Finanzierung von Familienunternehmen mit privat platziertem Fremdkapital

In Volume 18 of the series „Schriften zu Familienunternehmen“, edited by Arist von Schlippe and Tom A. Rüsen (V&R unipress), Marius Renner examines, in a paper entitled „Financing Family Businesses with Privately Placed Debt Capital“ (2016), examines the conditions under which and the consequences of family businesses utilising alternative debt instruments beyond traditional bank loans. Against the backdrop of regulatory changes in the banking sector (including Basel II and III) and an increasing focus on capital markets, the study analyses the growing importance of privately placed forms of financing for family-run businesses in Germany.

At a theoretical level, this work links characteristics specific to family businesses – such as a long-term orientation, the retention of control, risk aversion and discretion – with key financing theories from the New Institutional Economics. Building on this, Renner develops an original definition of „privately placed debt“ and systematically distinguishes it from related concepts such as private debt or public capital market instruments. The focus is in particular on promissory note loans, privately placed corporate bonds and US private placements, the structure, issuance processes and requirements of which are described in detail.

The empirical core of this study consists of a qualitative case study of seven German family businesses that have already gained experience with privately placed debt capital. The findings show that this form of financing represents a strategically attractive alternative for many family businesses, as it enables diversification of financing without jeopardising key family business objectives such as independence and control. At the same time, the prerequisites, risks and challenges are identified and translated into practical recommendations for family business owners.