Abstract
Purpose – the article shows the current state of the literature regarding business transfers presents the findings of a survey based on it, that can support the transfer process in the future. Research methodology – the article is based on three research methods: (a) desk research, (b) surveys and (c) economic analysis. The three methods are highly interdependent. Findings – the authors conclude that according to literature a lack of appropriate support and services for businesses going through a transfer exist. The survey highlights the challenges and demands that differ quite strongly between old and new member states. Research limitations – the number from the 283 participants who stated that they had already been involved in business transfers is above average and cannot be extrapolated to all companies. Practical implications – the practical implications of the study are highly relevant for decision-makers who want to create a structured approach to a sustainable support for business transfers in their countries. Originality/Value – the article is of high practical relevance. With regards to the evaluation of existing literature, there is a lack of current overviews like this one. The results of the current survey are of particularly importance for the practice of business transfers and their intensive support.
Highlights
Business transfers have increasingly gained importance over the last three decades, within the realm of academic research, and within national and international policy arenas
From October 2020 until March 2021 a survey has been conducted by the authors to learn more about the status quo, challenges and needs for support when it comes to business transfers. 283 participants from 14 countries, mainly around the Baltic Sea Region, took part in the survey
The literature review revealed that, despite its enormous economic importance, research has largely ignored the area of business transfer over the last 20 years
Summary
Business transfers have increasingly gained importance over the last three decades, within the realm of academic research, and within national and international policy arenas. Business transfers are important for SMEs as they make up the vast majority of firms across Europe with nearly 98.7% of all firms being “classified as small firm” (Ryan & Power, 2012). They employ 50.4% of the overall workforce This is true in the new EU member states and Russia, where many new companies were founded privately in the context of the transition and the structural changes in the economy at the beginning of the 1990s Starting their companies in their 30–40ties, their owners are increasingly at the age when a transfer of business is required
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