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...

This study examines the main drivers for the exit choice of small firm owners. Only recently studies have begun to compare the exits of mature firms. Previous studies concentrated on start-ups, primarily trying to explain survival. Exit choice as used in this study differentiates between...

This study focuses on the transfer process and the importance of human capital and succession planning as firm resource from the seller's perspective. It further differentiates amongst two types of human capital - specific and generic - to predict the transfer duration, obtained price and...

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 Resource Based View. The results...

The objective of this study is to shed light on the added value of the services of five disciplines in M&A advisory in the SME domain: accountants, bankers, business brokers, fiscalists and lawyers. Theory is inconclusive in the added value of advisory services and research on the subject is...