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<p>Dagens ekonomiska klimat är kantat av möjligheterna och hoten från globalisering, ökad konkurrens och en alltjämt ökande takt, och ända sedan 1800-talet så har sammanslagningar och förvärv varit ett viktigt sätt för företag att konkurrera. Sammanslagningar och förvärv är aktiviteter som oftast styrs av begäret att uppnå synergi effekter, marknadsandelar, konkurrensfördelar och skalfördelar. I dag ligger mycket av medias och den akademiska fokusen på börsbolag, men Sveriges många små till medelstora privatägda företag, till exempel familjeföretag, bör inte falla i glömska. Dessa familjeföretag är olika jämfört med andra företag, inte bara när de kommer till ägarstruktur, men även på de organisatoriska och strategiska planen. Med detta i åtanke så verkar det finnas en lucka i den akademiska litteraturen när det kommer till just den här sortens frågeställning kring familjeföretag.</p><p>Syfte</p><p>Denna uppsats kommer undersöka förvärv inom familjeföretag med anledning av att öka kunskapen kring deras förvärvsstrategier och motiv. Författarna kommer även att studera till vilken grad kulturen influerar dessa strategier.</p><p>Metod</p><p>En fallstudieteknik valdes för att uppfylla syftet. Fallet behandlar förvärvsstrategin inom två medelstora familjeföretag, ROL AB och Bröderna Brandt Bil AB. Båda företagen har använt förvärv som tillväxtstrategi, och intervjuer genomfördes med strateger inom företagen för att samla in empirin.</p><p>Slutsats</p><p>Förvärvsstrategin verkar huvudsakligen styras av kulturen i de förvärvande och förvärvade företagen. Motiven påverkar också den valda förvärvsstrategin, och författarna identifierade också att förvärvets utfall till stor del beror på tidshorisonten som tillåts. I familjeföretag verkar det också som om ett lyckat förvärv fastställs av fler aspekter än i t.ex. börsföretag, där de finansiella avkastningen är viktigast. Värt att nämna är också att företag som internationaliserar måste vara beredda på att acceptera högre risk.</p> / <p>The context within which firms exist today is lined by the opportunities and threats of globalization, increased competition and a constantly intensifying pace. Ever since the 19th century mergers and acquisitions (M&A) have been an important way for firms to compete. Mergers and acquisitions are largely fuelled by the desire to attain synergies, market power, competitiveness and economics of scale and scope. Today, much focus in media and theory is directed towards publicly traded corporations, however, the importance of smaller to medium sized, privately owned companies, e.g. family businesses, should not be overlooked. Family businesses differ from other corporations, not only on the ownership structure but also on other organisational and strategic characteristics. Further, research within acquisitions and family businesses is very limited and there seems to be gap in literature regarding this constellations.</p><p>Purpose</p><p>This thesis will investigate acquisitions in family businesses in order to enhance the understanding of their acquisition strategy and motives. Further, the authors will study to what extent culture influences the acquisition strategy.</p><p>Method</p><p>A case study approach was chosen to achieve the purpose. The case concerned the acquisition strategy within two medium-sized family businesses, ROL AB and Bröderna Brandt Bil AB. Both companies has used acquisitions as tools for growth. The data was collected through interviews with strategists at the two companies.</p><p>Conclusion</p><p>The acquisition strategy seems to be mostly influenced by the culture in the acquiring and acquired company. Further, the acquisition motive also affects the chosen acquisition strategy. The authors also identified that whether a acquisition is successful or not depends on the time-frame. In family business, success also seems to be determined by more aspects than in e.g. public companies where success is driven by financial returns. In order to act in an international environment, one also needs to be prepared to accept higher risks.</p>

