“Stepping into the buyers’ shoes”: Looking at the value of family firms through the eyes of private equity investors

Ahlers, Oliver; Hack, Andreas; Kellermanns, Franz W.

doi:10.1016/j.jfbs.2014.04.002

Cited by 28 publications

(23 citation statements)

References 142 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Researchers agree that succession is one of the most important processes of a family business's life cycle due to its substantive effect on the firm's strategy, culture, and also its survivability (Ahlers, Hack, & Kellermanns, 2014;Cater III & Kidwell, 2014;Handler, 1994). The succession-planning process, which is the focus of this paper, is the first and one of the most important parts of the overall succession process and has two main goals: first, the selection of the successor, which includes setting criteria or defining a pool of possible candidates (Le Breton- Miller et al, 2004); and, second, preparation for the transfer of management control as well as ownership shares from an older to a younger generation .…”

Section: Theoretical Background and Key Conceptsmentioning

confidence: 99%

Trusted advisors in a family business's succession-planning process—An agency perspective

Michel

Kammerlander

2015

Journal of Family Business Strategy

View full text Add to dashboard Cite

Section: Theoretical Background and Key Conceptsmentioning

confidence: 99%

Trusted advisors in a family business's succession-planning process—An agency perspective

Michel

Kammerlander

2015

Journal of Family Business Strategy

View full text Add to dashboard Cite

“…Studies on the role of PE in family firms mostly examine buyouts of family firms wherein the family sells its full ownership stake to PE (Howorth et al, 2004;Scholes et al, 2010). Some studies analyze the selection criteria used by PE when investing in family firms (Dawson, 2011) or valuation particularities of family firms (Ahlers, Hack, & Kellermanns, 2014). Other studies analyze the process of professionalization of family firms post buyout (Howorth, Wright, Westhead, & Allcock, 2016), and the resulting impact of PE buyouts on the performance and growth of former family firms (Battistin et al, 2017;Croce & Martí, 2016;Scholes et al, 2010).…”

Section: Family Firms and Financial Decision-makingmentioning

confidence: 99%

Governance Implications of Attracting External Equity Investors in Private Family Firms

Neckebrouck

Meuleman

Manigart

2021

AMP

View full text Add to dashboard Cite

While research commonly assumes business-owning families are concerned about the preservation of control, more and more families seek cooperation with external investors to accomplish firm-and/or family level-goals. In this paper, we provide a conceptual configuration of the different governance scenarios that may arise when family owners attract outside capital.Combining two important family objectives -its objective to provide liquidity either to the family or to the firm, and its objective to cede or to retain long-term family control -we identify four scenarios with different governance implications and preferred types of external investors.Our analysis contributes to an increased understanding of the evolving structures of ownership in private family firms, the effectiveness and efficiency of governance arrangements in family firmexternal investor cooperations and the increasingly heterogeneous private equity funding landscape.

show abstract

“…Succession is one of the most important processes of a family business's life cycle due to its substantive effect on the firm's strategy, culture, goals, values, structure, staff, and survivability (Ahlers et al 2014).…”

Section: Succession Planning At Family Businessesmentioning

confidence: 99%

Coaching and mentoring at family businesses in process of transition

Szirmai¹,

Németh²

2019

Prosperitas

View full text Add to dashboard Cite

According to the Spanish saying ('Cuentas claras, amistades largas') the secret of a long friendship is clear accounts. How can this be interpreted in our country's enterprises sector? More specifically in that economic milieu where, based on the EU's expert estimates (Mandl 2008), the ratio of family businesses is 70-75% whose roots go back to the period of the change of regime for most of them. So in the near future, based on the international experiences, showing both the micro and macroeconomic importance of the processes of succession and generation change, the passing on of leaders and owners' roles are deemed as critical and are thus in the focus. One of the theoretical debates concerning family businesses centres round a provocative question: namely whether the world would be better if family businesses operating under professional leaders behaved as businesses free from family influence. We reply no to this pseudo naïve question, and at the same time from our point of view as the result of symbiosis of familiness (resources thanks to family participation) and professionalization, the survival of family businesses forming the backbone of the enterprise sector in Hungary may be improved significantly. In this paper we give an outlook and a literature review about the status of the Hungarian family businesses and we present the relevance and possibilities of succession planning. As the succession is not in quick and easy process, it can be supported by externals as well, like advisors, coaches and mentors; we review that where and what can be the role of these external supports in case of succession issues in family businesses.

show abstract

“Stepping into the buyers’ shoes”: Looking at the value of family firms through the eyes of private equity investors

Cited by 28 publications

References 142 publications

Trusted advisors in a family business's succession-planning process—An agency perspective

Trusted advisors in a family business's succession-planning process—An agency perspective

Governance Implications of Attracting External Equity Investors in Private Family Firms

Coaching and mentoring at family businesses in process of transition

Contact Info

Product

Resources

About