• The traditional focus on Management Buy-Outs (MBOs) • As the MBO evolves through these phases of decline, this study focuses upon the interactions of three main parties: The Management Team, The Venture Capitalists and The Investment Bankers. The key objective is to capture the difficulties accruing to these parties as the MBO declines.• The failures of the three main parties lie in identities, increasing problems of interaction and lack of communication.• By linking micro, meso and macro levels of analysis a novel way of looking at MBOs is suggested which helps to avoid the trap of focusing only upon the moment the deal is done.

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