The role of financial investors in successful family‐firm takeovers: A configurational approach

Kamme lande , Nadine; Ku a, Elias; Heide , Anne
A icle — Published Ve sion
The ole o inancial in es o s in success ul amily‐ i m
akeo e s: A con igu a ional app oach
Eu opean Managemen Re iew
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John Wiley & Sons
Sugges ed Ci a ion: Kamme lande , Nadine; Ku a, Elias; Heide , Anne (2024) : The ole o inancial
in es o s in success ul amily‐ i m akeo e s: A con igu a ional app oach, Eu opean Managemen
Re iew, ISSN 1740-4762, Wiley, Hoboken, NJ, Vol. 22, Iss. 2, pp. 453-476,
h ps://doi.o g/10.1111/em e.12651
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RESEARCH ARTICLE
The ole o inancial in es o s in success ul amily- i m akeo e s: A
con igu a ional app oach
Nadine Kamme lande
1
| Elias Ku a
1
| Anne Heide
2
1
WHU –O o Beisheim School o
Managemen , Ins i u e o Family Business and
Mi els and, Vallenda , Ge many
2
Uni e si ä Wi en He decke, WIFU Ins i u e,
Wi en, Ge many
Co espondence
Nadine Kamme lande , Ins i u e o Family
Business; WHU –O o Beisheim School o
Managemen , Bu gpla z 2, 56179 Vallenda ,
Ge many.
Email: nadine.kamme lande @whu.edu
Abs ac
Family i ms inc easingly op o an ex e nal succession ou e and sell sha es o
inancial in es o s. Ye , no all amily- i m akeo e s by inancial in es o s a e
inancially success ul. To da e, howe e , we lack a nuanced unde s anding o he
condi ions unde which inancial in es o s’ amily- i m akeo e s will succeed
inancially. Ou sQCA s udy builds on 52 in e iews o e eal he in e play o
h ee ypical le e s ha inancial in es o s use (i.e., ope a ional, s a egic, and
go e nance measu es), he ma ke si ua ion, and in es o ype. We iden i y h ee
dis inc oles (i.e., incen i ize s, op imize s, and adjacen in es o s) ha inancial
in es o s ake in success ul amily- i m akeo e cases. We si ua e ou indings in
he li e a u e on esou ces and hei o ches a ion o explain how in es o s c ea e
alue in each o he iden i ied pa hs, and we con ibu e o he li e a u e on amily-
i m succession and he in e play o amily i ms and inancial in es o s.
KEYWORDS
amily i ms, inancial in es o s, uzzy-se quali a i e compa a i e analysis, esou ces, akeo e
INTRODUCTION
Family i ms inc easingly a ac he in e es o inancial
in es o s (Ku a & Kamme lande , 2022). Hence,
esea che s inc easingly analyze he in e play o inancial
in es o s and amily i ms (e.g., Achlei ne & Figge, 2014;
Ahle s e al., 2014; K ani z e al., 2021;Kupp
e al., 2019). Financial in es o s’in e es in acqui ing am-
ily i ms is no only he i ms’compe i i e ad an ages,
including hei bene icial cul u e (e.g., Ba ney e al., 2001),
bu also he imp o emen oppo uni ies ha in es o s see
and can exploi o inc ease he acqui ed amily i m’s
en e p ise alue (Tao-Schucha d e al., 2023). Fo
ins ance, amily i ms migh lack impo an esou ces,
capabili ies o g ow, and young manage ial alen
(Dawson, 2011; Si mon & Hi , 2003; Up on &
Pe y, 2000). Financial in es o s migh add ess hese chal-
lenges by p o iding addi ional inancial esou ces and
manage ial know-how ega ding deploying hese esou ces
(D eux, 1993; Howo h e al., 2004). Speci ically, inancial
in es o s may suppo amily i ms in a ious ways,
including bu no limi ed o de ining s a egic planning,
op imizing go e nance by in oducing p o essionalism,
p o iding access o addi ional expe ise om ne wo ks
(e.g., supplie s, cus ome s, inancial in e media ies),
ec ui ing manage s, and p o iding deep knowledge in
ope a ional planning o inc ease e iciency (e.g., C oce
e al., 2013;Mi e e al.,2012;Sø ensen,2007).
Hence, he coope a ion be ween amily i ms and
inancial in es o s can be a ( inancial) success s o y, as
such examples as Bi kens ock illus a e. This Ge man
amily i m ecei ed a subs an ial in es men o p i a e
equi y o u he g ow h, and he amily managed o
egain con ol o e some o he business uni s o e ime
(Bennedsen e al., 2023).
1
While p io esea ch has shown
1
Va ious a ailable de ini ions o success emb ace inancial and non- inancial
dimensions. The p ecise de ini ion o success—in pa icula , i s non- inancial
aspec s—hea ily depends on he speci ic s akeholde s. We ocus in his s udy on
he inancial aspec , o inc ease compa abili y ac oss cases. Speci ically, we ocus
p ima ily on he inancial imp o emen o he amily i m a e akeo e by a
inancial in es o . Thus, we de ine a amily- i m akeo e as success ul when i
c ea es sus ained inancial alue o i s sha eholde s (Achlei ne e al., 2010a;
Be gs öm e al., 2007; Pindu , 2009).
DOI: 10.1111/em e.12651
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Eu opean Managemen Re iew. 2025;22:453–476. wileyonlinelib a y.com/jou nal/em e 453
ha inancial in es o s o en achie e abo e-a e age
e u ns (Achlei ne & Figge, 2014; Jensen, 1986), his is
no always he case. To be e unde s and he inancial
success o i s lack ollowing a akeo e by inancial in es-
o s, esea ch has s a ed o analyze a ious alue-
c ea ion measu es—ac i i ies ha a ge imp o ing he
i m’s s a egy, ope a ions, o inancial aspec s, wi h
he ul ima e goal o enhancing inancial i m alue, as
he mul iples achie ed when eselling he i m e lec i
(Achlei ne , B aun, e al., 2010). Howe e , his nascen
s eam o esea ch has no paid a en ion o he alue-
c ea ion measu es ha acqui e s o amily i ms ake.
This is an impo an heo e ical esea ch gap because
amily i ms di e subs an ially om non- amily i ms in
hei esou ce endowmen s and compe i i e (dis)ad an-
ages, ou lined abo e. Mo eo e , p io esea ch has
a gued ha (success ul) alue-c ea ion measu es migh
no only depend on he ma ke en i onmen and speci ic
in es o ype bu also di e ac oss po olio i m ypes
(Achlei ne & Figge, 2014). F om a p ac ical pe spec i e,
his esea ch gap is highly ele an in ligh o he la ge
numbe o amily i ms a ound he wo ld (e.g., 90% in
Ge many, acco ding o S i ung
Familienun e nehmen, 2019), p o iding a subs an ial
deal pool o inancial in es o s. To con ibu e o closing
his gap, we ask he ollowing esea ch ques ion: Wha
con igu a ions o inancial in es o s, ma ke en i onmen s,
and alue-c ea ion measu es lead o inancial success a e
a amily- i m akeo e ?
To answe his ques ion, we d aw on uzzy-se quali-
a i e compa a i e analysis ( sQCA) (Fiss, 2011;
Ragin, 2006) o 52 in e iews wi h in es men p o es-
sionals and expe s knowledgeable abou 35 amily- i m
akeo e cases. FsQCA has become inc easingly p omi-
nen in managemen and amily- i m s udies
(e.g., Douglas e al., 2020; Gilbe & Campbell, 2015;
Kimmi e al., 2019; Roig-Tie no e al., 2016) because i
enables s udying equi inali y and, hence, e eals a ious
con igu a ions ha ul ima ely lead o success ul amily-
i m akeo e s. As such, an sQCA s udy enables us o
make use o he ichness o quali a i e case da a while
employing a sys ema ic pa e n-analysis app oach. We
base he in e p e a ion o ou indings in ex an li e a u e
on esou ces, especially hei o ches a ion (Heide
e al., 2022; Hel a e al., 2007; Mahoney, 1995; Si mon
e al., 2007; Si mon e al., 2011) and alue c ea ion by
inancial in es o s (Achlei ne , He man, e al., 2010;
Be g & Go schalg, 2005; Jensen, 1989; Kaplan &
S ömbe g, 2009; Tao-Schucha d e al., 2023).
Ou s udy e eals h ee dis inc app oaches ha
inancial in es o s pu sue and ha esul in alue c ea-
ion in he acqui ed amily i ms, namely, as incen i i-
ze s, op imize s, o adjacen in es o s. While
incen i ize s ocus on implemen ing go e nance- ela ed
imp o emen s in amily i ms, op imize s aim o enhance
i m ope a ions. Adjacen in es o s ake a a he hands-
o app oach. Ou nuanced analysis shows he condi ions
ha make alue c ea ion possible (e.g., a posi i e ma ke
si ua ion o adjacen in es o s) and explains he
esou ces and esou ce o ches a ion ha he inancial
in es o s con ibu e.
