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Prospecting for Gold: How Dutch informal investors appraise small businesses in trouble

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  • Rolf Visser
  • Roger Williams

Abstract

One of the most potentially interesting groups of informal investors is the group of the individuals who use their own money to take over and turn around businesses in major financial trouble (T&T artists). This study examines how such individuals appraise these businesses. Using a sample of nine successful T&T artists in the Netherlands and a combination of interviewing and a simulation exercise, it was found that the sample largely agreed on the most important items they looked at when considering a potential take-over target. These all concerned the business's right to exist and the factors influencing the costs, in time and money, of turning the business around. In contrast there was more disagreement about some items seen to be relatively unimportant, especially the human resource variables. It was suggested that this disagreement could be caused by differences in the personality and experience of the T&T artists concerned.

Suggested Citation

  • Rolf Visser & Roger Williams, 2001. "Prospecting for Gold: How Dutch informal investors appraise small businesses in trouble," Venture Capital, Taylor & Francis Journals, vol. 3(1), pages 1-24, January.
    • Handle: RePEc:taf:veecee:v:3:y:2001:i:1:p:1-24
    DOI: 10.1080/713867620
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    Cited by:

    1. László Szerb & Siri Terjesen & Gábor Rappai, 2007. "Seeding new ventures -- green thumbs and fertile fields: Individual and environmental drivers of informal investment," Venture Capital, Taylor & Francis Journals, vol. 9(4), pages 257-284, April.
    2. Edelman, Linda F. & Manolova, Tatiana S. & Brush, Candida G., 2017. "Angel Investing: A Literature Review," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 13(4-5), pages 265-439, September.

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