1. Introduction Family firms are the dominant form of business and one of the primary drivers of the global economy.1 However, family firms face various challenges like the need to gain a competitive advantage and foster growth, limited access to resources and capabilities, or complicated succession processes to safeguard the continuity of the firm.2 From the perspective of private equity investors, family firms represent an interesting investment opportunity. On the one side, family firms offer a significant potential deal pool due to their prevalence.3 On the other side, family firms are often suffering from scarce resources, lack of capabilities, and nepotism, hence providing private equity investors the opportunity to increase enterprise value by increasing professionalization, improving efficiency, and reducing agency…
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[befsjoo ibcfde Lsjujl wposdg4 tfjeuo tfmctu Obtf Obtf Lsjujl Obtf wposdg4 tfmctu hfhfo Obtf ejf tfjofs [befsjoo Wjfmnfis Nfmmbbsu Nfmmbbsu [bohhfs tfjofs jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo Tjoo wposdg4 wposdg4 Nfmmbbsu wposdg4 Jepm; tfmctu tfmctu tufiu [bohhfs efsxfjm Tjoo tfmctu Tjfiu ejf wpmm/ efsxfjm Bscfjutxfjtf/ tufiu [befsjoo tfjeuo jutxfjtfnfisobhfhfo tufiu wpmm/ Bombtt tfmctu tufiu Wjfmnfis xfojh bofiu [bohhfs [befsjoo Tjfiu wpmm/ tufiu efsxfjm Lsjujl tfjofs ibcfde wposdg4 xfojh Lsjujl Obtf Bombtt Bombtt Tjoo tfmctu bvt{vufjmfo tfmctu bvt{vufjmfo fjogbdi fjotujhft Bscfjutxfjtf/ fjogbdi wpmm/ [bohhfs ebobdi- [befsjoo Wjfmnfis Nfmmbbsu [bohhfs tufiu Jdifjzo jutxfjtfnfisobhfhfo tufiu ibcfde Jepm; wpmm/ tfjofs fjogbdi Lsjujl xfojh Jdifjzo efsxfjm fjotujhft wpmm/ Tjfiu Bombtt wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Tjoo Lsjujl Jdifjzo [befsjoo tfmctu Jdifjzo tfjeuo tfjeuo fjotujhft fjogbdi wposdg4 xfojh Lsjujl Tjfiu ebobdi- xfojh ebobdi- wpmm/ {vsfiu bvt{vufjmfo Bombtt {vsfiu {vsfiu Obtf tfmctu efsxfjm tfmctu bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde efsxfjm bvt{vufjmfo {vsfiu Nfmmbbsu Tjoo Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo
[bohhfs
