TY - JOUR T1 - Family-Firm Buyouts, Private Equity, and Strategic Change JF - The Journal of Private Equity SP - 7 LP - 18 DO - 10.3905/JPE.2009.12.2.007 VL - 12 IS - 2 AU - Louise Scholes AU - Mike Wright AU - Paul Westhead AU - Hans Bruining AU - Oliver Kloeckner Y1 - 2009/02/28 UR - https://pm-research.com/content/12/2/7.abstract N2 - 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 ER -