Akquisitions- und Integrationsprozesse in mittelständischen Familienunternehmen

Increasing competitive pressure, growing trends towards consolidation and a lack of succession planning within families mean that more and more medium-sized family-owned businesses in Germany – even those with no previous experience of acquisitions – are having to grapple with inorganic growth through company acquisitions. M&A transactions in the SME sector, in particular, present these companies with specific challenges.

Acquisition and integration processes in family-run businesses are particularly challenging, as management and decision-making processes are often highly person-centred and rely less on standardised, transparently planned procedures. It is precisely this structure that sets medium-sized family businesses in German-speaking countries apart from organisations geared towards the capital markets.

Against this background, this thesis analyses the specific management structures and decision-making processes of medium-sized family-owned businesses and uses this to identify the particular challenges that arise in M&A processes and post-merger integrations. The focus is on the success factors and risks arising from the active participation of family-run businesses in company acquisitions, business succession and integration.