Small business entrepreneurs and performance: Evidence from management buy-ins
Ennew, C., Robbie, K., Wright, M., & Thompson, S. (1994)
International Small Business Journal, 12(4), 28-44
Describes management buy-ins as "a new form of small firm, where individual entrepreneurs with institutional backing acquire an existing company". Sample of 59 UK buy-ins (mean 147 employees, median 63); three clusters of buy-in entrepreneurs, no significant performance differences between clusters. This 1994 paper is the closest historical analogue to a study of investor-backed searchers.
Sourcedoi:10.1177/026624269412400214 citations (OpenAlex)