting the search to  acquire an established target business the horse

[6:04](https://www.youtube.com/watch?v=P2nlSO_icBU&t=364s) being an established business that is acquired  and the trainer that can be an investor advisor or an accelerator that is supporting the Chokey  of the journey traditionally the Chalky's have come from have been a freshly graduated MBAs  but more recently we have seen people more experienced people taking this role typically  people with a long management experience and

[6:30](https://www.youtube.com/watch?v=P2nlSO_icBU&t=390s) maybe looking for an alternative to the corporate  life the horses are typically companies that have already existing revenues cash flow customer  suppliers so something very different to your startup world and the trainer can be an investor  advisor or in the case of through non-search an accelerator which is there to actually support  the jockey in order to fight them through the

[6:56](https://www.youtube.com/watch?v=P2nlSO_icBU&t=416s) pool horse and have a what we would call a good  jockey horse fit to move on develop that business so the four key steps of ta-ta process so  as you can see the timeline on the top row the whole duration for the CTA process is  estimated to be something in between five

[7:19](https://www.youtube.com/watch?v=P2nlSO_icBU&t=439s) years to 10 years and to get this started there  are actually three main variations there is the assessment variation where aspiring entrepreneur  essentially raises funding for these certs and acquire States so essentially project funding  for the duration of 12 to 8 months to search and find an ideal target second option is TR self  funded search where the searcher covers those

[7:48](https://www.youtube.com/watch?v=P2nlSO_icBU&t=468s) costs out of his or her pocket and thirdly  there is the option of partnering up with accelerator which can essentially help upon some  of the resources that are needed for this stage a certain acquire States that is something very I  would say unique for the Entrepreneurship through acquisition process so what the searcher will do  in this stage is that he or she will screen around

[8:15](https://www.youtube.com/watch?v=P2nlSO_icBU&t=495s) 500 potential targets meat sellers conduct to  diligence arrange finance negotiating approaches and acquires only one target out of those 500  potential ones and the fourth state's operating chrome this is essentially where the aspiring  entrepreneurs get to put their management skills in use so as CEOs of these acquired businesses  they will be trying proliferation activities

[8:40](https://www.youtube.com/watch?v=P2nlSO_icBU&t=520s) increasing operational efficiency and grow the  revenue of the business and finally there is the exit stage typically some type of liquidy  event happens in four to seven years from the acquisition and there are essentially two paths  that can happen the company can be acquired by a third party or if the entrepreneur decides he  can choose path of recapitalisation where he

[9:10](https://www.youtube.com/watch?v=P2nlSO_icBU&t=550s) essentially buys the investors out at this stage  and may continue running the business for the rest of his life if that is what what the entrepreneur  is actually looking for so I guess this sums up pretty much the four steps of the EDA process and  I guess if you have some questions please put them on the chat and maybe we'll come back to that  the latter part of the presentation but having

[9:37](https://www.youtube.com/watch?v=P2nlSO_icBU&t=577s) said this I think I would be happy to hand over  the presentation active summing select reviewers

[9:53](https://www.youtube.com/watch?v=P2nlSO_icBU&t=593s) so we'll you can see what the share again no  yes presentation there we go very good thanks

[10:13](https://www.youtube.com/watch?v=P2nlSO_icBU&t=613s) for inviting here so I'm doing this pro bono  and I'm my background is I'm investing banker I spent half of my career in London 13 years  in Credit Suisse and CB and the borough capital and then I have worked in the Houston banking  and corporate finance in in Finland in various

[10:36](https://www.youtube.com/watch?v=P2nlSO_icBU&t=636s) institutions then that's the sort of side jet step  I have been the CEO of Nordic trustee which meant sister bond holders rights in the Finnish bone  structures I have credited from Alta and have MBA from USA and why I'm here talking about  the negotiation is because I have a together

[11:01](https://www.youtube.com/watch?v=P2nlSO_icBU&t=661s) with Johanna Torquay published the book oh you  know what Pella Walda which is because it's a quite a short a small market it's it's the market  leader in that negotiation literature in Finland and here are my conduct leaders if you want to  race me out so I was asked to discuss a couple of key concepts in negotiation and how they tie  up to the this ETA model of acquiring business

