IDEAS home Printed from https://ideas.repec.org/p/hal/wpaper/hal-01335664.html
   My bibliography  Save this paper

Situation Analyses Business Transfer Ecosystem in France: Situation Analysis in 2015

Author

Listed:
  • Erno Tornikoski

    (MTS - Management Technologique et Strategique - EESC-GEM Grenoble Ecole de Management)

  • Christophe Bonnet

    (GDF - Gestion, Droit et Finance - EESC-GEM Grenoble Ecole de Management)

  • Bérangère Deschamps

    (UGA IAE - Université Grenoble Alpes - Institut d'Administration des Entreprises - UGA [2016-2019] - Université Grenoble Alpes [2016-2019])

  • Gilles Lecointre

    (Gilles Lecointre PME Conseils)

  • Mickael Buffart

    (MTS - Management Technologique et Strategique - EESC-GEM Grenoble Ecole de Management)

Abstract

This document reports the situational analysis of business transfer ecosystem in France as it stands in early 2015. In France there are no dedicated public datasets about ownership transfers. Ownership transfers can be deduced from different sources (e.g. Insee, Infogreffe, Diane, etc.), which result slightly different numbers about realized business transfers. Depending on the source, there are around 50 000 potential firms to be transferred each year in France (including all sizes, types, and industries). The French statistic organism (INSEE) does not count the creation of holding to the purpose of buying a target as transfers but as creations from scratch. Some of the key actors of the SME ownership transfer market carry out surveys about the ecosystem. For example, CNCFA and Epsilon Research survey the ownership transfer market each year since 2010. DG Tresor (governmental organization), Groupe BPCE (private bank), CRA (National association for SME transfers), and BPI France (a public investment bank) also publish reports and studies about ownerships transfers in France. The material for this report comes from these above secondary sources and interviews with some of the key actors in the SME ownership transfer market. The interviewed actors were AFIC (Association Français des Investisseurs pour la Croissance), CCI (Chamber of Commerce and Industry), CNCFA (Syndicat des Professionnels des Fusions et Acquisitions), CRA (Cédants et Repreneurs d'Affaires), CGPME (Confédération générale des petites et moyennes entreprises), and Reseau Entreprendre Isère. The interviews were carried out by the authors of this report. Each interview produced a mini-case about an actor in the SME markets. The mini-cases can be found from the appendixes of this report. To put the business transfers in its proper context, there were around 3.14 million firms (non-agricultural) in France in 2011, of which 243 were big, 5 000 mid-size, 138 000 SMEs, and 3 million micro-firms. On average there are 500-550 000 new entries (of which around 5% employ more than one person) and 50-60 000 exists each year in France.

Suggested Citation

  • Erno Tornikoski & Christophe Bonnet & Bérangère Deschamps & Gilles Lecointre & Mickael Buffart, 2015. "Situation Analyses Business Transfer Ecosystem in France: Situation Analysis in 2015," Working Papers hal-01335664, HAL.
    • Handle: RePEc:hal:wpaper:hal-01335664
    Note: View the original document on HAL open archive server: http://hal.grenoble-em.com/hal-01335664
    as