Ou esea ch makes h ee con ibu ions o academic
esea ch. Fi s , we add o he discussion abou whe he
inancial in es o s c ea e o des oy alue a e a amily-
i m akeo e (Bollazzi e al., 2004; Ma í e al., 2013;
Vi iani e al., 2008). We ad ance his discussion by p o-
posing ha he achie ed alue c ea ion depends on he
speci ic pa e ns o measu es ha in es o s ake, he ma -
ke en i onmen , and in es o i , which allow o mo e
o less e ec i e esou ce o ches a ion. Second, we add o
he discussion on inancial in es o s’ac i i ies a e
amily- i m akeo e (e.g., Achlei ne , B aun,
e al., 2010). Con a y o ex an esea ch, we sugges ha
inancial in es o s do no en i ely o e haul he acqui ed
i m bu engage in selec ed measu es o a oid o e s ain-
ing he esou ces ha hey and he acqui ed i ms possess.
Thi d, we in o m esea ch on ex e nal succession in am-
ily i ms (e.g., Dehlen e al., 2014) by e ealing ha supe-
io esou ces and esou ce o ches a ion skills migh
indeed c ea e alue in amily i ms. We also p o ide
amily-business p ac i ione s wi h guidance on how di -
e en in es o s apply di e en measu es o a success ul
akeo e o amily businesses.
THEORETICAL BACKGROUND
Family i ms, inancial in es o s, and he
(o ches a ion o ) a ailable esou ces
Family i ms ha e a unique bundle o
esou ces (Habbe shon & Williams, 1999) and a unique
way o o ches a ing hem (Chi ico e al., 2011; Fo cadell
e al., 2018), en ailing ad an ages and disad an ages.
Speci ically, he s ong o e lap o he amily and he i m
sys em a ec s he i m’s a ailable esou ces (i.e., he
‘ amiliness,’Habbe shon & Williams, 1999) and how i
uses hem (Habbe shon e al., 2003). While ea ly esea ch
ocused on he a ailabili y o esou ces (Ba ney, 1991),
mo e ecen li e a u e highligh s he need o ac i ely
manage and deploy he a ailable esou ces h ough
mobiliza ion and coo dina ion (Hel a e al., 2007). Such
esou ce o ches a ion e e s o he in e ac ion o
esou ces, capabili ies, and manage ial know-how, esul -
ing in compe i i e ad an age and, hence, supe io inan-
cial pe o mance (Si mon e al., 2007,2011). Thus,
esou ce o ches a ion is “conce ned wi h he ac ion
leade s ake o acili a e e o s o e ec i ely manage he
i m’s esou ces”(Hi e al., 2011, p. 64). Some
esea che s claim ha amily i ms a e supe io in o ches-
a ing a ailable esou ces due o he a ailabili y o
pa ien capi al and a long- e m o ien a ion
(Habbe shon & Williams, 1999; Zah a, 2003). Howe e ,
o he esea che s a gue he opposi e, due o amily i ms’
454 KAMMERLANDER ET AL.
desi e o p o ec hei socioemo ional weal h (SEW),
leading o slow decision-making p ocesses, conse a i e
s a egies (Chi ico e al., 2011; Le B e on-Mille &
Mille , 2006), and s uggles wi h in eg a ing p o essional,
highly compe en ex e nal employees (Vin on, 1998).
In addi ion o esou ce conside a ions, amily i ms
o en con on challenges ega ding owne ship succession
(Hamadi, 2010; Yu e al., 2011). The li e a u e a gues
ha in e nal succession (i.e., owne ship ans e wi hin
he amily) is mos o en he p e e ed choice
(DeTienne & Chi ico, 2013; Wiklund e al., 2013). One
d i e o his p e e ence is he SEW-induced desi e o
keep con ol and a oid ex e nal in es o s (Jansen
e al., 2023). Howe e , e idence shows a s ongly inc eas-
ing sha e o ex e nal successions (Neckeb ouck
e al., 2016; Thiele, 2017). Lack o esou ces o in e io
esou ce o ches a ion migh o ce some amily i ms o
accep ex e nal succession, and o he d i e s a e common
socie al ends (e.g., he dec easing willingness o nex -
gene a ion amily membe s o ollow he ca ee pa h o
hei pa en s) and he inc easing ma ke o po en ial
acqui e s (Niede meye e al., 2010; Wennbe g
e al., 2011).
A inancial in es o ’s akeo e o a amily i m
2
may
help o o e come he a ious esou ce- ela ed challenges
ha amily i ms ace. Financial in es o s ypically p o-
ide inancial and s a egic esou ces and he necessa y
expe ise o o ches a e hem as e icien ly as possible
(Faccio & Hsu, 2017; Michel e al., 2020; Sale no, 2019).
The e o e, inancial in es o s can inc ease he le el o
p o essionalism and, hence, suppo amily i ms’gaining
a compe i i e ad an age and g owing. Howe e , no all
amily- i m akeo e s by inancial in es o s a e success-
ul, indica ing he need o u he esea ch on his opic.
Fo example, se e al inancial in es o s owned he F is-
ads Kansas G oup, a Scandina ian wo kwea manu ac-
u e , be ween 1999 and 2015. Inapp op ia e s a egic
decisions (Dämon, 2017) did no allow using esou ces
e ec i ely and, hence, ha med he i m’s inancial pe o -
mance. While esea ch dedica ed o inancial in es o s’
alue c ea ion is s ill la gely lacking, he gene al li e a u e
on inancial in es o s has e ealed h ee ypes o alue-
c ea ion measu es: ope a ional, s a egic, and go e nance
enginee ing (Be g & Go schalg, 2005; Jensen, 1989;
Kaplan & S ömbe g, 2009).
Theo e ical amewo k
Based on ou unde lying heo y— esou ce-based iew
and esou ce o ches a ion—we desc ibe ou heo e ical
amewo k, comp ising po en ial condi ions o a suc-
cess ul amily- i m akeo e . Ou esea ch aims o unde -
s and how inancial in es o s c ea e alue in amily i ms
a e a akeo e . As he p e ious sec ion ou lined, inan-
cial in es o s migh help he acqui ed amily i ms by
p o iding u he esou ces and helping o mobilize and
coo dina e hem, ul ima ely leading o compe i i e
ad an age and inancial success. Combining esea ch on
esou ces (e.g., Chi ico e al., 2011; Hi e al., 2011) and
inancial in es o s (e.g., Be g & Go schalg, 2005;
Jensen, 1989; Kaplan & S ömbe g, 2009) e eals h ee
i m-le el measu es (i.e., go e nance- ela ed, s a egy-
ela ed, and ope a ional changes in he acqui ed i m,
desc ibed in de ail below) ha inancial in es o s ypi-
cally use o c ea e alue in acqui ed i ms by p o iding
and be e o ches a ing a ailable esou ces (go e nance-
ela ed changes, s a egy- ela ed changes, and ope a-
ional changes in he acqui ed i m, as desc ibed in de ail
below). Mo eo e , p io esea ch has highligh ed he
impo ance o en i onmen - ela ed condi ions (i.e., he
ma ke si ua ion) and owne -le el condi ions
(i.e., in es o i ) o esou ce o ches a ion in gene al
(Chen & Tian, 2022; Chi ico e al., 2011; Miao
e al., 2017) and o success ul i m akeo e in pa icula
(Achlei ne , B aun, e al., 2010; Phalippou &
Zollo, 2005). Building on his li e a u e, we nex p esen
he heo e ical ame ha guided ou analysis. The ame-
wo k consis s o i e condi ions ha eme ged om ou
eading o p io esea ch.
Fi m-le el condi ions
Financial in es o s a e ypically ac i e in es o s wi h a
dedica ed plan o how o adjus esou ces in he acqui ed
i m and, hence, imp o e i m alue (Achlei ne , B aun,
e al., 2010; Kaplan & S ömbe g, 2009). As no ed abo e,
p io esea ch has iden i ied h ee di e en a eas ha
inancial in es o s a ge when planning esou ce- ela ed
changes in i ms.
Go e nance measu es
Fi s , inancial in es o s o en change he i m’s go e -
nance a e a akeo e . Due o he uni y o owne ship
and con ol and he esul ing lowe agency cos s
(Jensen, 1986), amily i ms should gene ally be e y e i-
cien in esou ce deploymen . Howe e , inapp op ia e
incen i e schemes, al uism, and nepo ism migh c ea e
capi al and manage ial cons ain s (Acha ya e al., 2013)
ha lowe he amoun and quali y o a ailable esou ces
and hei o ches a ion. Financial in es o s migh o e -
come such cons ain s by eplacing op managemen
(Acha ya e al., 2013), adap ing manage ial and
employee compensa ion ( o ins ance, by o e ing s ock
op ions) (Jensen & Mu phy, 1990), as well as making
changes o he compensa ion o a ious boa ds. As such,
inancial in es o s migh be e mo i a e and mobilize
employees and coo dina e a ailable esou ces, he eby
inc easing i m e iciency (Jensen, 1989) and, ul ima ely,
he inancial pe o mance o he acqui ed i m.
