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Buy-outs in Family Businesses

Changes in Corporate Governance, Instruments of Managerial Control, and Financial Practices

  • Authors
  • Oliver Klöckner

Table of contents

  1. Front Matter
    Pages I-XIX
  2. Oliver Klöckner
    Pages 1-11
  3. Oliver Klöckner
    Pages 13-49
  4. Oliver Klöckner
    Pages 51-86
  5. Oliver Klöckner
    Pages 87-153
  6. Oliver Klöckner
    Pages 155-235
  7. Oliver Klöckner
    Pages 237-279
  8. Oliver Klöckner
    Pages 281-327
  9. Oliver Klöckner
    Pages 329-340
  10. Back Matter
    Pages 341-377

About this book

Introduction

In recent years, buy-outs have become an increasingly frequent solution to succession problems in family businesses. Despite a dramatic surge in the number and total volume of these transactions, their consequences for the bought-out companies are yet poorly understood.

Considering this background, Oliver Klöckner investigates the changes resulting from buy-outs in family businesses in the areas of corporate governance, instruments of managerial control, and financial practices. A comprehensive literature review contrasts the characteristics of family businesses with those of non-family businesses after a buy-out. This theoretical discussion is complemented by an in-depth analysis of 17 bought-out family businesses in Germany. The detailed analysis reveals a multitude of changes, which can be subsumed under three main effects: First, companies are professionalized. Second, corporate processes are more directed towards economic goals, i.e. economized. Third, agency conflicts arising from the separation of ownership and management are reduced.

Keywords

Business Change Eigentümer Familienunternehmen Family Business Private Equity Unternehmensnachfolge corporate governance

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-8349-9477-6
  • Copyright Information Gabler Verlag | GWV Fachverlage GmbH, Wiesbaden 2009
  • Publisher Name Gabler
  • eBook Packages Business and Economics
  • Print ISBN 978-3-8349-1627-3
  • Online ISBN 978-3-8349-9477-6
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking
Engineering