<p>The main purpose of this thesis is to investigate the differences between family and non-family businesses that are listed on the stock exchange, more specifically which factors that is being used in the valuation process and why family businesses as a rule seem to be undervalued. We also look at if family ownership is a factor in this process.</p><p>By conducting interviews with analysts and journalists working with valuation we hope to be able to not only find out what factors differ but also why family busi-nesses are undervalued.</p><p>Our conclusion is that while the two forms of ownership has several negative factors that differ between them that are more common among family businesses, such as conservative dividend policy, this is not connected to the family business as a form but is rather an individual factor differing from company to company. Family ownership as such was however not in any way a factor in the valuation since the valuations instead looks at the individual company and does not generalize.</p>

This is a case study on a water sports facility named Liquid Leisure which is owned by Stuart Marston. The aim of this case study is to get a deeper understanding of Liquid Leisure’s capital and business structure and how it affects Liquid Leisure when trying to raise capital. It will also look at potential knowledge gaps within Liquid Leisure and how these potential gaps have formed Liquid Leisure as a company. There are a significant number of research that point out that small/family businesses operates in different ways compared to large businesses. Because of these deviations it is important to know how small/family businesses think to get an understanding of their advantages and disadvantages. This research will provide a deeper understanding of Liquid Leisure as a small/family businesses and how they address corporate governance, bootstrapping and the agency problem. It will also give an understanding of the advantages and disadvantages facing Liquid Leisure when raising debt and equity. These aspects have been compared to the complexity in the characteristics of small/family businesses. This will later be compared to Stuart Marston’s views and how Liquid Leisure is being operated. The results shows that Liquid Leisure has some characteristics in common with other small/family businesses but that Stuart’s behaviour create some complications for Liquid Leisure.

This study is the first to measure the interaction of socioemotional wealth (SEW) and social capital, consisting of community and institution, and their impact in post-disaster recovery of small family businesses. Hierarchical multiple regression is used based on a sample of 79 small family businesses in Indonesia. Our findings suggest that family firms in post-disaster situation are able to pursue both SEW goals and economic gains, thus breaking the trade-off between SEW vs. economic benefits. More specifically, we found that SEW—as a strategic decision making tool—shows its prominence on the interaction between SEW-community and SEW-institution. This implies that small family businesses need to find synergy between socioemotional endowments and social capital to help them to bounce back and recover after a disaster.

Family owned businesses strive to not only be successful as measured by profit, market position, and other determinants used to gauge businesses success, but they also strive in the continuity of transitioning management and ownership from one generation to the next. This study explores the experiences of second generation successors with the succession process and how those experiences may influence their approach to planning the next generation succession. A qualitative case study approach was followed, using data collected from twelve second generation family business owners. This research examined the succession experiences of these owners in the areas of succession planning, successor development, individual learning, and the culture of stewardship. A contribution to the body of knowledge is made by developing these areas. This research addresses a gap in the literature where no research existed which specifically focused on second generation experiences. A contribution to practice is made by outlining how these areas influenced second generation family business owners as they contemplate approaches to future succession. This research identifies possible areas for future research.

This dissertation studies meetings from a process perspective. Such an approach, which can be labelled ‘process organisation studies’ is promising in that it directs attention to social processes continuously in the making. The thesis builds on the current development in process organisation studies in two ways. The first centres on an elaboration on key assumptions of approaching organisational life from a process perspective. I here bridge process organisation studies with Bakhtin’s work on dialogue into a dialogical becoming perspective. This perspective calls for a distinct way of understanding processes of becoming which makes it possible to explore meeting practices as situated, emerging and relational world-making activities. The second is a comprehensive processual account based on a collaborative field study with two owner families. Organised meetings held in a family that owns a business (or several) has proved to be of importance for family business longevity in that the family members can help to develop strong family relations and a healthy business. In this setting, where people are dealing with that which is often most important to them in life, such as their identity, work, family relationships and future wealth, a process approach is useful since it helps to understand the emotionally loaded, complex and intertwined issues at stake.What emerges as central in understanding movement and flow is the need to understand the here and now moments in meetings. I refer to these moments as ‘living moments’ as a reminder of the once-occurring, unique and momentary transformation that can take place between people in such encounters. Thus, the living moment is the moment of movement.