2
The e a e se e al ypes o inancial in es o s: en u e capi al in es o s, p i a e
equi y in es o s, indus y holdings, and amily o ices.
THE ROLE OF FINANCIAL INVESTORS IN SUCCESSFUL FAMILY-FIRM TAKEOVERS: A CONFIGURATIONAL APPROACH 455
S a egic measu es
Second, inancial in es o s o en change key s a egic
aspec s a e a akeo e . While amily owne ship ypi-
cally implies s able owne ship and pa ien capi al (König
e al., 2013), hei inancing s a egy also implies lowe
le els o deb (Achlei ne e al., 2008), limi ing he
amoun o inancial esou ces a ailable. Mo eo e ,
amily- i m idiosync asies o en en ail ine ia (König
e al., 2013), leading hem o miss impo an s a egic
oppo uni ies. Financial in es o s p o ide amily i ms
wi h bo h an adap ed inancing s a egy (Kaplan &
S ömbe g, 2009) and he manage ial and inancial
esou ces o implemen majo s a egic change. Fu he -
mo e, many inancial in es o s pu sue s a egic add-on
acquisi ions o d i e business-model change and os e
g ow h (Achlei ne , B aun, e al., 2010; Valkama
e al., 2013). In many cases, he addi ional knowledge
and asse s ha such add-on acquisi ions p o ide enable
amily i ms o be e le e age hei own exis ing
esou ces. In addi ion, many inancial in es o s hi e s a-
egic ad iso s and ex e nal consul an s (Kaplan &
S ömbe g, 2009), which helps o e come amily- i m
in e nal limi a ions in quan i y and quali y o human
esou ces (Mi e e al., 2012; Si mon & Hi , 2003).
Ope a ional measu es
Thi d, inancial in es o s equen ly op imize he ope a-
ions o he acqui ed amily i m o inc ease e enues and
dec ease cos s (Achlei ne , B aun, e al., 2010; Kaplan &
S ömbe g, 2009). While he owne -manage uni y and
he en ailed ocus on pa simony (König e al., 2013) o en
imply supe io esou ce s uc u ing and, hence, amily
i ms’e iciency, hei ocus on non- inancial goals
(Be one e al., 2012) migh lead o ope a ional ine icien-
cies (Be ns ein & Sheen, 2016). Fo ins ance, he ocus on
epu a ion and social ies o s akeholde s educes amily-
i m owne -manage s’willingness o engage in majo
es uc u ing and employee downsizing (S a ou
e al., 2007). Financial in es o s a e known o in luence
esou ce bundling and le e aging by in oducing (among
o he s) such ope a ional changes (Achlei ne , B aun,
e al., 2010; Achlei ne & Figge, 2014; Kaplan, 1989)as
inc easing sales by changing he ma ke ocus o selling
o o he egions’cus ome s (e.g., by changes in he ma -
ke ing and sales depa men ), inc easing he ma gins
(e.g., by cu ing cos s h ough dismissals, p ocess op imi-
za ions, o changes in he p oduc mix), o op imizing
capi al expendi u es and wo king capi al.
En i onmen -le el condi ions
In addi ion o he i m-le el alue-c ea ion app oaches
ha inancial in es o s migh ake o enhance i m alue,
he en i onmen (e.g., mac oeconomic condi ions o
indus y dynamics) also a ec s he inancial success o
amily- i m akeo e s (Achlei ne , B aun, e al., 2010;
Phalippou & Zollo, 2005). The unde lying eason is ha
he a ailable esou ces and he success o hei e ec i e
o ches a ion also depend on he en i onmen in which
he i m is embedded (W igh , 2012). Speci ically, he
success o akeo e s is o en p ocyclical and s ongly
dependen on public s ock-ma ke e u ns. The pe o -
mance o akeo e s dec eases wi h he a e age in e es
a e le el and inc eases wi h he a e age GDP g ow h
a e (Phalippou & Zollo, 2005). Fu he mo e, majo ma -
ke and indus y dis up ions impac he pe o mance o
inancial in es o s’ akeo e s (Achlei ne , He man,
e al., 2010). In a o able en i onmen s, amily i ms
migh sell due o ei he a ac i e sales p ices o he lack
o a amily-in e nal successo ; o he wise, he mo i a ion
o sell migh s em om u na ound equi emen s
(Schickinge e al., 2018).
Owne -le el condi ions
Despi e hei simila i ies, no all inancial in es o s a e
he same (Kamme lande & Be schi-Michel, 2023).
Owne -le el condi ions mus be conside ed in amily- i m
akeo e s, as ex an esea ch sugges s. The in e ac ion o
amily i ms and inancial in es o s bea s ensions
(Schickinge e al., 2018) ha migh a ec esou ce
o ches a ion. Examples include ensions due o pu suing
di e en goals and amilies’and inancial in es o s’di -
e en s a egic ime ho izons (Be one e al., 2012;
D eux, 1993; Pou ziou is, 2001; Si mon & Hi , 2003),
which migh equi e di e en esou ce-deploymen se -
ings. Resea ch has indica ed ha he ollowing cha ac-
e is ics o inancial in es o s migh pa icula ly
de e mine hei in e ac ion wi h he amily i m (Ahle s
e al., 2014; Schickinge e al., 2018): i s , he inancial
in es o ’s p io expe iences wi h amily i ms (and/o
small o medium-sized businesses) and knowledge abou
hei esou ce idiosync asies; second, indus y expe ience;
hi d, a con e gence o he ime ho izons in s a egic
planning (i.e., long- e m s. sho - e m holding pe iods o
he inancial in es o ). Ful illing hese aspec s imp o es
he inancial in es o ’s unde s anding o he unique
esou ces ha amily i ms possess, he esou ces hey
lack, and how esou ce o ches a ion in amily i ms
wo ks. As such, a be e in es o i migh help he in es-
o in c ea ing alue in acqui ed amily i ms.
Ex an li e a u e sugges s ha inancial in es o s add
esou ces o he acqui ed i m and a ec he i m’s
esou ce o ches a ion, aiming o make i mo e e ec i e
and ul ima ely lead o alue c ea ion. The li e a u e iden-
i ies se e al measu es ha inancial in es o s may ake,
as well as po en ial bounda y condi ions, including he
ma ke en i onmen . Howe e , o da e, we do no ha e
any insigh s in o whe he inancial in es o s “pull all
le e s”simul aneously o op imize he amily i ms’
esou ces and hei deploymen o selec i ely engage in
imp o emen ac i i ies. Mo eo e , he e ec o he
456 KAMMERLANDER ET AL.

a ious le e s migh be con ingen on he ma ke si ua-
ion o he in es o i . As p e ious esea ch sugges s, he
in e ac ion be ween amily businesses and inancial in es-
o s is augh wi h ension. We mus gain a be e unde -
s anding o he speci ic con igu a ions ha lead o alue
c ea ion. Cu en knowledge does no allow us o specu-
la e on he complemen a i y s. subs i u abili y o he
a ious alue-c ea ion measu es; hence, we chose an
explo a o y pa e n-de ec ing app oach.
METHODOLOGY AND ANALYSES
Fuzzy-se quali a i e compa a i e analysis
Ou s udy builds on he uzzy-se QCA ( sQCA)
app oach ha Ragin (2000) in oduced. FsQCA allows
he s uc u ing o case-cen e ed analyses, imp o ing com-
pa a i e esea ch (Fiss, 2011) and simul aneously p e-
se ing he ichness and insigh s o quali a i e
app oaches. We conside sQCA an app op ia e me hod-
ology o ou esea ch s udy; i allows us o sys ema i-
cally answe ou esea ch ques ion, which aims o
iden i y di e en con igu a ions o pa e ns ha esul in
a speci ic ou come, i.e., a success ul amily- i m akeo e .
Fu he mo e, sQCA, which o igina ed in Boolean and
uzzy algeb a, acili a es esea che s’analysis o medium-
sized samples and le e aging combina o ial logics o
iden i y necessa y o su icien combina ions o condi-
ions ha will esul in he occu ence o he de ined ou -
come (Fiss, 2009). The e o e, each case in his s udy
e lec s a a ie y o heo e ical p ope ies ha help
explain a inancial in es o ’s success ul akeo e o a
amily i m. The use o sQCA p o ides a ious ad an-
ages in answe ing ou esea ch ques ion, including a
mo e holis ic in es iga ion o complexi ies—because i
builds on he ene s o equi inali y (i.e., di e en pa hs
can esul in he same ou come)—and causal conjec u es
(i.e., he e ec o a condi ion is also isible in combina-
ion wi h o he s) (Schneide & Egge , 2014). In con as
o quan i a i e app oaches, sQCA e lec s quali a i e
di e ences be ween indi idual cases and p o ides mo e
s uc u ed insigh s han en i ely quali a i e analyses
(Mille , 2018). Due o he mul ile el cha ac e is ics o
success ul amily- i m akeo e s (Achlei ne , B aun,
e al., 2010; Achlei ne , He man, e al., 2010) and he
b oad se o po en ial alue-c ea ion d i e s (Achlei ne ,
B aun, e al., 2010;Loos, 2007; Pindu , 2009), we selec ed
sQCA and collec ed quali a i e da a (Kimmi
e al., 2019). So a , a quali a i e, case-based esea ch
design has been he p e alen me hod o in es iga ing
he success o amily- i m akeo e s (e.g., Achlei ne ,
He man, e al., 2010) because such esea ch designs a e
well sui ed o cap u ing hei complexi y (Loos, 2007;
Pindu , 2009). By adop ing a quali a i e esea ch design,
we can in e p e he indi idual solu ion pa hs, imp o ing
heo izing (Kimmi e al., 2019; Mille , 2018; Wilhelm
e al., 2019). The e o e, quali a i e case-based da a
combined wi h igo ous sQCA me hodology is ideal o
c ea ing no el insigh s in esea ch ields such as ou s
(T
o h e al., 2017).