[11:30](https://www.youtube.com/watch?v=P2nlSO_icBU&t=690s) and becoming the CEO first of all my day job  is I'm a corporate financier and transferring corporate finest does mostly set aside there  many businesses so we would typically be on the selling side of whereas the participants  in this ETA program would be buying but from time to time we do by side advisory so I know  the process and how the financing ties to it

[11:58](https://www.youtube.com/watch?v=P2nlSO_icBU&t=718s) so those are the two areas of investment banking  services which are relevant to to the ETA program the buy-side M&A advisory and - advisor and if  he go on to the how those two services applied to the ETA first we have to look at the outside  the environment and that's of course pretty grim so this is a timeline of the fear index of weeks  and this message the implied volatility and the

[12:26](https://www.youtube.com/watch?v=P2nlSO_icBU&t=746s) options in the Chicago Board of options and it's  we have passed the previous all-time high peak at 2008 when the Lehman Brothers collapsed so this  is a similar magnitude event we are witnessing it Kovach 19 and that's of course pretty bad news for  most of the humanity but this could actually be a

[12:52](https://www.youtube.com/watch?v=P2nlSO_icBU&t=772s) pretty good model more point in time to look at  this ETA model because asset valuations are down and and at some point they will obviously  go up so it's a good good point to start and if he in general one would think that it's  always good to buy sort of a highly valued and

[13:19](https://www.youtube.com/watch?v=P2nlSO_icBU&t=799s) high growing companies and be the CEO and owner  of unicorn or highly skilled technology value or software as a service however this is not what  the program is about you actually the speed spot of acquiring companies is more in the boring  end of things so you want to have a company which is relatively inexpensive in addition to  this potential like so on effects of the of the

[13:47](https://www.youtube.com/watch?v=P2nlSO_icBU&t=827s) market in general and you might also want to push  down the price with these levers which discount the price further in liquidity no control lack of  Governors and value legate's and the other Messrs so if you do this right you you can have the  possibility of getting into the business at the low point at the discount and then you can exit  in the more order at times with the utilizing the

[14:13](https://www.youtube.com/watch?v=P2nlSO_icBU&t=853s) premiums available in the when the market recovers  but just as a reminder if you're looking to do this program to buy the next supercell this is  probably not for you and I an example how people value companies they look at the enterprise  value over a big da this is pellet honorable

[14:41](https://www.youtube.com/watch?v=P2nlSO_icBU&t=881s) character got a multiple e which means that how  many times the value of the acquired business is a multiple of your current cash flow and as we  can see in this picture the in the engineering sector of big blue chip engineering companies  in the North Area the CPU typical multiple has been something like ten times or even over it and  now it has collapse here in them in the current

[15:09](https://www.youtube.com/watch?v=P2nlSO_icBU&t=909s) environment and this is quite important because  this determines your entry point if you end at the low multiple and exit in the high multiple  that's good otherwise then you have to of course improve the profitability to fight against this  out of the dropping multiple so it's a good time to do deals probably pretty soon of course if  the market keeps going down then that's that's

[15:36](https://www.youtube.com/watch?v=P2nlSO_icBU&t=936s) still the bad bad timing but we don't know really  and here's the data as a part of this program you would be looking at the numbers like this and the  engineer sector you would look at the not only the relative Eliassen but you would look at the  sales growth of the sector the profitability of the sector and then you would look at the sort of  a smaller and much smaller than this actually of

[16:00](https://www.youtube.com/watch?v=P2nlSO_icBU&t=960s) the market not the big ones this is the enterprise  value in atlas copco hasa enterprise value of Thor thirty four billion euros obviously this program  is not looking after by Atlas Copco and it's not even looking at the boy routers but they're small  much smaller companies I think out them you you mentioned that this week post spotty something  like a couple of million years to twenty million

[16:24](https://www.youtube.com/watch?v=P2nlSO_icBU&t=984s) years if that's right that's correct and then you  look at these discounts which I mentioned in the previous slide to sort of enhance your entry  point buy low sell high okay now we move to the negotiations so this is a negotiation theory  my fear is that a matter is operate in sort of

[16:47](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1007s) a narrow corridor of giving up this would mean  that you're basically a to nice guy you give up anything that the other guy does and then if you  are then a tough guy you you go for competition mode and try to sort of capture all all evaluate  yourself and leave nothing to the other poor guy and then you might hug all and yet go something  in the middle and but that's bad that's that's an

