One third of entrepreneurs are going to withdraw within the next future in Europe. Business transfers are complex and suffer from lots of imperfections. Business transfers suffer not only from informational asymmetries but from the revision of stakeholders?beliefs as soon as they know the...

uncertainty that commercial partners suffer from. More precisely, we study the signal MBO should produce in comparison with MBI whose managers do not come directly from the target. We underline in particular the role of MBO where new owners are members of sellers? family. Hypotheses are...