C1FT50
Dehlen, T., Zellweger, T., Kammerlander, N., & Halter, F. (2014)
Journal of Business Venturing, 29(2), 193-209
Quantitative study of internal versus external exit routes in family firms. Owners' inferior knowledge of external candidates' ability favours family transfer; candidate signalling raises the probability of external exit and owner screening has an inverted U-shaped effect; firm age weakens both. Sample and country are not in the abstract (authors are at St. Gallen). (Abstract source: EconPapers/RePEc.)
Sourcedoi:10.1016/j.jbusvent.2012.10.001139 citations (OpenAlex)
C2FT50
Howorth, C., Westhead, P., & Wright, M. (2004)
Journal of Business Venturing, 19(4), 509-534
Eight private family firms that chose an MBO or MBI; interviews with former owners and buyout teams. Information asymmetries were widespread and exploited in price and structure; trust mitigated them; asymmetry was lower where the buyout was part of long-term strategy. (Abstract source: Semantic Scholar.)
Sourcedoi:10.1016/j.jbusvent.2003.04.002208 citations (OpenAlex)
C3near-FT50
Scholes, M. L., Wright, M., Westhead, P., Burrows, A., & Bruining, H. (2007)
Small Business Economics, 29(3), 329-349
Survey of managers of 114 former private family firms across Europe after an MBO or MBI. Equal information sharing is more likely in founder-generation firms; a mutually agreed price is more likely where no family successor existed and where venture capitalists were involved in succession planning. (Abstract source: Semantic Scholar.)
Sourcedoi:10.1007/s11187-006-9024-z79 citations (OpenAlex)
C4near-FT50
Kammerlander, N. (2016)
International Small Business Journal, 34(2), 189-214
1,354 Swiss SME owner-managers' exit intentions compared with 455 actual Swiss ownership transfers. Owners accept a discount ("emotional pricing") driven by long tenure, familiarity with the successor and poor firm performance.
Sourcedoi:10.1177/026624261454128765 citations (OpenAlex)
C5FT50
Graebner, M. E., & Eisenhardt, K. M. (2004)
Administrative Science Quarterly, 49(3), 366-403
Inductive multiple-case study of 12 technology-based ventures (US setting as generally described; not stated in the abstract). Sellers are pushed by strategic hurdles and personal motives and pulled by buyers offering combination potential and rapport. Establishes the seller-side lens; setting is VC-backed tech, not main-street SMEs.
Sourcedoi:10.2307/4131440566 citations (OpenAlex)
C6FT50
Graebner, M. E. (2009)
Academy of Management Journal, 52(3), 435-472
Buyers and sellers hold asymmetric and often erroneous beliefs about each other's trustworthiness; "selecting buyers on the basis of trust increases rather than diminishes entrepreneurs' vulnerability".
Sourcedoi:10.5465/amj.2009.41330413339 citations (OpenAlex)
C7FT50
Capron, L., & Shen, J.-C. (2007)
Strategic Management Journal, 28(9), 891-911
Event study plus survey. Lack of information on private targets narrows the acquirer's search and raises valuation risk but creates value opportunities; acquirers favour private targets in familiar industries and earn better announcement returns. Corporate acquirers only.
Sourcedoi:10.1002/smj.612549 citations (OpenAlex)
C8FT50
Officer, M. S. (2007)
Journal of Financial Economics, 83(3), 571-598
Unlisted targets sell at average discounts of 15% to 30% relative to multiples for comparable public targets; discounts widen when debt capital is expensive. The finance benchmark for the private-company discount. (Abstract source: ScienceDirect page.)
Sourcedoi:10.1016/j.jfineco.2006.01.004466 citations (OpenAlex)
C9near-FT50
Krukowski, K. A., Flink, N. A., & Edwards, B. D. (2023)
Understanding signaling effects of seller rationale at time of entrepreneurial exit. Journal of Business Venturing Insights, 20, e00427
Archival data from "a popular business-for-sale website" plus an experiment and qualitative study (US authors). The stated reason for sale acts as a signal and affects price at exit. US micro evidence on small-business sale listings. (Abstract source: EconPapers/RePEc.)
