This blog post is part of The Founder Files series, exploring the human side of entrepreneurship, where the distinction between success and failure is often a fine line. From founding and scaling, all the way to the exit, we reveal the unfiltered, authentic stories behind entrepreneurial journeys. Ready to hear the truth?

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When reflecting on the journey of Lukiolaisten Kirjakauppa, a book agency that Riku Asikainen started as a high school venture in 1992, many things fell smoothly into place: they had a well-knit team that stayed together over the years, and a strong product-market fit led to the business growing rapidly, eventually dominating the domestic market. Even the exhaustive legal battle they had been fighting for a decade resulted in a victory for them.

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However, after steering the company for a solid decade Asikainen felt that he had grown weary of the entire book industry and was yearning for a change of scenery. But before officially initiating the sales process, doubts crept in for Asikainen that the business would be too personalized to him.

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“As the sole owner, I had been the marketing force, sharing the story of the business with people all around Finland. I was the face of Lukiolaisten Kirjakauppa, and I worried that no one would buy the company if I didn't stay and work for them”, Asikainen says.

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For him, selling the company had to involve a complete exit. Fate intervened when Asikainen’s wife was sent to Tanzania for a secondment, and he decided to join her. Persuading a long-time friend and colleague to oversee the company in his absence, Asikainen, though still the owner, managed to distance himself from the day-to-day operations of Lukiolaisten Kirjakauppa. The time spent in Tanzania gave him the confidence that the business could run without him. In 2000, he initiated the sales process, and in 2003 Suomalainen Kirjakauppa acquired the business.

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“I was content that we managed to sell the company at a good price. Legitimate buyers were scarce at that time, so we had to work hard to seal the deal.”

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Much like many other long-time entrepreneurs, navigating the transition to a new everyday life after the exit posed its own set of obstacles. By then, everything had been sailing smoothly for Asikainen – perhaps a bit too smoothly.

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“Sure, there was the difficult legal battle and some minor hurdles, but overall, things had been great. After the sale, I did not yet have children or family responsibilities – only time and a lot of money.”

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“Oh boy, I made plenty of foolish investments in my friends' firms based on the assumption that ‘I know these guys’.”

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Asikainen felt that he had some sort of Midas touch – whatever he touched turned to gold, or so he thought. Yet, that’s when the series of unfortunate events began. 

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“Soon, it became clear that it obviously wasn't quite true. Oh boy, I made plenty of foolish investments in my friends' firms based on the assumption that ‘I know these guys’. Well, of course, I shouldn't have, as I never saw the money again. Investing in a friend's company is always complicated”, he admits.

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Yet, every cloud has its silver lining, and Asikainen now views even the worst decisions as valuable life and investment lessons. He highlights the importance of having a diverse deal flow when investing as one of his greatest lessons.

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“In my early investing days, I mainly put money into my friends’ businesses, so the pool was naturally small. From a deal flow perspective, though, investing is a numbers game. The more companies in your deal flow, the better it is for you as an investor, as it provides you with a broader market perspective and a good selection of firms to choose from”, Asikainen explains. “And nowadays, I’m very wary of investing in my friends’ firms.”

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“It’s insanely dull to just throw money at companies, hope for the best, and never get involved.”

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Asikainen paved the way as one of the early e-commerce leaders in Europe, and after selling Lukiolaisten Kirjakauppa, he became one of the first professional angel investors in Finland. Ever since, he has actively participated in building the startup ecosystem of the region through angel networks and Startup Sauna Accelerator. 

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Nowadays, Asikainen leads Evli Growth Partners, supporting promising growth companies to successfully scale their businesses. EGP's partners have personally made over 200 angel investments, and Asikainen believes he brings something valuable beyond funds to his portfolio. 

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“It’s insanely dull to just throw money at companies, hope for the best, and never get involved. At Evli Growth Partners, we aim to be active in our portfolio without becoming a nuisance to the firms”, Asikainen notes. "Our key asset is the ability to genuinely offer firsthand support, as we have walked the same path and know exactly what it's like to be an entrepreneur."

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