Empi ical con ex and da a collec ion
To s udy wha con igu a ions lead o success ul amily-
i m akeo e s, we ely on a sample o inancial-in es o
akeo e s o medium-sized amily i ms in he Ge man-
speaking a ea, due o hei impo ance o he economy
and he ypical common s eng hs and weaknesses o his
speci ic ype o i m (De Massis e al., 2018). On he one
hand, Ge man medium-sized amily i ms s ongly ocus
on inno a ion and a e o en egional o e en (in e )
na ional leade s (De Massis e al., 2018), poin ing o
supe io esou ce o ches a ion. On he o he hand, hey
ypically lack inancial esou ces, due o hei a e sion o
ex e nal capi al (Habbe shon & Williams, 1999), indica -
ing imp o emen po en ial ega ding esou ce le els and
o ches a ion. Hence, his o m o o ganiza ion was
highly ele an o ou analysis. We also aimed o ensu e
ha he esea che s and in e iewees sha ed he same
na i e language, allowing hem o be e engage in in-
dep h discussions and secu e hei unde s anding o ine
nuances du ing in e iews.
We collec ed quali a i e da a app op ia e o sQCA
app oaches (Kimmi e al., 2019; Mille , 2018; Wilhelm
e al., 2019). Quali a i e case-based app oaches a e a
common me hod o in es iga ing akeo e p ocesses
because hey can cap u e hei complexi ies
(e.g., Achlei ne , He man, e al., 2010), he eby imp o -
ing heo izing (Kimmi e al., 2019; Mille , 2018;
Wilhelm e al., 2019). Combining in-dep h quali a i e
case-based da a wi h igid sQCA me hodology is ade-
qua e o gene a ing no el insigh s (T
o h e al., 2017).
As a i s s ep, o build up ou sample, we pu chased
a lis including 1,000 inancial Ge man-speaking in es-
o s in he a ea. Using he DDW (Die Deu sche
Wi scha ) da abase, we excluded inancial in es o s
wi h li le o no exposu e o amily i ms and li le o no
ecen deal low, esul ing in 138 po en ially in e es ing
in e iewee pa ne s. As a second s ep, we con ac ed he
inancial in es o s ia e-mail and explained ou esea ch
ques ion and he esea ch design. In o al, 65 in es o s
esponded, o whom 35 we e able and willing o disclose
de ailed in o ma ion abou hei akeo e s, esul ing in
35 case in e iews. To ensu e compa abili y, all 35 cases
sha ed he ollowing cha ac e is ics: (1) inancial in es -
men a e 2012, based in he Ge man-speaking a ea;
(2) ma u e business li e-cycle o acqui ed a ge ; (3) majo
sha es owned by amily p e-in es men , no p e ious
in es men o a inancial in es o p io o akeo e ;
(4) small- o-medium-sized amily i ms (annual e enue
up o EUR 250 million) p e-in es men . In addi ion, we
also used in e iews wi h expe s who we e
THE ROLE OF FINANCIAL INVESTORS IN SUCCESSFUL FAMILY-FIRM TAKEOVERS: A CONFIGURATIONAL APPROACH 457
knowledgeable abou he cases o double-check and ali-
da e he insigh s ha he semis uc u ed case in e iews
gene a ed, compa able o p e ious esea ch in his a ea
(Cas ella in e al., 2023; Waldki ch e al., 2021). In mo e
de ail, we asked he expe s who had ac ed ( o ins ance)
as he consul an s o he lawye s wo king on he speci ic
deals abou hei own pe spec i es on he speci ic ake-
o e cases in ou sample. Thei answe s helped us o gain
an insigh ul and knowledgeable ou side pe spec i e on
ou cases, o co ec ly in e p e and assess he inside s’
(e.g., in es men p o essionals’) answe s, and o gene ally
iangula e ou indings.
We conduc ed a o al o 52 in e iews, mainly in he
o m o ideo con e ences, due o he global COVID-19
pandemic and igid a el es ic ions. Based on ou heo-
e ical amewo k, we de eloped a semis uc u ed in e -
iew guide (a ailable om he au ho s), including
gene al ques ions abou he inancial in es o , i s ypical
s a egy, he mo i a ion o acqui ing a speci ic i m, and
de ailed ques ions abou a highly memo able akeo e
(i.e., in o ma ion ega ding he acquisi ion, he po olio
wo k du ing he holding pe iod, and in o ma ion ega d-
ing he sales p ocess). On a e age, he semis uc u ed
in e iews las ed 45 minu es, and we eco ded and an-
sc ibed hem, esul ing in 424 pages o e ba im in e iew
ansc ip s. Table 1p o ides an o e iew o he in e -
iewees’key cha ac e is ics.
Explana o y condi ions and calib a ion o se
membe ships
As a se - heo e ic me hodology, sQCA builds on heo-
e ical condi ions ha migh impac he ocal ou come
a iable (i.e., success ul akeo e ) and a e heo e ically
mo i a ed (Douglas e al., 2020; G eckhame
e al., 2008). Like p e ious s udies (e.g., Cao e al., 2022;
Colo ic e al., 2022), ou heo e ical amewo k was
based on h ee gene al heo e ical condi ions de i ed
om exis ing li e a u e (see sec ion on heo e ical back-
g ound; e.g., Achlei ne , B aun, e al., 2010; Schickinge
e al., 2018), which migh impac he success o akeo e s:
(a) i m-le el condi ions, (b) en i onmen -le el condi-
ions, and (c) owne -le el condi ions. As al eady ou lined
in he heo e ical backg ound sec ion, we spli hese h ee
ca ego ies in o i e supe -condi ions o g asp he ichness
o he empi ical da a (Gilbe & Campbell, 2015). Fi m-
le el condi ions include (1) go e nance measu es, (2) s a-
egic measu es, and (3) ope a ional measu es; en i on-
men -le el condi ions include (4) ma ke si ua ion; owne -
le el condi ions include (5) in es o i . These “supe -con-
di ions”a e based on 23 a iables ha unc ion as o ma-
i e indica o s. Figu e 1summa izes he esea ch
amewo k.
The sQCA app oach equi es calib a ing all mea-
su es, which is pa icula ly impo an o quali a i e da a
(Basu o & Spee , 2012). Like p e ious esea ch in
compa able s udies (e.g., Waldki ch e al., 2021), we
decided on a ou -se - uzzy-se -scale (i.e., sQCA wi h
alues 0.00, 0.33, 0.67, and 1.00) ins ead o a bina y
c isp-se scale. This is because sQCA allows us o:
(1) cap u e nuances; (2) be e deal wi h ambigui y and
complexi y in he cases; (3) di e en ia e mo e p ecisely
be ween he indi idual cases; and (4) e eal sub le di e -
ences and simila i ies ha migh be o e looked wi h
bina y c isp-se s. We se he h esholds o each alue o
each o he a iables a e amilia izing ou sel es wi h he
li e a u e, speci ically g ounding he h esholds o each
calib a ion in heo y and ou in-dep h unde s anding o
exis ing esea ch.
A e comple ing he in e iews and summa izing all
insigh s and in o ma ion, we assessed he quali a i e
in o ma ion based on ou p e iously se h esholds. We
elied on Gene ic Membe ship E alua ion Templa es
(GMETs). T
o h e al. (2017) de eloped he GMET
app oach (see example in he Appendix) o p o ide maxi-
mum anspa ency and s uc u e in he sQCA analysis.
Following hei guidance, o each o he 35 indi idual
cases, we comple ed i e GMETs (i.e., one GMET pe
case and pe supe -condi ion; 175 GMETs in o al).
We i s w o e sho assessmen s o all condi ions in
he GMETs (see Table 2 o an o e iew and de ailed
explana ions) suppo ed by in e iew quo es and addi-
ional knowledge om seconda y da a (e.g., p ess ma e-
ial). Then, based on he h esholds men ioned abo e, we
assessed each condi ion indi idually ia a ou - alue
scale. Subsequen ly, and in lie wi h p io esea ch, we
a e aged he a iables’sco es o de i e he supe -condi-
ion’s sco e (Basu o & Spee , 2012). Las , we discussed
he ou comes o he GMETs un il we eached a consen-
sus (Miles e al., 2018).
