Taking over the reins: the needs of individuals who purchase small established enterprises
Abstract:Although many small firms are purchased as going concerns, these businesses are rarely researched as a separate subgroup. Little is therefore known about (a) the skills and competences required to run these businesses; (b) the support and learning sources used by small business purchasers (SBPs); and (c) whether there is a need for additional training and support. This paper examines these issues through qualitative interviews, held with a selected sample of SBPs. The findings show that, while the majority of owner-manager skills are developed through informal learning methods, there is also a need for support that focuses on effecting a smooth takeover, preserving the firm's goodwill, maintaining trade levels and building satisfactory relationships with inherited employees.
Document Type: Research Article
Publication date: February 1, 2010
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