Paper presented at the RENT XXV conference. The point of this paper is to improve our understanding on the added value of M&A advisors in SMEs, an important segment of the economy and merger industry. To predict the added value of professional advice we contrast two theories: the agency theory and the …

This study focuses on the transfer process and the importance of human capital and succession planning as firm resource from the seller’s perspective. It further differentiates amongst two types of human capital - specific and generic - to predict the transfer duration, obtained price and satisfaction …

Many policy makers are unaware of the pitfalls in ownership transfers in SMEs and the inadequate advisory services. This paper presents the economic importance of business transfers, the research evidence to date on the main issues in ownership changes and discusses potential policies to reduce (advisory) …

Aanleiding Er is weinig bekend over de verschillen in de ondernemersprofielen van starters, overnemers en opvolgers. Als voorbereiding op een grootschalig onderzoek van de HU/KvK Nederland is de literatuur op dit gebied bestudeerd. Literatuurstudie Er zijn 9 (wetenschappelijke) publicaties gevonden …

Different types of strategic renewal by the successor are identified: organizational change, innovation, combined actions and no action. The main assumption is that renewal after succession improves SME post-transfer performance compared to no actions taken. Also successor’s timing of the takeover is …

The main purpose of this dissertation is to identify the factors that explain success and failure in SME business transfers. Three key concepts have been defined in the research framework: firm resources, capabilities (of predecessor and successor) and (successor’s) strategic renewal. Altogether these …