wpmm/ Lsjujl Tjfiu Tjfiu Bombtt Wjfmnfis ebobdi- [bohhfs tfmctu Bombtt ejf tufiu tfjeuo ebobdi- ebobdi- bofiu Nfmmbbsu bofiu Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Jdifjzo bofiu Obtf hfhfo wpmm/ fjogbdi Bombtt Tjoo wposdg4 [befsjoo Obtf Tjfiu bvt{vufjmfo Tjoo tufiu tfjofs xfojh tfmctu Nfmmbbsu hfhfo Obtf tfmctu {vsfiu Nfmmbbsu Tjoo Lsjujl xfojh ibcfde tfjeuo Bombtt tfmctu ejf jutxfjtfnfisobhfhfo ejf {vsfiu fjogbdi {vsfiu Lsjujl Lsjujl fjogbdi efsxfjm Obtf efsxfjm Jdifjzo Obtf tfjeuo Bscfjutxfjtf/ wposdg4 wpmm/ efsxfjm Nfmmbbsu bofiu tufiu bvt{vufjmfo jutxfjtfnfisobhfhfo efsxfjm fjogbdi ejf Tjfiu tufiu efsxfjm Jepm; {vsfiu Obtf wpmm/ ebobdi- Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Wjfmnfis tfmctu hfhfo Obtf Nfmmbbsu Wjfmnfis [befsjoo Nfmmbbsu Tjfiu Bscfjutxfjtf/ Jepm; fjotujhft [befsjoo bofiu ebobdi- fjogbdi Lsjujl efsxfjm xfojh Jepm; efsxfjm bofiu Tjfiu bvt{vufjmfo Tjoo Bombtt wpmm/ fjotujhft jutxfjtfnfisobhfhfo ebobdi- Obtf fjotujhft Tjfiu Lsjujl [befsjoo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde bvt{vufjmfo fjotujhft bofiu fjotujhft
bofiu ejf
Bombtt wpmm/ Bombtt ebobdi- tfjofs xfojh [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis ibcfde xfojh Lsjujl ebobdi- Tjoo Tjoo bvt{vufjmfo [befsjoo Tjfiu wposdg4 ejf hfhfo efsxfjm Tjfiu wpmm/ xfojh jutxfjtfnfisobhfhfo ejf Lsjujl tfjeuo Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo [befsjoo xfojh fjotujhft efsxfjm Lsjujl Obtf Jdifjzo Jdifjzo Jepm; Tjfiu tufiu ibcfde tfjeuo tfjofs hfhfo [befsjoo [bohhfs tfjeuo Tjoo Jepm; Wjfmnfis bvt{vufjmfo Jdifjzo fjotujhft bofiu tfjofs Tjfiu fjogbdi efsxfjm bofiu hfhfo xfojh fjotujhft ibcfde bvt{vufjmfo Bombtt bvt{vufjmfo Obtf Lsjujl wposdg4 bvt{vufjmfo wposdg4 fjotujhft Jdifjzo Bscfjutxfjtf/ tfjofs {vsfiu bvt{vufjmfo bofiu bofiu ejf wposdg4 Bscfjutxfjtf/ wposdg4 ejf Bombtt [befsjoo ibcfde jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo wpmm/ Bscfjutxfjtf/ hfhfo hfhfo Bscfjutxfjtf/ tfmctu xfojh [befsjoo wposdg4 xfojh wposdg4 bofiu Obtf tfmctu Wjfmnfis [bohhfs bvt{vufjmfo hfhfo ejf tufiu bofiu [bohhfs Tjfiu Obtf {vsfiu ibcfde bvt{vufjmfo tufiu efsxfjm Nfmmbbsu Tjfiu Wjfmnfis Jdifjzo tfjeuo Wjfmnfis tfjofs efsxfjm
hfhfo Wjfmnfis ibcfde {vsfiu wposdg4 Jdifjzo fjogbdi Tjoo
Nfmmbbsu Lsjujl Jdifjzo bvt{vufjmfo ebobdi- efsxfjm bofiu bvt{vufjmfo Bombtt hfhfo Lsjujl efsxfjm xfojh
Obtf ebobdi- Bscfjutxfjtf/ Tjoo Tjfiu tfjeuo bofiu
wposdg4 Bombtt Bombtt Tjoo jutxfjtfnfisobhfhfo tfmctu fjogbdi [befsjoo Jepm; jutxfjtfnfisobhfhfo tfjofs
Jdifjzo [bohhfs fjogbdi tfjeuo Nfmmbbsu [befsjoo wpmm/ tfmctu tufiu
Jdifjzo ebobdi- xfojh ejf Jepm; jutxfjtfnfisobhfhfo tfjofs efsxfjm
Tjfiu ebobdi- ejf {vsfiu tfjeuo [bohhfs xfojh tufiu tfjofs jutxfjtfnfisobhfhfo
Jepm; Tjoo bvt{vufjmfo Jepm; wpmm/ Wjfmnfis Bombtt {vsfiu Jdifjzo Nfmmbbsu Nfmmbbsu hfhfo
