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There has been considerable debate concerning the contribution of venture capitalists (VCs) to their investee companies (Sapienza, Manigart, & Vermeir, 1996). This…
There has been considerable debate concerning the contribution of venture capitalists (VCs) to their investee companies (Sapienza, Manigart, & Vermeir, 1996). This research has shown that VCs can add value and impact the strategic direction of their investee firms through their skills and knowledge. These skills lie in two distinct areas: financial (monitoring) and non-financial (strategic and operational involvement) skills (Pruthi, Wright, & Lockett, 2003). The monitoring and involvement of VC firms in their investees have been shown to vary according to their needs (Lerner, 1995). On balance, the evidence suggests greater involvement during the more uncertain earlier stages than during the later stages when the firm is more established (Sapienza, Amason, & Manigart, 1994; Elango, Fried, Hisrich, & Polonchek, 1995). This suggests that the VC's ability to bring about change will be mediated by the impact of the history of the firm via path dependency (Teece, Pisano, & Shuen, 1997).
This exploratory study aims to provide fresh insights into the ownership transfer of private family firms through internal management buy‐out (MBO) and external management…
This exploratory study aims to provide fresh insights into the ownership transfer of private family firms through internal management buy‐out (MBO) and external management buy‐in (MBI) succession routes. The paper aims to explore if flows of information impact the succession planning process and if the nature of succession planning impacts the business sale negotiation process relating to family firms that select MBO/MBI succession routes.
Guided by insights from agency theory and theories relating to information asymmetries and negotiation behaviour six hypotheses were derived. Private family firms that had received venture capital and the MBO/I deals had been completed between 1994 and 2003 were identified. A structured survey was administered to 117 senior members of acquiring MBO/I management teams after the deal had been completed in several European countries. Non‐parametric chi‐square tests and Mann‐Whitney “U” tests were used to test the presented hypotheses.
Evidence highlights the importance of information sharing and that the family owner(s) may not always be in the strongest position. MBOs reported lower information asymmetry. Also, lower information asymmetry was reported when vendors and management were involved in succession planning. Internal managers with greater access to information were found to influence the negotiation process and determine who is more likely to benefit from the price to be paid for the firm. A mutually agreed price was less likely when management controlled information and when personal equity providers (PEP) were involved in the process supporting the interests of the MBO/I team.
Family firm owners need to plan for succession planning. Vendors of family firms need to leverage external professional advice when negotiating the sale of their ventures to ensure “family agendas” are protected.
This study has extended the conceptual work of Howorth et al. surrounding the succession of family firms through MBOs and MBIs. Rather than relying on case study evidence alone, cross‐sectional survey evidence was explored within a univariate statistical framework to explore gaps in the knowledge base relating to succession planning and business sale negotiation behaviour.
This eighth volume in the series Advances in Entrepreneurship, Firm Emergence and Growth focuses on international entrepreneurship. We are fortunate to draw on scholars…
This eighth volume in the series Advances in Entrepreneurship, Firm Emergence and Growth focuses on international entrepreneurship. We are fortunate to draw on scholars both new to the field as well as some of those who founded this unique specialty. International entrepreneurship, perhaps more than any subfield of entrepreneurship, is a product of our particular zeitgeist. The last quarter of the 20th Century brought about one of the periods of the greatest internationalization in all phases of business.
Social Work education has seen some changes since my first paper on how The Archers could be used to enhance a student's understanding of service user experiences (Burrows…
Social Work education has seen some changes since my first paper on how The Archers could be used to enhance a student's understanding of service user experiences (Burrows, 2016). Social Work students still, however, need to understand the difficulties that their future service users may experience; learning is developed through lectures, seminars and workshops, and most of all through practice experience, but a real challenge for educators is how to show students the constant lived reality of families and communities who have complex difficulties. A visit to a household only gives a snapshot of their life, and service users may be guarded in their behaviour during a professional visit. My original paper considered the educational value of the ‘fly-on-the-wall’ perspective of The Archers, in catching unguarded moments and drawing attention to issues in the community. From the impact of rural poverty and unaffordable housing, through issues of mental health, hospital discharge, to adult survivors of child sexual abuse and the tangled webs of modern slavery, these issues will resonate with any social worker, in Adult, Children and Families or Mental Health fields. These are not just issues in a rural setting; professionals in more urban settings will recognise these as things the families and individuals they work with must deal with from time to time.
Asked about the day‐to‐day command of the giant Dell Inc. empire, entrepreneur and founder Michael S. Dell said of his close associate Kevin B. Rollins: “This company is…
Asked about the day‐to‐day command of the giant Dell Inc. empire, entrepreneur and founder Michael S. Dell said of his close associate Kevin B. Rollins: “This company is much stronger when the two of us are doing it together – but if I get hit by a truck he’s the CEO. Everyone knows that.”
The purpose of this paper is to analyse the practical policy arguments that support the exclusion of pre‐contractual negotiations in the interpretation of written…
The purpose of this paper is to analyse the practical policy arguments that support the exclusion of pre‐contractual negotiations in the interpretation of written contracts, and the more principled arguments for allowing such evidence to be admitted. This paper proposes that the exclusionary rule be relaxed in certain limited circumstances.
The paper adopts a black‐letter law approach focusing heavily upon the principles of law itself. It analyses the arguments for and against admitting pre‐contractual negotiations in the interpretation of written contracts through examining key court judgments, key journal articles and leading text under English law and other common law jurisdictions.
The findings show that the arguments advanced in support of the exclusionary rule, whilst of great significance, are not that convincing. The arguments for relaxing the exclusionary rule in certain limited circumstances are very strong.
Empirical study may show that the arguments in support of the exclusionary rule are not in practice as significant as postulated. The paper is focused on the law of England and Wales.
This paper will be instructive to commentators, lawyers, academics and students in the field of commercial contract law and parties to contracts.
The paper contributes to pushing back the boundaries of the developing law in the interpretation of written contracts.
Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.