Ou come condi ion: success ul amily- i m
akeo e
The ocal ou come a iable o his s udy is a success ul
amily- i m akeo e . While success is a e y b oad e m,
we ocus on he inancial success o he acqui ed i m
a e he inancial in es o ’s akeo e (Achlei ne , B aun,
e al., 2010; Be gs öm e al., 2007; Loos, 2007;
Pindu , 2009; Tsai & Yang, 2013). In line wi h p io
esea ch, we e alua ed (a) g ow h in sales and (b) g ow h
in p o i abili y, compa ed o bo h p e- akeo e and he
compe i ion (Achlei ne , B aun, e al., 2010; Tsai &
Yang, 2013). In addi ion, we cap u ed (c) inancial a bi-
age (i.e., highe exi alua ion mul iple han en y alu-
a ion mul iple) (Achlei ne , B aun, e al., 2010;
Loos, 2007; Pindu , 2009). Las , we measu ed
(d) employee g ow h (Kaplan & S ömbe g, 2009;
Loos, 2007; Pindu , 2009). A e e alua ing each compo-
nen based on he ou - alue uzzy-se scale, we calcu-
la ed he a e age. Twen y- ou ou o he 35 cases we e
deemed success ul, and 11 we e unsuccess ul.
458 KAMMERLANDER ET AL.
Explana o y condi ions a he i m, en i onmen ,
and owne le els
Fi m-le el condi ions
As no ed abo e, we measu ed i m-le el
condi ions h ough h ee indica o s: go e nance measu es,
s a egic measu es, and ope a ional measu es.Go e nance
measu es comp ise ac i i ies ela ed o changing con ol
and o e sigh , accoun abili y, s akeholde ela ions, and
in e nal s uc u e (Acha ya e al., 2013; Jensen, 1989;
Loos, 2007). These no only imply addi ional esou ces
(e.g., manage ial alen ) bu also a ec who di ec s
esou ce o ches a ion in he i m. Hence, we measu ed
(1) whe he he e was a change in he managemen eam
(see Table 2 o de ails on coding) and (2) whe he amily
membe s we e u he in ol ed in he i m (Kaplan &
S ömbe g, 2009); o cap u e changes in he indi iduals
s ee ing he i m. Mo eo e , we measu ed (3) whe he
he e was a change in managemen compensa ion o
TABLE 1 O e iew o pa icipa ing in e iewees (case in e iews).
# In e iew ype In e iewee posi ion Type o i m Ta ge size Deg ee o ou come
1
A Case In e iew Associa e P i a e Equi y In es o Mid-Cap Low
B Case In e iew Managing Di ec o P i a e Equi y In es o Mid-Cap High
C Case In e iew Vice P esiden P i a e Equi y In es o La ge-Cap High
E Case In e iew Vice P esiden Family O ice Small-Cap High
F Case In e iew Di ec o P i a e Equi y In es o Mid-Cap High
I Case In e iew Managing Di ec o P i a e Equi y In es o Mid-Cap Low
K Case In e iew Associa e Family O ice Mid-Cap High
L Case In e iew Vice P esiden P i a e Equi y In es o Mid-Cap High
M Case In e iew Di ec o P i a e Equi y In es o Mid-Cap Low
N Case In e iew Vice P esiden P i a e Equi y In es o Small-Cap High
O Case In e iew Managing Di ec o Family O ice Small-Cap High
P Case In e iew Vice P esiden P i a e Equi y In es o Small-Cap High
Q Case In e iew Di ec o Family O ice Small-Cap Low
R Case In e iew Vice P esiden P i a e Equi y In es o Mid-Cap Low
T Case In e iew Managing Di ec o Indus y Holding Small-Cap Low
U Case In e iew Vice P esiden P i a e Equi y In es o La ge-Cap Low
V Case In e iew Managing Di ec o P i a e Equi y In es o La ge-Cap High
W Case In e iew Managing Di ec o Indus y Holding Small-Cap Low
X Case In e iew Di ec o P i a e Equi y In es o La ge-Cap Low
Y Case In e iew Associa e Family O ice Small-Cap High
AC Case In e iew Di ec o Family O ice Mid-Cap High
AD Case In e iew Di ec o P i a e Equi y In es o Mid-Cap High
AE Case In e iew Managing Di ec o Family O ice Small-Cap High
AF Case In e iew Managing Di ec o Indus y Holding Small-Cap High
AG Case In e iew Vice P esiden P i a e Equi y In es o La ge-Cap High
AH Case In e iew Associa e P i a e Equi y In es o Small-Cap High
AI Case In e iew Managing Di ec o P i a e Equi y In es o Mid-Cap High
AJ Case In e iew Vice P esiden P i a e Equi y In es o Small-Cap High
AM Case In e iew Managing Di ec o P i a e Equi y In es o Small-Cap High
AN Case In e iew Managing Di ec o Family O ice Small-Cap Low
AP Case In e iew Associa e P i a e Equi y In es o Small-Cap High
AR Case In e iew Di ec o P i a e Equi y In es o Mid-Cap High
AW Case In e iew Vice P esiden P i a e Equi y In es o Mid-Cap Low
AY Case In e iew Di ec o P i a e Equi y In es o La ge-Cap High
AZ Case In e iew Managing Di ec o P i a e Equi y In es o Mid-Cap High
1.: We assess he deg ee o high (1.00; 0.67) and low (0.33; 0.00) based on se membe ship.
In addi ion, we conduc ed 17 expe in e iews wi h en u e capi al in es o s, p i a e deb in es o s, and lawye s ( ele an cases a e: D, G, H, J, S, Z, AA, AB, AK, AL,
AO, AQ, AS, AT, AU, AV, and AX).
THE ROLE OF FINANCIAL INVESTORS IN SUCCESSFUL FAMILY-FIRM TAKEOVERS: A CONFIGURATIONAL APPROACH 459
be e align in e es s and, hence, educe agency cos s
(Jensen, 1989; Kaplan & S ömbe g, 2009). As iden i ica-
ion wi h he i m also d i es in e es alignmen , we u -
he measu ed (4) whe he he e was a change in i m
cul u e a e he akeo e (As achan, 1988). Indeed,
esea ch has ound ha i m cul u e is e y impo an o
inancial pe o mance (Denison, 1984). Fo he same ea-
son, we measu ed (5) whe he he e was a change in he
amily i m name because, e y o en, he i m name and
he amily name a e closely ela ed (Jaskiewicz
e al., 2016). Las , we measu ed (6) whe he isk a i ude
(i.e., he willingness o bea he isk, o example, o d i e
g ow h) changed a e he akeo e (Loos, 2007).
Second, s a egic measu es a e o ien ed owa d long-
e m g ow h, i m de elopmen , and ans o ma ion
(i.e., change in he i m’s di ec ion), which o en esul in
a subs an ial change in he i m’s esou ce base and i s
o ches a ion (Be g & Go schalg, 2005). Speci ically, we
measu ed (1) whe he he e was a change in he business
model (Be gs öm e al., 2007) and (2) whe he any s a-
egic me ge and acquisi ion (M&A) was pu sued o
change he s a egic di ec ion and os e i m g ow h
(B igl e al., 2016). Fo ins ance, s ock lis ing goes along
wi h undamen al changes in decision-making and p o-
ides esou ces o u he g ow h, so we also measu ed
(3) whe he he legal s uc u e changed (Be gs öm
e al., 2007). Changes o he capi al s uc u e also sub-
s an ially a ec he a ailable esou ces in he amily i m
and, hence, a e a p e equisi e o ans o ma ion. The e-
o e, we measu ed (4) whe he he akeo e changed he
capi al s uc u e because he use o high le e age in
he cou se o akeo e s can os e g ow h (Jensen, 1989;
Kaplan & S ömbe g, 2009; Ljungq is &
Richa dson, 2003). Las , we measu ed (5) whe he any
s a egic ad iso s we e hi ed o suppo he akeo e and
he alue c ea ion wi hin he holding pe iod (Achlei ne ,
He man, e al., 2010), as he appoin men o s a egic
ad iso s indica es a majo e hinking o he i m’s s a e-
gic posi ioning.
Thi d, we included ope a ional measu es. Compa ed
o s a egic measu es, ope a ional measu es a e p ima ily
gea ed owa d immedia e e iciency imp o emen s, cash
low inc eases, and cos educ ion, o enhance sho - e m
inancial pe o mance. The e o e, we measu ed
(1) whe he any ope a ional bo om-line imp o emen
p og ams we e ini ia ed o educe o e all cos s
(Jensen, 1989; Kaplan & S ömbe g, 2009). We also mea-
su ed (2) whe he sales we e expanded in e na ionally
(Loos, 2007; Pindu , 2009; Tomo e al., 2022), (3) whe he
ma ke ocus shi ed, and (4) whe he p oduc ocus
changed (Loos, 2007; Pindu , 2009). Measu es (2) o
(4) can be achie ed by, e.g., shi ing esou ces wi hin he
ma ke ing and sales depa men , so hey can be e ec i e
in he sho e m and p esen a he ac ical and
execu ion-o ien ed changes. Las , we measu ed
(5) whe he he e we e any changes in he inancial
FIGURE 1 Theo e ical
amewo k.