[17:15](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1035s) eye even negotiation a sort of master negotiator  looks at this completely different say you either do this classic win-win so both parties win big  or which is him equally important you do No Deal and both look for a better deal elsewhere  of course it's provided time appropriated

[17:39](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1059s) to these outcomes but as a mindset you shall try  the structure mutually satisfactory deal or then you pretty quickly look for options outside the  theater had the play and as a sort of if you're interested in how this is done on the exit market  there's a pretty good finished book exit which is

[18:03](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1083s) has 15 stories or half successful entrepreneurs  have sold their companies to or listed them or otherwise exceeded incidentally three of the  deals are transferring corporate finance deals with shown here and also the both authors have  actually exited their businesses bo l l Co V and

[18:25](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1105s) the popular pink color group with our help then if  you look how a typical bad negotiator works this is the sort of caricature of negotiation and when  you don't know how to negotiate you first look at what to do before you enter the negotiation at  off the table we call it dialogue planning phase

[18:54](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1134s) and you are I did positively the trust is here  positive and distress this negative you are aided by your reputation the references hopefully you  have a good ones they could be bad as well if you have a bad reputation and then there's of course  some kind of pre meeting resistance because people don't know you necessarily before the meeting you  enter the negotiation without agenda you somehow

[19:19](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1159s) scrape till a deal you start doing the transaction  and you can see here it will go badly and what happens is you to first called first impression or  you skip that altogether you're being rude you try to then build a relationship and perhaps exceed  to push the positive energy up then you perhaps go to this bargaining model like I showed in the  previous slide and then you maybe have a high

[19:48](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1188s) moment where there are the parties misunderstand  the agreement and think they have a good deal but then that was all a fake then time is running  out that's quite important negotiation you have approaching panic and you maybe want to do a deal  and anyway pretty lousy deal and when once you do a lousy deal you have a declined trust carry  for but you put arsenic ruin your reputation the

[20:11](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1211s) references and you start from the bad fourth when  you do the deal that's party again or with the sort of close circle of people because people do  tell about this back experiences so don't do this okay what do you should do then you should first  do a bit over like the previous slide no agenda

[20:35](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1235s) that's that's bad so do your agenda then you you  should obviously at some time wisely so you should look at what you looking at here if you take the  ETA program goals here you are probably looking to buy your company cheaply and buy a good one where  you enjoy working you look at what the other party

[21:01](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1261s) is looking at they maybe want to get cash or some  of the other benefit to continue good new owner then you look at this win-win deal like if you  can do the combined deals with where everybody wins and then you do quite a lot of this like  a year if you have to walk away where you what would be the new pond well then this ETA program  you actually do a lot of this so you create a lot

[21:27](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1287s) of walk away options you look at the many many  new partner options so so you sort of repeat this circle with the ETA and that from time to time  you do this compromises that's a deal but often people don't do this and the beauty of the ETA is  you do create a lot of backup options because you you keep repeating this process with the many  companies then a couple of concepts I'm going

[21:55](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1315s) to talk about up later on on this presentation we  defined four levers of negotiates and their power analytics interaction and principles and here  we define them in the form of first splitting the pie in the context so if this is your pie  or cake you have to split it like who gets the benefit added value of the deal hopefully you'll  get more of it and this is you just power tricks

[22:24](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1344s) to and negotiation handles to achieve this then  you have the analytical skills you make a bigger pie you add elements to the deal which are not  obvious if you're smart and clever and once you have achieved this pick up are you deliver in  negotiation so the other party even if they get a smaller pie they feel good about it because here  you are handling the social interactions well and

[22:53](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1373s) then of course the reputation follows all through  this so if you're just doing this mechanically and then trying to sort of secure the other party  than they are you're not doing it right so you had have a consistent principles how you negotiate  and how you build a repetition over time so that this cake-baking business is for the long term not  just one off and on these concepts we have a tons

[23:20](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1400s) of these concepts in our book and in a negotiation  training we get through this ETA but if he pick Apollo there's quite a lot of power elements by  the way I'm not going to cover them here today but you could use studies ranges and arch types in  negotiation and you can use indirect power and the direct power to to get force decisions and walk  away but here we're more mostly talking about the