Estudos sobre empresas familiares tem se mostrado crescentes nos últimos anos, e indicado a relevância da questão sucessória à continuidade de tais empresas para futuras gerações. A governança corporativa tem sido apresentada como alternativa de monitoramento e transparência à boa resolução do processo sucessório. Sua aceitação por parte dos membros de empresas familiares, entretanto, ainda esbarra na carência de conhecimento de experiências acerca de sua real eficácia. Diante disso, com o objetivo de descrever e analisar a governança corporativa na empresa familiar na visão de consultores e de membros de famílias empresárias desenvolveuse pesquisa exploratória de orientação qualitativa que congregou a base teórica relativa à governança corporativa a empresas familiares. A coleta de dados deu-se por meio de entrevistas individuais semiestruturadas com consultores em governança corporativa e membros da segunda e terceira geração de famílias empresárias. Analisados à luz da literatura pertinente, os dados apontam que tanto consultores como membros de famílias empresárias compartilham visão favorável à relevância da governança corporativa às empresas familiares em processo sucessório. Além disso, compartilham a visão de que apesar de o processo sucessório ser árduo, longo e de envolvimento emocional expressivo; por meio de regras, estruturas definidas de papéis, e possibilidade de minimizar os conflitos latentes nas relações existentes, a ação da governança corporativa fortalece a empresa familiar para crescer e se desenvolver, perpetuar-se, e, inclusive, tornar-se mais atrativa ao mercado. / The studies on family companies have significantly increased in the past years, indicating the succession relevance for the longevity of these companies to future generations. Corporate governance has been presented as monitoring in a transparent way the succession process. Its acceptance from members of familiar companies, however, is not easy due to the lack of information regarding its actual effectiveness. Aiming to describe and analyze the corporate governance in family business from the consultant and members of the family business point of view, it was developed an exploratory research on a qualitative basis that highlighted the theory concerning corporate governance in relation to family business. The collection of data was through individual semi structured interviews with corporate governance consultants and members from the second and third generation of entrepreneur’s families. Analyzed by a consistent literature, the data indicates that both consultants and members of entrepreneur’s families share a favorable vision to the relevance of the corporate governance to the entrepreneur’s families in a succession process. Besides that, they share a view that even though the succession process is tough, long and requires a high emotional involvement, the action of the corporative governance fortifies the family business to grow and to develop, to perpetuate and also to become more attractive to the market through some rules, structures defined of roles and the possibilities of minimizing the latent conflicts in the relationships.

