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 …

Wat zijn de belangrijkste obstakels bij bedrijfsopvolging en de advisering daarover? Lex van Teeffelen, bijzonder lector bedrijfsoverdracht en innovatie, geeft zijn visie. Ook gaat hij in op de rol van digitale scans

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 …

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.

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 …

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 aim of this study is to examine the relationship between successor characteristics, transfer planning characteristics and post-transfer profitability within Dutch SMEs. On the one hand, based on the resource dependency view, it is assumed that successors with more knowledge and experience, derived …

The EU and national governments rely on expert panels and opinions for their policies (EU, 2003; EU, 2006a; EU, 2006b) on SME ownership transfers. Also entrepreneurs depend on expert opinions and advice. We know from expert studies that expert judgment may lead to confusion and conflicting results. …

Recently Leroy et al. (2008) tested if the Theory of Planned Behavior (TPB) predicts exit behavior of entrepreneurs: liquidation or transfer. He added the purchasers view to the TPB: firm viability and intangible assets. We retested Leroy et al. hypotheses on a more refined dataset of 136 firms in another …