By Oliver Ahlers
Family agencies are of specific value for plenty of economies. we all know little approximately kin enterprise buyouts and the way they're various from non-family enterprise buyouts. Oliver Ahlers investigates this under-researched subject. After a entire literature assessment on relations company buyouts, the focal point of his ebook is at the key steps of the funding procedure equivalent to relatives enterprise valuation and negotiations among PE traders and kin dealers. also, it's investigated how “soft elements” akin to belief, acceptance or dedication may perhaps play a massive function while PE and relatives agencies engage. through the booklet, adjustments among family members and non-family enterprise buyouts are highlighted.
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Extra info for Family Firms and Private Equity: A Collection of Essays on Value Creation, Negotiation, and Soft Factors
The prominent role of information asymmetries is unsurprising given adjacent literature. Most family firms are often privately held (Klein, 2000; Wang, 2006). The quality and quantity of information available about private firms is usually lower compared to information about public firms (Capron & Shen, 2007). ) and less stringent regulations on information disclosure (Shen & Reuer, 2005; Ragozzino & Reuer, 2010). The market for corporate control has an important function in providing information and supporting asset evaluation (Capron & Shen, 2007).
Thirdly, different family configurations might need investigating to determine whether und under what circumstances value creation occurs. 3 Literature gaps and future research After having reviewed the works dealing with the interface of family firms and PE, literature gaps become evident. D. thesis are structured according to (1) opportunities for methodological or theoretical improvement which is needed in future research, (2) research issues within current research categories not yet covered, and (3) new research categories requiring consideration in the future.
Empirical Empirical Empirical Type of Perspective research Scholes, Information Westhead, sharing Burrows (2008) Price agreement Research question How are FFs' Buyer ownership and governance structures associated with balanced information sharing and a mutually agreed sale price? g. experience, education) • Above mentioned relationships are weakened with increasing firm age as a driver of emotional attachment • Information-sharing: mutual involvement of FF owners and management in succession planning leads to lower information asymmetries • Agreed price: mutually involvement in succession planning and information-sharing increases the probability for a mutually agreed sale price • PE firm involvement negatively affects a mutually agreed sale price because it could more effectively challenge the vendor • Information-sharing: founder-run FFs and those with a priority for financial objectives are associated with equal information sharing; explanation: founders prefer to stay involved post-buyout and financial objectives suggest a de-prioritization of family goals • Mutually agreed price: FFs without a family successor, a priority for financial goals, and early involvement of investors more likely report a mutually agreed sale price Key message Topics Research question Perceptions Granata, Chirico Evaluation (2010) Granata (2010) Perceptions Silva (2005) Investment criteria Investment criteria Upton, Petty (2000) Buyer/ vendor How do buyers value the family business?