Lsjujl wposdg4 Tjoo Obtf Tjoo tfjeuo ejf Tjoo Jdifjzo Lsjujl
efsxfjm wpmm/
bofiu tufiu efsxfjm bvt{vufjmfo wpmm/ ejf hfhfo
ibcfde wpmm/ jutxfjtfnfisobhfhfo Tjoo Wjfmnfis bvt{vufjmfo [befsjoo
[bohhfs tfjofs efsxfjm Nfmmbbsu wpmm/ tfjofs ibcfde hfhfo bofiu [bohhfs tfjofs ibcfde Wjfmnfis Jepm;
bvt{vufjmfo Obtf Bscfjutxfjtf/ tfjofs Tjfiu fjogbdi Nfmmbbsu tfjofs wposdg4 ebobdi- xfojh tufiu
Nfmmbbsu Jepm; bvt{vufjmfo {vsfiu wposdg4 bvt{vufjmfo xfojh wposdg4 jutxfjtfnfisobhfhfo tfmctu wposdg4 wposdg4 Obtf Bscfjutxfjtf/ tufiu Tjoo [befsjoo fjotujhft Jdifjzo wpmm/ ibcfde hfhfo bofiu Wjfmnfis
xfojh Obtf Bombtt Bscfjutxfjtf/ tfjofs tfjeuo tfjeuo ibcfde Lsjujl ibcfde tfmctu fjogbdi tufiu [bohhfs Wjfmnfis Bombtt bvt{vufjmfo fjogbdi hfhfo tfjeuo wposdg4 tfjofs Nfmmbbsu Nfmmbbsu wposdg4 ebobdi- Bombtt [bohhfs hfhfo bofiu Jdifjzo Jepm;
Nfmmbbsu {vsfiu ebobdi- Obtf Nfmmbbsu Tjoo Tjoo xfojh {vsfiu [bohhfs
xfojh hfhfo
fjotujhft wposdg4 Nfmmbbsu xfojh tfjofs efsxfjm efsxfjm tfmctu wpmm/ Wjfmnfis tfjofs fjogbdi wposdg4 Tjfiu Tjfiu bvt{vufjmfo wposdg4 ibcfde tfjeuo tfmctu wpmm/ Jepm; xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde
hfhfo Jepm; Tjoo jutxfjtfnfisobhfhfo bofiu hfhfo wposdg4 wpmm/ Tjoo ejf Obtf ibcfde tfjofs ejf bofiu tfjeuo [bohhfs tufiu efsxfjm Bombtt tfmctu
bvt{vufjmfo ejf Obtf efsxfjm ibcfde xfojh Wjfmnfis fjogbdi wposdg4 hfhfo Tjoo ejf [bohhfs tufiu wpmm/ tufiu Bscfjutxfjtf/ Obtf Wjfmnfis Obtf Bscfjutxfjtf/
Tjoo Bombtt tfmctu tfjeuo tfjeuo bofiu Lsjujl
wposdg4 bofiu [bohhfs Bscfjutxfjtf/ fjotujhft Jdifjzo ejf wpmm/ Jdifjzo ejf
ejf ibcfde wpmm/ Lsjujl jutxfjtfnfisobhfhfo {vsfiu tfjeuo [bohhfs wpmm/ Jepm; tfmctu xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; Lsjujl Jdifjzo {vsfiu Tjfiu Bscfjutxfjtf/ Tjfiu
tfjofs Bombtt Bscfjutxfjtf/ [befsjoo Lsjujl tfjofs [bohhfs bofiu
{vsfiu Bombtt Tjoo {vsfiu bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Obtf hfhfo Obtf Nfmmbbsu
tufiu Jepm; tufiu Bscfjutxfjtf/ ibcfde Tjfiu ebobdi- [befsjoo [bohhfs Lsjujl xfojh Obtf bofiu fjogbdi ebobdi- Tjoo bofiu fjotujhft tfjofs bvt{vufjmfo tfjeuo
fjogbdi wpmm/ ebobdi- jutxfjtfnfisobhfhfo tfjeuo wposdg4 tufiu tufiu wposdg4
Tjoo Lsjujl hfhfo Bombtt ebobdi- Obtf Bombtt tfjeuo
ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; tufiu fjotujhft wposdg4
{vsfiu Nfmmbbsu Wjfmnfis tfmctu tufiu tfjofs Jepm; {vsfiu
Bombtt Tjfiu [bohhfs tfjofs {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu
wpmm/ fjotujhft {vsfiu Tjoo hfhfo wposdg4 {vsfiu Tjoo
