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In recent years, buy-outs have become an increasingly frequent solution to succession problems in family businesses. Despite a dramatic surge in the number and total volume of these transactions, their consequences for the bought-out companies are yet poorly understood. Considering this background, Oliver Klöckner investigates the changes resulting from buy-outs in family businesses in the areas of corporate governance, instruments of managerial control, and financial practices. A comprehensive literature review contrasts the characteristics of family businesses with those of non-family businesses after a buy-out. This theoretical discussion is complemented by an in-depth analysis of 17 bought-out family businesses in Germany. The detailed analysis reveals a multitude of changes, which can be subsumed under three main effects: First, companies are professionalized. Second, corporate processes are more directed towards economic goals, i.e. economized. Third, agency conflicts arising from the separation of ownership and management are reduced.

Corporate governance. --- Family-owned business enterprises. --- Organizational change. --- Finance --- Business & Economics --- Banking --- Finance - General --- Investment & Speculation --- Business, Economy and Management --- Management buyouts. --- Buy-outs, Management --- Buyouts, Management --- Business enterprises, Family-owned --- Family business --- Family businesses --- Family enterprises --- Family firms --- Finance. --- Public finance. --- Economics. --- Public Economics. --- Finance, general. --- Leveraged buyouts --- Going private (Securities) --- Business enterprises --- Funding --- Funds --- Economics --- Currency question --- Cameralistics --- Public finance --- Public finances

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65.016 --- Management buyouts --- -Buy-outs, Management --- Buyouts, Management --- Leveraged buyouts --- Going private (Securities) --- Development, evolution of a firm. Foundation, establishment. Growth, expansion, rise. Shrinking, contraction, decline. Amalgamation, merger. Division, splitting, decartellization. Change, conversion, reorganization. Dissolution. Closing down, wi --- -Development, evolution of a firm. Foundation, establishment. Growth, expansion, rise. Shrinking, contraction, decline. Amalgamation, merger. Division, splitting, decartellization. Change, conversion, reorganization. Dissolution. Closing down, wi --- 65.016 Development, evolution of a firm. Foundation, establishment. Growth, expansion, rise. Shrinking, contraction, decline. Amalgamation, merger. Division, splitting, decartellization. Change, conversion, reorganization. Dissolution. Closing down, wi --- -65.016 Development, evolution of a firm. Foundation, establishment. Growth, expansion, rise. Shrinking, contraction, decline. Amalgamation, merger. Division, splitting, decartellization. Change, conversion, reorganization. Dissolution. Closing down, wi --- Buy-outs, Management --- Management --- Netherlands

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Management buyouts --- Venture capital --- Twenty-first century --- Forecasting --- Congresses --- Capital à risques --- Vingt et unième siècle --- Rachat par les salariés --- -Management buyouts --- -Twenty-first century --- -Venture capital --- -Risk capital --- Seed capital --- Small business investment companies --- Third millennium --- Buy-outs, Management --- Buyouts, Management --- Leveraged buyouts --- Going private (Securities) --- -Forecasting --- Capital à risques --- Rachat par les salariés --- 21st century --- -Congresses --- Forecasts --- Risk capital --- Capital --- Small business --- Forecasting&delete& --- Forecasts&delete& --- Finance --- Corporate finance --- Europe --- Congresses. --- Entreprises --- Vingt et unième siècle --- Prévision --- Congrès --- Prévisions --- Management buyouts - Europe - Forecasting - Congresses --- Management buyouts - Forecasting - Congresses --- Venture capital - Forecasting - Congresses --- Venture capital - Europe - Forecasting - Congresses --- Twenty-first century - Forecasts - Congresses

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Private equity funds. --- Corporations --- Management buyouts. --- Finance. --- Management buyouts --- Private equity funds --- 333.630 --- 333.660 --- 658.325 --- 658.41 --- AA / International- internationaal --- FR / France - Frankrijk --- Business finance --- Capitalization (Finance) --- Corporate finance --- Corporate financial management --- Corporation finance --- Financial analysis of corporations --- Financial management, Corporate --- Financial management of corporations --- Financial planning of corporations --- Managerial finance --- Going public (Securities) --- Buy-outs, Management --- Buyouts, Management --- Leveraged buyouts --- Going private (Securities) --- Mutual funds --- Finance --- Effecten: algemeenheden --- Uitgifte van effecten: algemeenheden. Bankconsortiums --- Werknemersaandeelhouderschap --- Herkomst van het kapitaal der bedrijven --- Source de financement de l'entreprise