Transfer Success in SMEs: Are entrepreneurial characteristics of importance?
Stevenson & Landström (2002) state that Opportunity, Ability and Motives predict entrepreneurship in general. Connecting thirty previous studies we test if the market awareness, endurance, planning and preparation as entrepreneurial ability factors, staff as opportunity factor and the reason for transfer as motive predicts three short term performance (needed transfer time, satisfaction and emotional attachment after transfer). We tested our hypotheses on a representative sample of 130 Dutch business owners who succeeded in a business transferring in 2005 and 2006. Market awareness predicts a faster transfer. Surprisingly more planning and preparation is the best predictor for a long transfer time as does the absence of the selling business owner. More or less forced transfers (illness, declining performance) predict lower satisfaction were as endurance predicts a higher satisfaction. This is valuable information for buyers, business brokers, accountants and bankers. The operationalisation of transfer performance seems vital. All main predictors, even the control variables, show only effect on either the needed transfer time (effectiveness measure) or satisfaction (experience measure). This confirms earlier findings (Van Teeffelen, 2007b). Our common challenge in future is to compare internationally the succeeded, non-succeeded transfer and exits.
|Key words||SME Transfers, Transfer performance, Entrepreneurial characteristics|