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Family-firm buyouts, private equity, and strategic change.

Scholes, L. and Wright, M. and Westhead, P. and Bruining, H. and Kloeckner, O. (2009) 'Family-firm buyouts, private equity, and strategic change.', Journal of private equity finance., 12 (2). pp. 7-18.


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.

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Record Created:12 Aug 2011 14:50
Last Modified:23 Aug 2011 15:15

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