Family-Firm Buyouts, Private Equity, and Strategic Change

Louise Scholes · Mike Wright · Paul Westhead · Hans Bruining · Oliver Kloeckner

29 citations0/0 files storedThe Journal of Private Equity

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Family Business Performance and Succession Corporate Finance and Governance Private Equity and Venture Capital

Abstract

Abstract When no suitable family successor can be identified, private family firm owners may opt for a MBO or MBI. We explore the strategic orientation of former private family firms pre- and post-MBO/I. We utilize a unique hand-collected representative sample of 104 MBO/Is located across Europe. Greater scope for efficiency gains and growth/expansion was found in cases where the founder was present at time of buy-out, where no managers with equity stakes or non-executive directors were employed pre-buy-out and where the private equity investor and management were involved in succession planning. TOPICS:Private equity, developed, manager selection

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References

2007Private equity, leveraged buyouts and governance 2007Private Equity and Management Buy-outs

Cited by

2010Family Business and Private Equity: Conflict or Collaboration? The Case of Messer Griesheim 2011Family Firm Density and Regional Innovation Output: An Exploratory Analysis 2021Unbundling Strategic Change in Family Firms: the Influence of Familiness on the Strategic Change Process 2017Family businesses and non-family equity: literature review and avenues for future research

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