Succession in family businesses through private equity-backed management buy-outs (MBOs) in Germany

• Autor(a) principal: Braun, Nele
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/139141
• topic: Family business; Directed research; Private equity; Succession planning; Domínio/Área Científica::Ciências Sociais::Economia e Gestão

Succession is one of the biggest challenges that family businesses face. One out of many succession options is the conduct of a management buy-out (MBO). However, MBOs are often only to a small extent financed by the private assets of the management. The greater part of the financing is provided by financial investors and banks. This work project focuses on the specific case of the involvement of a private equity investor in a MBO as a succession solution for family businesses in Germany. First, the importance of family firms as well as the current condition of the private equity landscape in Germany will be outlined. After that, the motives and challenges for a MBO from the perspective of the family business entrepreneurs as well as from the perspective of the private equity investors will be presented by examining current research. Finally, a guideline for family entrepreneurs considering a MBO is presented, which was created on the basis of the previously identified problems and validated with the help of a survey with experts and family business entrepreneurs.