Sourcedoi:10.1016/j.jbvi.2023.e004274 citations (OpenAlex)
C10other
Krukowski, K. A., & DeTienne, D. R. (2022)
How crisis and information asymmetry affect deal terms. Business Horizons, 65(5), 617-630
1,909 small business exit transactions around the 2007 to 2009 crisis and a 10-year horizon. Sellers accept lower prices and worse terms with more seller financing in the 24 months post-crisis; seller financing is framed as a signal of seller confidence. (Abstract source: Semantic Scholar.)
Sourcedoi:10.1016/j.bushor.2021.08.00312 citations (OpenAlex)
C11near-FT50
Kasten, C. L., Lambert, C. A., & Osborne, B. N. (2026)
Journal of Small Business Management, 64(5), 1999-2031
"A dataset of small business acquisitions" matched to state-level economic policy uncertainty (US). Under high uncertainty, businesses sell further below asking price, take longer to sell, and down payments shrink; described as a wealth transfer from sellers to buyers. Sample size is not in the abstract.
Sourcedoi:10.1080/00472778.2025.25941190 citations (OpenAlex)
C12other
Garofolo, A., Cox, K., & Sproul, C. (2025)
Entrepreneurship Research Journal, 15(2), 237-257
6,184 small business acquisitions, 2013 to 2019. Models the likelihood of earnouts as a function of price, leverage, firm age, employment agreements and non-competes.
Sourcedoi:10.1515/erj-2024-02760 citations (OpenAlex)
C13FT50
Tao-Schuchardt, M., Riar, F. J., & Kammerlander, N. (2023)
Entrepreneurship Theory and Practice, 47(4), 1200-1232
486 acquisitions in France, Germany, Italy and Spain, 2011 to 2019. Acquirers pay higher valuations for family firms; moderated by target performance, listing status, financial versus non-financial acquirer, and cross-border status.
Sourcedoi:10.1177/1042258722113576142 citations (OpenAlex)
C14near-FT50
Granata, D., & Chirico, F. (2010)
Family Business Review, 23(4), 341-354
Matched pairs and multiples: acquirers pay less for family firm targets, consistent with a "stagnation" view. Opposite sign to C13; the conflict is unresolved.
Sourcedoi:10.1177/089448651038636762 citations (OpenAlex)
C15near-FT50
Gubela, R. M., Graffius, M., Felden, B., & Wolff, S. (2024)
Journal of Small Business Management, 62(4), 1942-1981
Develops a scale (the "individual price indicator") for emotional components of an SME owner's first-offer price to non-family successors, from 136 articles, two qualitative studies (n = 4, n = 48) and two quantitative studies (n = 48, n = 495). Notes that transactions "likely fail" when the first offer deviates from earnings value.
Sourcedoi:10.1080/00472778.2023.21885487 citations (OpenAlex)
C16other
Ahlers, O., Hack, A., & Kellermanns, F. W. (2014)
Journal of Family Business Strategy, 5(4), 384-396
Conceptual real-options argument: family departure gives the buyer new options for value creation but destroys family-dependent options, so the net valuation effect is ambiguous. (Abstract source: EconPapers/RePEc.)
Sourcedoi:10.1016/j.jfbs.2014.04.00235 citations (OpenAlex)
C17near-FT50
Ahlers, O., Hack, A., Kellermanns, F., & Wright, M. (2016)
Journal of Small Business Management, 54(4), 1171-1192
176 PE professionals each reporting on one buyout deal. Competition, expertise and time pressure drive the PE firm's perceived bargaining power against selling owners; industry and size specialisation moderate.
Sourcedoi:10.1111/jsbm.1223528 citations (OpenAlex)
C18near-FT50
Kammerlander, N., & Khoury, C. (2025)
International Small Business Journal, 43(3), 274-302
200 family firm owner-managers. Non-financial considerations and strong performance reduce the preference for an activist over a steward PE buyer. Buyer type matters to sellers; an individual searcher is not among the buyer types offered.
Sourcedoi:10.1177/026624262513162293 citations (OpenAlex)
C19near-FT50
Mickelson, R. E., & Worley, C. (2003)
Family Business Review, 16(4), 251-268
Single case on how acquisitions of family firms differ in structure, motivation and culture, and on post-acquisition integration.
Sourcedoi:10.1177/0894486503016004040151 citations (OpenAlex)