[23:48](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1428s) analytics so you have the time management is quite  key like how you how you handle the time element I touched upon the price or early on and but there's  a whole lot of stuff on the game theory and how to how to sort of find the best value in the deal  then the interaction I'm gonna talk a bit more about that so how you deliver your message this  is done through a process called signaling and

[24:14](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1454s) sharing the information and then what's very very  important is the negotiation team composition and with the ETA you cannot get the benefit of the  team because we will be coaching coaching you and this this program and then these principals  in the long term you need to have a reputation and Trust and ethics and even algorithms  how you do things in the in a clever way

[24:41](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1481s) okay so if you look at the signalling so if you  you have to sort of get in the negotiation you had to acquire information and you have to deliver  information to the other party so if you use the analogy of Texas Hold'em you have five open cards  eventually and then you have a to reverse here and

[25:01](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1501s) it's nice that they're aces so you maybe win this  one but then there was a American this is this is a foreign minister I think Donald Rumsfeld  and you had this fantastically misunderstood saying of the nonono's unknown unknowns and  basically that's actually very smart speech

[25:25](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1525s) he had so when you tried to figure information  there are things you know that you know your basic facts there are things you know that you  don't know and then there are this Black Swan territory they're unknown on those things you  don't even know don't know that you don't know them and if you can uncover this Black Swan type  of information then that can be hugely powerful

[25:50](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1550s) they can be like M key negotiation levers so if  you know for example if you're trying to buy a company and then you through method or through  luck you learn that then there is a certain need for them to sell within a month the business  and it's not obvious to everybody this is there's

[26:15](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1575s) this thing by a kind of time pressure then that's  that's an example of Black Swan event which you can use to your advantage so but then you signal  that this sort of open cards in this ETA program you would say be pretty open about that you want  to acquire a company you want the good one with which growths and it's profitable and can disrupt  the competition and you you want to partner for a

[26:41](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1601s) long term so it's perfectly all right [Music]  openly talk about this what you don't want to do let's say this companies in the lovely city  of poori but you're you're on your family's in Helsinki so you don't want to move to poori  you don't you shouldn't be rude and tell that it's not doesn't going to help anybody then if  this is a really terrific company you shouldn't

[27:08](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1628s) necessarily say that this is like the best of my  options and let's say that you have wasted your time in this fund of rural program and used your  one a year for doing nothing and you have three months left then you should maybe tell that you  have a time pressure of your own but some people do this much more aggressively and just to give it  to two guys who do this in the extreme here Anwar

[27:36](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1656s) Ocean Oliver who's sold his bank for the Danish  guys don't skip on for over by signaling that he wants to sell it for over 3.5 billion and he  got 4.1 billion just by saying that this is his walk away price yellow musk famously tweeted  well why he was higher or something that this

[28:01](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1681s) life's worth 420 your $1 per share and he is  fondly secured for his arrogance he was he was kicked out this isn't chairman I find find but  you can you gonna make three meant do this even with the public listed companies which these  poor we're so if you are really powerful guy you can play outside this book sometimes it's  fails and how to get the information actually

[28:31](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1711s) trick is not to be a smart know-it-all this  sadden of anybody except like middle-aged guys like me know who this guy's but it's mr. Columbo  and beautiful candor Columbo was a popular TV series back in like a ages ago and the tactic of  this detective was to play a really stupid guy

[28:54](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1734s) who just had a last question who it's completely  nailed the criminal in the in the show so to get the information it's very good to actually ask  question then and say that you don't actually understand this business and you would appreciate  any information they can give and that's often

[29:15](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1755s) actually true hello there my name is Sammy tonin  and this was the x-term from true north search ETA program where I described together with my  hosts gautam basu and Mikko Hirvonen a number of topics on acquisition process I will do a  follow-up podcast which will cover such things

[29:43](https://www.youtube.com/watch?v=P2nlSO_icBU&t=1783s) as team tactics the optimal arc of negotiation  and how to close the deal I will also answer a number of audience questions if you have been  listening to this I would strongly recommend you will subscribe to my youtube channel Sammy Meade  Dillon memorabilia or search negotiator thank you