460 KAMMERLANDER ET AL.
pu hei esou ces in o imp o ing he ope a ions o he
acqui ed i m.
In addi ion o ope a ional measu es (and he absence
o go e nance measu es), he absence o in es o i cha -
ac e izes Pa h 3a. Hence, he inancial in es o is likely
un amilia wi h he unique idiosync asies o amily i ms
(Ande son & Reeb, 2003; Ca ney, 2005). This lack o
amilia i y makes i di icul o ocus on go e nance
changes, ypically complex in amily i ms due o he
o e lap o he amily and he business sys em
(Habbe shon & Williams, 1999) and equi ing in ima e
knowledge abou amily- i m idiosync asies. Conse-
quen ly, he ocus o “op imize s”is on o ches a ing
ope a ional changes wi hin he acqui ed amily i ms,
ypically a co e s eng h o inancial in es o s
(Loos, 2007; Pindu , 2009). In con as o go e nance
measu es, ope a ional measu es equi e much less amily-
i m-speci ic expe ise o u n ou success ully. Hence, he
inancial in es o bundles i s a ailable esou ces and
ocuses solely on ope a ional imp o emen s o op imize
alloca ion and o ches a ion o he esou ces in he
acqui ed amily i m.
An example o his pa h is Case AY, he akeo e o
a heal hca e amily i m by a p i a e-equi y in es o .
“The amily ealized ha a holis ic cos -
cu ing p ojec is equi ed o become compe i-
i e again. Howe e , he amily was a aid o
being esponsible o his ha d s ep because
hey also li e in he same egion as he i m.
[…] Howe e , we a e e y expe ienced wi h
such p ojec s and do no ha e his pe sonal
ela ionship wi h he i m.”
A e he akeo e , he inancial in es o suppo ed
he de elopmen o a alue-c ea ion plan and iden i ied
se e al a eas o de elopmen , he eby suppo ing o ches-
a ing esou ces wi hin a p oduc ion company in an e i-
cien way wi h di ec knowledge o how o do i :
“A he beginning o he in es men , we […]
wo k on a alue-c ea ion plan, which is he
agenda o he upcoming holding pe iod. […]
In his speci ic case, one majo imp o emen
d i e was he imp o emen o he ope a ional
oo p in because he i m had many ine i-
cien p oduc ion si es, which we consolida ed
and he e o e inc eased he ope a ing ma gin
by mo e han i e pe cen age poin s.”
The inancial in es o had no p e e ences o amily-
owned i ms o a speci ic indus y; ins ead, i ope a es
e y oppo unis ically in iden i ying in es men a ge s.
“We in es in all kinds o i ms wi h which we
belie e we can ea n some money. […]
We mainly ocus on in e nal opics like cos -
cu ing, p oduc ion oo p in , and e iciency
inc ease o p ocesses; he e o e, we do no
need explici amily o indus y expe ise.”
To sa egua d he implemen a ion o he alue-
c ea ion plan, he inancial in es o has in e nal ope a-
ional expe s who wo k closely wi h he po olio i ms’
managemen , he eby con ibu ing aluable human
esou ces. “Nex o he in es men eam, we ha e an ope -
a ional eam, ocusing on implemen ing he measu es
concep s.”
The second pa h, Pa h 3b, p esen s a combina ion o
he p esence o ope a ional measu es (and absence o
go e nance measu es) and (a a o able) ma ke si ua ion.
Simila o Pa h 3a, he key ocus o he espec i e
“op imize ” inancial in es o is on o ches a ing ope a-
ional imp o emen s. He e, a a o able ma ke ha
s eng hens he payo o he implemen ed imp o emen s
u he suppo s he success o implemen ed ope a ional
measu es.
An example o his pa h is Case F, he akeo e o
a heal hca e i m by a p i a e-equi y in es o . The
inancial in es o suppo ed only a ew changes o he
i m’s go e nance o p epa e he i m o he ollowing
g ow h s a egy. Ins ead, i ocused on boos ing he
i m’s e enues by selling he p oduc s o in e na ional
cus ome s.
“The main eason o ou in es men in o he
i m was g ow h inancing. […] We sup-
po ed he expansion in o mo e han eigh
coun ies and simul aneously ex ended busi-
ness ela ionships wi h new cus ome g oups.
[…] The e was no ime o o he majo
changes and wo k because he expansion
equi ed all o ou a en ion and esou ces.”
The inancial in es o ac i ely suppo ed he decision-
making p ocesses in companies o which he i m
expanded, alloca ing esou ces by p o iding human
esou ces and hei espec i e expe ise.
“We suppo ed a dozen in e na ionaliza ion
p ocedu es; hence, we ha e he igh knowl-
edge and expe ience. The e o e, we we e able
o s ee he company and suppo he decision
owa d wha coun ies o go o.”
A a o able ma ke en i onmen suppo ed he as
e enue inc ease ha allowed g ow h.
“The ma ke o he i m’s p oduc s is e y
s ongly g owing wi h double-digi CAGR,
which pushes in e na ional expansion. […]
As a esul o he in e na ionaliza ion push
and he s ongly g owing ma ke , we we e
able o double annual sales wi hin a ew
yea s.”
Once again, he inancial in es o in his case explic-
i ly ocuses on one imp o emen a ea (i.e., ope a ional
measu es) and consciously igno es o he po en ial
imp o emen a eas, o concen a e i s e o s and
esou ces.
THE ROLE OF FINANCIAL INVESTORS IN SUCCESSFUL FAMILY-FIRM TAKEOVERS: A CONFIGURATIONAL APPROACH 467

P oposi ion 3a. In hei ole as “op imize s,”
inancial in es o s can achie e inancially suc-
cess ul amily- i m akeo e s by ocusing
solely on ope a ional measu es, e en in cases
lacking in es o i .
P oposi ion 3b. Fa o able ma ke si ua ions
suppo inancial in es o s in hei oles o
“op imize s” o achie e inancially success ul
amily- i m akeo e s by ocusing solely on
ope a ional measu es.
Adjacen in es o s (Pa h 4)
A combina ion o he p esence o (a a o able) ma ke
si ua ion and in es o i as well as he absence o s a egic
measu es cha ac e izes he hi d iden i ied solu ion o
success ul amily- i m akeo e s (“adjacen in es o s,”
Pa h 4). As he solu ion does no equi e any imp o e-
men measu es—go e nance- ela ed, s a egic, o
ope a ional—we can assume ha inancial in es o s ol-
lowing his pa h ake on a less ac i e in es o ole. One
could assume ha he inancial in es o ’s limi ed
esou ces lead o shying away om in es ing esou ces in
he company o ying o subs an ially ea ange he a -
ge ’s esou ce o ches a ion. Ra he , i akes a “hands-
o ”app oach. I s unique unde s anding o he a ge
(in es o i ) p o ides he knowledge o mee ing si ua-
ions in which i mus ake ac ion. Mo eo e , he o e all
posi i e ma ke si ua ion makes i possible o p o ide
much (go e nance- ela ed, s a egic, and ope a ional)
eedom o he acqui ed amily i m and o e ain om
implemen ing u he imp o emen s.
An example o his pa h is Case P, he akeo e o a
so wa e i m by a inancial in es o ha ocuses on
amily-owned o ounde -led so wa e i ms. The inan-
cial in es o has a deep unde s anding o he unique
amily- i m idiosync asies and ex ensi e ma ke and
indus y expe ise. Compa ed o cases o o he pa hs, he
inancial in es o has limi ed capi al in low and, hence,
ewe a ailable inancial esou ces and less manage ial
capaci y o ac i ely s ee he po olio i ms a e
akeo e .
“I would say we a e a mix o a p i a e-equi y
in es o and a amily o ice because we ha e a
planned holding pe iod o a ound i e yea s,
bu all o ou capi al s ems om ou ounde
and owne .”
The inancial in es o obse es po en ial akeo e
candida es o a long ime be o e making a akeo e deci-
sion and has egula exchanges wi h he owning amily.
Fu he mo e, be o e a po en ial in es men , he in es o
o e s ad ice o he amily i m and suppo s he po en ial
in es men a ge s, o achie e he bes possible
in es o i .
“We we e in con ac o a ound h ee yea s
be o e we inally in es ed in he company.
[…] Du ing his ime, we had se e al man-
agemen ouchpoin s in which we discussed
po en ial […] ways o collabo a ion.
The eby, we buil a ema kably close ela ion-
ship wi h he owne s, and as soon as hey
wan ed o sell, we we e he mos ob ious and
mos eliable buye .”
