Företagsförvärv : En studie av onoterade små och medelstora företag

by Laine, Markus; Nordén, Erik; Elg, David

Abstract (Summary)
Sweden is facing a shift in generation where the people born in the 1940s are starting to retire which results in consequences. Before the year of 2013 more than 180 000 companies will have to change owner. A study indicates that the majority of all Swedes in the age of 18-70 can consider becoming company owners.Only ten percent of the companies for sale will reach the company broker and another 15 percent will be mediated by legal experts and accountants. This means that 75 percent of the companies for sale will not be available for the public market. As a potential buyer this is a problem. When the object is found the next challenge arises, how does a buyer know that the price is reasonable.The purpose with the thesis is to increase the understanding of corporate acquisitions regarding unlisted small and medium sized enterprises (SME). By delimit the thesis towards small and medium sized unlisted enterprises in the Jönköping region that will be acquisitioned by private investors, the authors hope is to contribute with a theoretical study that will interest many readers. We have chosen to use a qualitative research method. The data collectionconstitutes of primary and secondary data where the primary dataconsists of eight interviews and the secondary data consists of a theoretical study. The respondents where chosen after attending a corporate acquisition course held by ALMI where the authors initiated several contacts within the chosen field. The thesis indicates that experience held by the buyers reduce the time relatedto the corporate acquisition. We state that as a first time buyer it should be a good idea to contact a company broker for consultation. Since the company broker has an interest in mediate companies s/he will probably give advices regarding corporate acquisitions in general. The own capital effort varies depending on the case and the empirical findings shows that extreme cases exists. We can also observe tendencies which show that an asset deal is to prefer prior to a share deal in the buyers perspective. The two most common corporate valuation methods are substance valuation and the future cash flow method.
Bibliographical Information:


School:Högskolan i Jönköping

School Location:Sweden

Source Type:Master's Thesis



Date of Publication:09/26/2007

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