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147“MY CHILDREN DO NOT WANT THE FIRM”

Private equity as a succession option in family businesses A review and future directions

Oliver Ahlers, Alexandra Michel, and Andreas Hack

Introduction

Family firms are of particular significance for the global economy (Klein, 2000; Anderson & Reeb, 2003; Astrachan & Shanker, 2003; Morck & Yeung, 2003). Prior research acknowledges that family firms are considerably different from non-family firms and the source of distinction clearly is the “family“ (Sharma, 2004). Previous literature has defined family firms as those firms with at least 50% of ownership concentrated among family owners, and which have member(s) of the family active in the business, whether it be in management or governance roles (e.g., ...

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