In addi ion o he s ong ocus on ( o me ) amily
i ms, he inancial in es o ocused on he so wa e ma -
ke and, he e o e, migh ha e been able o sc een he
speci ic ma ke and assess he espec i e i m in a mo e
ad anced way and mo e e icien ly han o he inancial
in es o s wi hou a dedica ed ocus. “We a e a pu e so -
wa e in es o , ha ’s ou home u . We only in es in i ms
ha unde s and he unde lying business and ma ke .”A
gene ally p ospe ing so wa e ma ke in Ge many ha
has no expe ienced any majo dis up ions o se backs in
ecen yea s makes his ocus and app oach possible.
P oposi ion 4. In hei ole as “adjacen
in es o s,” inancial in es o s can achie e
inancially success ul amily- i m akeo e s by
aking a “hands-o ”app oach and p o i ing
om in es o i and a o able ma ke
si ua ions.
A model o con igu a ions o success ul amily-
i m akeo e s
Ou esea ch aim was o iden i y he con igu a ions ha
allow inancial in es o s o be inancially success ul in
amily- i m akeo e s. Figu e 2summa izes he model
ha eme ged om ou sQCA analysis. I ou lines h ee
solu ions (incen i ize s, op imize s, adjacen in es o s)
associa ed wi h inancially success ul amily- i m ake-
o e s by inancial in es o s. As ou model ou lines, wo
solu ions (incen i ize s, op imize s) s ongly depend on
i m-le el measu es, i.e., ope a i e and go e nance-
ela ed imp o emen s, and one pa h s ongly depends on
in es o i .
In solu ion 1 (i.e., incen i ize s), he inancial in es o
ocuses i s esou ces on imp o ing amily- i m go e -
nance, pa icula ly managemen capabili ies, incen i e
schemes, i m cul u e, and amily- i m isk- aking. The
inancial in es o s p o ide he amily i m wi h addi-
ional esou ces (e.g., ex e nal manage ial alen ) and
help imp o e esou ce o ches a ion (e.g., h ough
imp o ed compensa ion schemes ha inc ease mobiliza-
ion). In solu ion 2 (i.e., op imize s), he inancial in es-
o s ocus hei esou ces on imp o ing amily- i m
ope a ions, pa icula ly e enue g ow h and ope a ional
e iciency (e.g., h ough bundling and s uc u ing he
a ailable esou ces in di e en ways). Again, he
468 KAMMERLANDER ET AL.
inancial in es o p o ides he amily i m wi h impo an
esou ces in he o m o expe ise on how o change p o-
cesses, o become mo e success ul. Unlike solu ion
1, whe e he inancial in es o ’s in ol emen is mo e
“indi ec ”(e.g., in es o a ec s s uc u e, which in lu-
ences esou ce alloca ion), he in ol emen o inancial
in es o s as op imize s is o en a he di ec ,
e.g., appoin ing ope a ional eams ha di ec ly in luence
esou ce o ches a ion. In solu ion 3 (i.e., adjacen in es-
o s), he inancial in es o ’s akeo e bene i s om hei
deep indus y expe ise and ho ough unde s anding o
unique amily- i m idiosync asies. Due o esou ce con-
s ain s, such inancial in es o s’ ole is a he “hands
o .”Ye , deep knowledge allows hem o a ec esou ce
o ches a ion in he amily i m in a selec i e, a ge ed
way, e.g., by p o iding aluable manage ial ad ice. The
ocus on amily i ms in a o able ma ke s suppo s his
acquisi ion app oach.
DISCUSSION
Financial in es o s can ha e a signi ican posi i e e ec
on i m pe o mance (Bloom e al., 2015), bu no always.
Based on an analysis o 35 cases o Ge man amily- i m
akeo e s by inancial in es o s and embedding ou s udy
in esou ce- ela ed heo izing, we e eal six solu ion
pa hs leading o inancially success ul amily- i m ake-
o e s, which we g oup in o h ee oles ha in es o s can
ake: incen i ize s,op imize s, and adjacen in es o s.
Hence, we show ha he in e play o inancial in es o s
and amily i ms depends on ce ain con igu a ions,
allowing o mo e o less esou ce o ches a ion and,
hence, alue c ea ion. Thus, we discuss how ou s udy
con ibu es o bo h managemen heo y and p ac ice.
Theo e ical con ibu ions
Ou s udy aims o make h ee con ibu ions o esea ch.
Fi s , p io esea ch has s a ed o sc u inize whe he
inancial in es o s c ea e alue in amily i ms (Bloom
e al., 2015; Bollazzi e al., 2004; Ma í e al., 2013). We
p opose ha only speci ic con igu a ions ha combine
inancial in es o s’ac i i ies wi h owne ship ype and
ma ke si ua ion c ea e inancial alue. In eg a ing
esea ch on esou ce o ches a ion (Chi ico e al., 2011;
Hi e al., 2011) wi h esea ch on inancial in es o s ak-
ing o e amily businesses (Achlei ne , B aun,
e al., 2010), we a gue ha embodying speci ic con igu a-
ions pa icula ly enables inancial in es o s o e ec i ely
o ches a e he amily i m’s esou ces. Fo ins ance, in a
p ospe ous ma ke , he a ailable knowledge o in es o s
wi h a good i migh be su icien o e ec i ely o ches-
a e he esou ces in he amily i m and c ea e inancial
alue (adjacen in es o , Pa h 4). Howe e , when he
in es o lacks i and, hence, idiosync a ic knowledge
abou amily i ms, e ec i e esou ce o ches a ion can
only be achie ed by in oducing imp o emen s in go e -
nance o ope a ions (Pa hs 2b and 3a). In e es ingly, ou
esea ch esul s also show ha a o able ma ke condi-
ions in hemsel es a e no a su icien d i e o amily-
i m akeo e success. Ins ead, all iden i ied pa hs,
including a o able ma ke condi ions, combine his con-
di ion wi h ei he i m-le el imp o emen measu es o an
in es o i , indica ing he need o ac i ely manage
esou ces in he acqui ed i ms. As such, ou esea ch
also in o ms ongoing discussions on esou ce o ches a-
ion by highligh ing how e ec i e esou ce o ches a ion
will depend on he o e all se up. Thus, we challenge
ex an esea ch on alue c ea ion in ( o me ) amily i ms
(Bloom e al., 2015) by indica ing ha he e ec i eness o
FIGURE 2 Model o how inancial
in es o s os e success ul amily i m
akeo e s.
THE ROLE OF FINANCIAL INVESTORS IN SUCCESSFUL FAMILY-FIRM TAKEOVERS: A CONFIGURATIONAL APPROACH 469
esou ce o ches a ion migh no ollow linea ela ion-
ships; a he , i depends on he p esence o ce ain
pa e ns.
Mo eo e , ex an esea ch o en assumes ha inan-
cial in es o s “en i ely o e haul” he acqui ed amily i m
and, hence, simul aneously in oduce a b oad se o
changes o go e nance, s a egy, and ope a ions
(Achlei ne , B aun, e al., 2010; Achlei ne &
Figge, 2014; Be gs öm e al., 2007). Ou esea ch shows
he opposi e. In mos success ul cases, he inancial in es-
o s engaged in only one se o measu es. Only in case o
un a o able ma ke en i onmen s do inancial in es o s
seem o ha e he u ge o engage in wo se s o measu es,
i.e., hose ela ed o s a egy and go e nance (Pa h 2b).
We a gue ha each o hese h ee se s o measu es
equi es unique esou ce-managemen skills and ce ain
manage ial e o dedica ed o o e seeing he changes.
We p opose ha engaging in mo e and di e en mea-
su es would likely o e s ain he esou ces o bo h he
acqui ed amily i m and he inancial in es o . Hence,
he limi ed ( inancial and human) esou ces o inancial
in es o s (Be nile e al., 2007) as well as he amily- i m
idiosync asies ha inc ease complexi y (Chua
e al., 1999) migh join ly a o a clea ocus on one se
o measu es. In e es ingly, we could no iden i y any
cases in which in es o s solely ocused on s a egic
imp o emen s. Ins ead, hey ea ed s a egic imp o e-
men s as necessa y “add-ons” o go e nance measu es
should ma ke u bulence a ec he acqui ed amily i ms
(Pa h 2a). While we lea e an elabo a e in es iga ion o
u he esea ch, one migh specula e ha
esou ce-o ches a ion adap a ions migh be easie and
mo e e ec i e (in he sho - and mid- e m) when ocusing
on go e nance and/o ope a ions.
Las , we con ibu e o esea ch on amily- i m succes-
sion (Wiklund e al., 2013). Resea ch highligh s ha
amily- i m-owne -manage s p e e amily-in e nal suc-
cesso s (Dehlen e al., 2014). Ye , esea ch has inc eas-
ingly s a ed o in es iga e a ious ex e nal esea ch
ou es, such as owa d inancial in es o s (Neckeb ouck
e al., 2016; Niede meye e al., 2010). The esul s o ou
esea ch show ha inancial in es o s migh be well
equipped o adding and o ches a ing esou ces, he eby
inc easing he alue o he i m and leading o a inan-
cially ad an ageous succession. As such, ou s udy
in o ms esea ch on ex e nal succession by showing ha
despi e he o en-men ioned ensions (Schickinge
e al., 2018), inancial in es o s can indeed c ea e alue in
amily i ms.