Submitted by paulo junior (paulo.jr@fgv.br) on 2010-03-09T20:40:09Z No. of bitstreams: 1 Antônio Carlos.pdf: 705785 bytes, checksum: 41b35d14de0537b73917ac00a9dc5d52 (MD5) / Approved for entry into archive by paulo junior(paulo.jr@fgv.br) on 2010-03-09T20:40:38Z (GMT) No. of bitstreams: 1 Antônio Carlos.pdf: 705785 bytes, checksum: 41b35d14de0537b73917ac00a9dc5d52 (MD5) / Made available in DSpace on 2010-03-10T12:46:28Z (GMT). No. of bitstreams: 1 Antônio Carlos.pdf: 705785 bytes, checksum: 41b35d14de0537b73917ac00a9dc5d52 (MD5) Previous issue date: 2009-11-23 / The present work comprises proposals for some gaps found in the research made about family businesses, by means of analysis of the scientific production, with conceptual focus as well in the intergerational relationship, of all papers published in the events of the National Association of Post-graduation and Research on Administration (EnANPAD, Eneo, 3ES e EnGPR), and in the journals RAC, RAE, RAUSP and O&S, within the period from 1961 to 2008, besides consultations in the libraries of the Getúlio Vargas Foundation, in Rio de Janeiro (in December 2008) and in São Paulo (in December 2008 and May 2009). Nine criteria of analysis were used: research in family businesses, frequency of the publications, quotations and references, most prolific authors, institutions that most publish, average of papers published, theoretical bases of the investigation, conceptual aspects and father and son. From the 154 papers found, which a priori were directed to this theme, only 89 were included for presenting adherence to the aims of the research. The results reveal various contradictions among the studies, both from the conceptual point of view and the methodogical one; it is not possible, yet, to find a concept of family business; diverse factors have influence in the negative image associated to those organizations, but which are not able to dim the light of those which are the principal responsible for wealth distribution, job generation and economical growth, in Brazil and in the world; and when they take advantage of their competitive status, they are able of standing out from the competitors and revert any situation which are against their interest. / O presente estudo contempla propostas para algumas lacunas encontradas nos trabalhos sobre empresas familiares, por meio de uma análise da produção científica, com enfoque conceitual e no relacionamento intergeracional, de todos os artigos publicados nos eventos da Associação Nacional de Pós-Graduação e Pesquisa em Administração (EnANPAD, Eneo, 3ES e EnGPR), e nos periódicos RAC, RAE, RAUSP e O&S, no período de 1961 a 2008, de acordo com a disponibilidade em seus sitios, realizada em outubro de 2008, além de consultas nas bibliotecas da Fundação Getúlio Vargas, no Rio de Janeiro (em dezembro de 2008) e em São Paulo (em dezembro de 2008 e em maio de 2009). Nove critérios de análise foram utilizados: pesquisas em empresas familiares, frequência das publicações, citações e referências, autores mais prolíficos, instituições que mais publicam, média de artigos publicados, fundamentação teórica das investigações, aspectos conceituais e pai e filho. Dos 154 artigos encontrados que, a priori, estavam direcionados para esta temática, somente 89 foram incluídos por apresentarem adequação aos objetivos da pesquisa. Os resultados alcançados revelam diversas contradições entre as pesquisas, tanto sob o ponto de vista conceitual quanto metodológico. Não é possível, ainda, encontrar um conceito de empresa familiar. Diversos fatores influenciam na imagem negativa associada a essas organizações, mas que não vão ser capazes de ofuscar o brilhantismo daquelas que são as principais responsáveis pela distribuição de riqueza, geração de emprego e crescimento econômico, no Brasil e no mundo. E quando aproveitam as vantagens competitivas que possuem, são capazes de se sobressair perante a concorrência e reverter qualquer situação que vá de contra aos seus interesses.

L'objectif de cette recherche est de comprendre les mécanismes qui ont conduit à la légitimation d’une entreprise familiale au sein d’un marché innovant, celui de la mobilité électrique. Premièrement, dans la revue de littérature, nous avons mis en évidence le lien entreprise familiale / innovation / légitimité, la question de la légitimation de l’entreprise familiale dans un secteur innovant étant peu abordée dans la littérature. Nous nous sommes alors orientés vers la méthode de la théorie enracinée intégrée dans le réalisme critique. L’analyse de l’entreprise Lorbeer nous a permis d’étudier en profondeur les effets du capital social et du familiarisme dans un secteur innovant. Par l’émergence d’une « théorie enracinée », nous avons mis à jour un processus de légitimation par accumulation des ressources, structuré autour du développant du capital social familial et s’inscrivant dans un modèle d’intéressement proche de celui développé par Akrich, Callon et Latour (1988) / The objective of this research is to understand the mechanisms that led to the legitimation of a family business in an innovative market, that of electric mobility. First, in the literature review, we highlighted the link between family business / innovation / legitimacy, the question of the legitimation of the family business in an innovative sector being little addressed in the literature. We then turned to the method of grounded theory integrated into critical realism. The analysis of the Lorbeer company allowed us to study in depth the effects of social capital and familiarization in an innovative sector. By the emergence of a "grounded theory", we have developed a process of legitimation by accumulation of resources, structured around the development of family social capital and forming part of a similia actornetwork model developed by Akrich , Callon and Latour (1988)