According to the SME Barometer conducted by Finnvera, the Federation of Finnish Enterprises, and the Ministry of Economic Affairs and Employment, the number of small and medium-sized enterprises (SMEs) that could be up for sale within the next five years is nearly three times greater than the number of companies considering acquisitions. This numerical imbalance has increased in recent years. More than a quarter of Finnish entrepreneurs are between 55 and 64 years old, approaching retirement age. Interest in selling and buying businesses is highest in the Uusimaa and Pirkanmaa regions.
Anni Koskinen, an economist at Finnvera who has analyzed business succession data from the barometers, states that the mismatch is not due to sellers and buyers being from entirely different industries or regions. The main challenge is quantitative: there are simply far more companies planning to sell than those planning to buy.
“Willingness to sell is often tied to a specific moment, like retirement, meaning the timing of a sale can be anticipated well in advance. In contrast, acquisitions tend to be driven by shorter-term planning, often based on rapid changes in the market or the company’s growth needs,” Koskinen explains.
Business Acquisitions Take Many Forms
Potential buyers include not only other companies but also individuals looking to become entrepreneurs. A growth-oriented firm might acquire several businesses, or a company might only be interested in purchasing a specific part of another business’s operations.
“Despite this, the gap between sellers and buyers remains wide, and I don’t believe there will be successors for every company,” Koskinen says.
Not every business is saleable, even if the owner is willing to sell. Saleability depends on factors like profitability, level of debt, industry outlook, and growth potential. Structural changes in the market may also mean that potential buyers operate in entirely different sectors than the companies for sale.
“Often, the entrepreneur’s personal contribution, expertise, and relationships are key. Human capital that is highly centered on one person can be difficult to transfer,” Koskinen adds.
Most Businesses for Sale in Retail, Construction, and Specialized Services
The largest mismatch between sellers and buyers is found in construction, wholesale and retail trade, and business services. This category includes specialized industries such as legal services, vehicle sales and repair, and architecture and engineering services. Koskinen notes that the presence of both construction and design-related firms on this list reflects broader challenges in the construction sector.
Signs of Growing Interest in Acquisition Financing?
In the latest SME Barometer, a majority (about three out of four) of businesses considering an acquisition report that they would need external financing. Finnvera’s financing for business successions declined between 2021 and 2024 due to geopolitical uncertainty and the COVID-19 pandemic. However, figures from the first half of 2025 indicate a positive turn: between January and June, Finnvera helped finance 328 ownership transfers totaling €53 million. Both the number of financed deals and the total amount have grown, suggesting that business acquisitions may be picking up this year.
“We hope companies and entrepreneurs will boldly pursue continuity and new growth – we’re here to support them with financing. Uusimaa stands out as a rising region after a very quiet 2024,” says Anna-Mari Palo, Regional Manager at Finnvera specializing in succession financing.
Business successions are crucial for maintaining the vitality of local economies and service structures. According to Palo, it’s important to recognize that the business population in Finland is steadily growing. New companies are continuously established to replace old ones. Still, founding a new company isn’t the only way to become an entrepreneur — buying an existing business can provide an established customer base and a more direct path into entrepreneurship.
“The real question is: will every business find a successor?” Palo concludes.