P ac ical con ibu ions
Ou s udy has p ac ical implica ions o bo h owne -
manage s o amily i ms and inancial in es o s.
Financial in es o s may be willing o pay highe p ices
o a amily i m han o o he es ablished i ms (Tao-
Schucha d e al., 2023), an a ac i e o e o amily
owne -manage s. A he same ime, howe e , inancial
in es o s’o e s p esen a dilemma o amily- i m owne -
manage s, pu ing a isk he SEW he owne amily has
buil up o e many yea s. Ou indings show inancial
in es o s’dedica ion o subs an ially changing he
esou ce o ches a ion o he amily business, ocusing
pa icula ly on i s go e nance. Tha in en ion migh be a
odds wi h he business amily ha ing made all impo an
(e.g., s a egic, cul u al) decisions o an ex ended pe iod.
Hence, he selling amily mus se iously conside wha is
impo an o i s membe s, which migh a ec he choice
o in es o . Fo ins ance, ou esul s show ha in es o s
who a e amily o ices migh ake a “so e ”app oach
ha p ese es some amily alues and in luences deci-
sions ega ding hei pos - akeo e in ol emen
(e.g., ad iso y-boa d unc ions).
Financial in es o s migh lea n om ou s udy ha i
is indeed bene icial o ocus on one speci ic imp o emen
a ea ins ead o aiming o “pull oo many le e s”a he
same ime. Hence, inancial in es o s should c i ically
assess he a ailabili y o ( inancial and human) esou ces,
o de e mine whe e o bes alloca e hem in he acqui ed
amily i m and which imp o emen a eas o ackle a a
gi en poin in ime. Mo eo e , ega ding go e nance
implica ions, he indings o ou s udy indica e he impo -
ance o ensu ing ha he owning amily does no ge in
i s own way a e akeo e . In pa icula , inancial in es-
o s mus be awa e o po en ial con lic s (e.g., he
amily’s SEW conce ns), e en i bo h inancial in es o
and amily align on he objec i e o pu sue g ow h. Spe-
ci ically, inancial in es o s will be mo e willing o ake
isks and ha e sho e ime ho izons han he owning
amily. Hence, inancial in es o s would do well o se up
con ac s in a way ha allows hem o quickly p o ession-
alize he amily i m. Mo eo e , hey should ca e ully
in es iga e he ma ke si ua ion and in es o i be o e
deciding o in es .
Policymake s should unde s and ha p ese ing SEW
migh hinde amily i ms’opening up o ex e nal inanc-
ing h ough bank loans o ex e nal equi y. Ou indings
show ha such in es men can u n ou posi i ely. Hence,
policymake s migh conside ways o add ess amily-
business owne s’conce ns by enhancing hei inancial
knowledge, including knowledge abou he goals and
wo king ou ines o inancial in es o s. Addi ionally,
poli ical and socie al discussions ha e la gely neglec ed
he signi ican ole o al e na i e in es o s, such as
amily o ices, in p i a e amily-owne ship ansi ions.
Family o ices o en pu sue goals ha go beyond sho -
e m inancial op imiza ion; hese migh be a ac i e
buye s o amily i ms (Schickinge , Bie l, Lei e s o , &
Kamme lande , 2023).
470 KAMMERLANDER ET AL.
Limi a ions and di ec ions o u u e esea ch
This s udy has se e al limi a ions ha open up in e es ing
a enues o u he esea ch. Fi s , ou esea ch used a
small sample, based on quali a i e in e iew da a. The e-
o e, we ecommend u he la ge-scale analyses o he
sQCA membe ship calib a ions. In pa icula , we canno
claim s a is ical gene alizabili y, and sc u inizing ou
esul s equi es u he quan i a i e analysis. Second, we
mainly in e iewed in es men p o essionals. Howe e ,
we acknowledge ha by doing so, we neglec ed he iew
o o he pa ies wi h po en ially di e ging opinions
(e.g., amily membe s, employees). The e o e, u he
s udies should in es iga e he pe spec i es o di e en
s akeholde g oups. Thi d, we ocused on a Ge man-
speaking a ea. Howe e , we acknowledge ha di e se
cul u al backg ounds migh lead o di e en iews. Fu -
he mo e, he p i a e-equi y ma ke in he Uni ed S a es
is mo e ma u e han ha o he analyzed ma ke , hus
po en ially inco po a ing a dis inc pe spec i e. We
encou age ellow esea che s o build on ou insigh s and
ex end hem by adding addi ional condi ions
(e.g., unding cycle, in age o he und). Fou h, ou
esea ch ocuses on inancial in es o s; ye , in eali y, he
a ious ypes o in es o s include s a egic ones ha
ocus on con ol (e.g., o e b and o echnology) a he
han aiming o inancial- alue maximiza ion. Fu he
esea ch should include hese in es o s in hei analyses.
Fi h, we do no di e en ia e be ween he di e en o ms
o akeo e s (e.g., amily in ol emen a e sales; mino -
i y s. majo i y in es men s o inancial in es o s) and
easons o unde aking hem (e.g., succession issues
s. u na ound need). Howe e , we acknowledge ha di -
e en o ms and easons o akeo e s may lead o di e -
en ou comes. The e o e, we encou age ellow
esea che s o analyze hese di e ences in mo e de ail.
Las , ano he limi a ion conce ns ou ocus on inancial
success imp o emen a he han a b oade de ini ion o
success, including non- inancial conside a ions. Hence,
u u e esea ch should b oaden he de ini ion o akeo e
success, conside ing also di e en s akeholde g oups
(e.g., amily, employees, communi y). In-dep h case s ud-
ies ha in ol e he pe spec i es o mul iple and di e en
s akeholde g oups migh be mos app op ia e o such
esea ch endea o s.
AUTHOR CONTRIBUTION STATEMENT
Elias Ku a collec ed and analyzed he da a and d a ed
he ini ial e sions o he a icle. Nadine Kamme lande
was in ol ed in he en i e esea ch p ocess, in pa icula
in guiding he esea ch design and in e ising he a icle.
Anne Heide was in ol ed in he e ision o he manu-
sc ip , in pa icula he heo e ical e ision and he o -
mula ion o he p ac ical implica ions. The second
e ision was ca ied ou by Nadine Kamme lande and
Anne Heide , wi h Elias Ku a suppo ing in answe ing
me hods- ela ed ques ions.
CONFLICT OF INTEREST STATEMENT
All h ee au ho s con i m ha he e is no con lic o
in e es .
ACKNOWLEDGEMENTS
Open Access unding enabled and o ganized by P ojek
DEAL.
DATA AVAILABILITY STATEMENT
Due o p i acy/con iden iali y easons, he da a canno
be sha ed publicly. In case o legi ima e in e es , da a is
a ailable om Elias Ku a.
FUNDING IF ANY
The au ho s did no ecei e any unding o conduc ing
his esea ch.
ETHICAL INFORMATION
The au ho s con i m ha all e hical p ocedu es o
WHU - O o Beisheim School o Managemen we e ol-
lowed and ha he gene al p inciples o good academic
esea ch as o mula ed by he uni e si y we e adhe ed o.
ORCID
Nadine Kamme lande h ps://o cid.o g/0000-0002-
7838-8792
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AUTHOR BIOGRAPHIES
Nadine Kamme lande is a p o esso o amily busi-
ness a WHU –O o Beisheim School o Manage-
men . She se es as Associa e Edi o o FBR and
JOM. He esea ch has been published in leading
jou nals such as AMJ, AMR, JOM, JMS, O g S ud-
ies, JBV, and ETP.
Elias Ku a ea ned his PhD om WHU –O o
Beisheim School o Managemen . His esea ch in e -
es s a e inancial in es men s in amily businesses. He
cu en ly wo ks as consul an o BCG. His esea ch
has been published in Jou nal o Family Business
Managemen and p esen ed a a ious con e ences.
Anne Heide is an assis an p o esso o amily busi-
nesses a Wi en He decke Uni e si y in Ge many.
He esea ch ocuses on amily businesses.
How o ci e his a icle: Kamme lande , N., Ku a,
E. & Heide , A. (2025) The ole o inancial
in es o s in success ul amily- i m akeo e s: A
con igu a ional app oach. Eu opean Managemen
Re iew, 22(2), 453–476. h ps://doi.o g/10.1111/
em e.12651
THE ROLE OF FINANCIAL INVESTORS IN SUCCESSFUL FAMILY-FIRM TAKEOVERS: A CONFIGURATIONAL APPROACH 475
APPENDIX A: Example o GMET shee (one ou o a o al o 175).
476 KAMMERLANDER ET AL.