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Family-Firm Buyouts, Private Equity, and Strategic Change

Scholes, L.; Wright, M.; Westhead, P.; Bruining, H.; Kloeckner, O.

Authors

L. Scholes

M. Wright

H. Bruining

O. Kloeckner



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.

Citation

Scholes, L., Wright, M., Westhead, P., Bruining, H., & Kloeckner, O. (2009). Family-Firm Buyouts, Private Equity, and Strategic Change. The journal of private equity, 12(2), 7-18. https://doi.org/10.3905/jpe.2009.12.2.007

Journal Article Type Article
Publication Date Apr 1, 2009
Deposit Date Aug 5, 2011
Journal The journal of private equity
Print ISSN 1096-5572
Publisher Institutional investor
Peer Reviewed Peer Reviewed
Volume 12
Issue 2
Pages 7-18
DOI https://doi.org/10.3905/jpe.2009.12.2.007
Public URL https://durham-repository.worktribe.com/output/1529251

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