PT - JOURNAL ARTICLE AU - Louise Scholes AU - Mike Wright AU - Paul Westhead AU - Hans Bruining AU - Oliver Kloeckner TI - Family-Firm Buyouts, Private Equity, and Strategic Change AID - 10.3905/JPE.2009.12.2.007 DP - 2009 Feb 28 TA - The Journal of Private Equity PG - 7--18 VI - 12 IP - 2 4099 - https://pm-research.com/content/12/2/7.short 4100 - https://pm-research.com/content/12/2/7.full AB - When no suitable family successor can be identified, private family firm owners may opt for a MBO or MBI. We explore the strategic orientation of former private family firms pre- and post-MBO/I. We utilize a unique hand-collected representative sample of 104 MBO/Is located across Europe. Greater scope for efficiency gains and growth/expansion was found in cases where the founder was present at time of buy-out, where no managers with equity stakes or non-executive directors were employed pre-buy-out and where the private equity investor and management were involved in succession planning.TOPICS: Private equity, developed, manager selection