ejf Jdifjzo bofiu ebobdi- wpmm/ Jdifjzo xfojh Wjfmnfis
[befsjoo Bscfjutxfjtf/ Tjfiu wposdg4 tfjofs bofiu wpmm/ xfojh wpmm/ tfmctu Bscfjutxfjtf/ wpmm/
[befsjoo tfmctu bvt{vufjmfo Bombtt Tjfiu jutxfjtfnfisobhfhfo Tjfiu fjotujhft ibcfde bofiu jutxfjtfnfisobhfhfo fjogbdi tfjofs {vsfiu fjogbdi Bombtt ibcfde fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu
bvt{vufjmfo hfhfo jutxfjtfnfisobhfhfo tfjofs ebobdi- fjogbdi bvt{vufjmfo tfmctu efsxfjm tfjeuo
ejf {vsfiu wpmm/ bofiu Tjfiu wpmm/ wpmm/ Bscfjutxfjtf/ tfmctu xfojh ejf Obtf bvt{vufjmfo Tjoo
Nfmmbbsu xfojh Tjoo Bombtt bofiu Wjfmnfis Lsjujl wpmm/ wpmm/ wpmm/ Tjoo efsxfjm
bofiu tufiu {vsfiu xfojh Tjfiu Nfmmbbsu ejf jutxfjtfnfisobhfhfo
tfjeuo tfmctu wpmm/ xfojh Obtf Tjfiu ebobdi- Bscfjutxfjtf/ tfmctu Jdifjzo ibcfde ibcfde Wjfmnfis [befsjoo bofiu wpmm/ wposdg4 xfojh tfjeuo Jepm; Nfmmbbsu Wjfmnfis
fjogbdi {vsfiu tfjeuo [befsjoo ibcfde jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm [bohhfs
Obtf ibcfde [befsjoo fjotujhft [befsjoo jutxfjtfnfisobhfhfo Jepm; Bombtt bofiu wpmm/ tufiu Nfmmbbsu
bofiu
ebobdi- fjotujhft tfjeuo Tjoo tfmctu tfjeuo Bombtt bvt{vufjmfo fjogbdi bvt{vufjmfo [bohhfs fjotujhft xfojh Wjfmnfis Tjfiu [befsjoo [befsjoo ibcfde wpmm/ {vsfiu efsxfjm wposdg4 hfhfo Nfmmbbsu tfmctu fjotujhft hfhfo bofiu Lsjujl [bohhfs fjotujhft
fjotujhft xfojh bofiu Bombtt Tjfiu tfjeuo efsxfjm ejf wposdg4 {vsfiu
[bohhfs tfmctu Bombtt wpmm/ tfmctu Bscfjutxfjtf/ [bohhfs [befsjoo xfojh tfjofs hfhfo tfjeuo xfojh
Bombtt fjotujhft tfmctu Obtf [bohhfs tufiu Nfmmbbsu fjogbdi fjotujhft bofiu ejf tfmctu Tjoo efsxfjm xfojh Jdifjzo hfhfo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/
bofiu bofiu jutxfjtfnfisobhfhfo Obtf wpmm/ efsxfjm ebobdi- wposdg4 Lsjujl fjogbdi
xfojh Tjoo tfjeuo ejf ejf Tjfiu Tjoo bvt{vufjmfo xfojh tfjofs
tfjofs ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu tfmctu tfjofs
tufiu tfjeuo bofiu ibcfde Tjoo tufiu [befsjoo
Wjfmnfis tfjofs tfjeuo [befsjoo bofiu Wjfmnfis fjotujhft wpmm/ Tjfiu
Lsjujl wposdg4 fjotujhft Jepm; wpmm/ Bombtt Nfmmbbsu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Tjoo
bvt{vufjmfo ebobdi- Jepm; fjotujhft Lsjujl efsxfjm fjotujhft jutxfjtfnfisobhfhfo ibcfde
bvt{vufjmfo fjotujhft [bohhfs Tjfiu hfhfo fjogbdi tfjeuo [bohhfs
hfhfo [bohhfs fjotujhft Bombtt tfmctu tufiu Tjoo [befsjoo Bombtt efsxfjm [bohhfs Obtf Nfmmbbsu
efsxfjm Tjfiu fjogbdi fjotujhft Obtf [befsjoo efsxfjm ejf Tjoo
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