    Download full text from publisher

    File URL: http://hal.grenoble-em.com/hal-01335664/document
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. José-Miguel Gaspar, 2012. "The Performance of French LBO Firms: New data and new results," Finance, Presses universitaires de Grenoble, vol. 33(2), pages 7-60.
    2. B. Deschamps, 2009. "Reprendre une entreprise," Post-Print halshs-00526729, HAL.
    3. Philippe Desbrières & Alain Schatt, 2002. "The Impact of Lbos on Investment Policies and Operations of Acquired French Firms," Working Papers CREGO 1021002, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    4. Katia Richomme-Huet & Julien de Freyman, 2010. "Entreprises familiales et phénomène successoral. Pour une approche intégrée des modes de transmission," Post-Print hal-03628442, HAL.
    5. Phillippe Desbrières & Alain Schatt, 2002. "The Impacts of LBOs on the Performance of Acquired Firms: The French Case," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 29(5‐6), pages 695-729.
    6. L. Cadieux & B. Deschamps, 2011. "Le duo cédant-repreneur pour une compréhension intégrée de la transmission-reprise des PME," Post-Print halshs-00645081, HAL.
    7. Phillippe Desbrières & Alain Schatt, 2002. "The Impacts of LBOs on the Performance of Acquired Firms: The French Case," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 29(5‐6), pages 695-729.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Philippe Desbrières & Alain Schatt, 2002. "L'incidence des LBO sur la politique d'investissement et la gestion opérationnelle des firmes acquises:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 5(4), pages 79-106, December.
    2. Troy D. Smith, 2015. "Private Equity Investment in India: Efficiency vs Expansion," Discussion Papers 15-011, Stanford Institute for Economic Policy Research.
    3. Ouidad Yousfi, 2012. "Financial Capital Structure in LBO Project Under Asymmetric Information," Post-Print hal-00813878, HAL.
    4. Hans Bruining & Ernst Verwaal & Mike Wright, 2013. "Private equity and entrepreneurial management in management buy-outs," Small Business Economics, Springer, vol. 40(3), pages 591-605, April.
    5. Patricia Crifo & Vanina Forget, 2013. "Think Global, Invest Responsible: Why the Private Equity Industry Goes Green," Journal of Business Ethics, Springer, vol. 116(1), pages 21-48, August.
    6. Achleitner, Ann-Kristin & Andres, Christian & Betzer, André & Weir, Charlie, 2008. "Economic consequences of private equity investments on the German stock market," CEFS Working Paper Series 2008-05, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    7. Ouidad Yousfi, 2009. "Leveraged Buy Out: Dynamic agency model with write-off option," EconomiX Working Papers 2009-13, University of Paris Nanterre, EconomiX.
    8. Stefano Bonini, 2012. "Secondary Buyouts," Working Papers 441, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    9. Ouidad Yousfi, 2008. "Leveraged Buy Out and Tax saving advantage: a double-sided moral hazard model," Working Papers hal-04140742, HAL.
    10. Henri Mahe de Boislandelle & Jean-Marie Estève, 2014. "La PME incubatrice d’entrepreneurs ? Identifier, sélectionner et former son repreneur parmi ses salariés gage de succès d’un RES," Post-Print hal-03037540, HAL.
    11. Phillip Leslie & Paul Oyer, 2008. "Managerial Incentives and Value Creation: Evidence from Private Equity," NBER Working Papers 14331, National Bureau of Economic Research, Inc.
    12. Hatem Mansali, 2005. "Les performances opérationnelles à long terme des entreprises françaises émettrices d’actions," Revue Finance Contrôle Stratégie, revues.org, vol. 8(2), pages 207-231, June.
    13. Ayash, Brian & Schütt, Harm, 2016. "Does going private add value through operating improvements?," Journal of Corporate Finance, Elsevier, vol. 40(C), pages 192-215.
    14. repec:ipg:wpaper:2014-581 is not listed on IDEAS
    15. Benjamin Hammer & Heiko Hinrichs & Bernhard Schwetzler, 2018. "Does culture affect the performance of private equity buyouts?," Journal of Business Economics, Springer, vol. 88(3), pages 393-469, May.
    16. Philippe Desbrières & Alain Schatt, 2002. "The Impact of Lbos on Investment Policies and Operations of Acquired French Firms," Working Papers CREGO 1021002, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    17. Ann-Kristin Achleitner & Christian Andres & Andre Betzer & Charlie Weir, 2011. "Wealth effects of private equity investments on the German stock market," The European Journal of Finance, Taylor & Francis Journals, vol. 17(3), pages 217-239.
    18. Loris Guery & Anne Stevenot & Geoffrey T. Wood & Chris Brewster, 2017. "The Impact of Private Equity on Employment: The Consequences of Fund Country of Origin—New Evidence from France," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 56(4), pages 723-750, October.
    19. Ouidad Yousfi, 2010. "Exit routes in LBO projects," Working Papers hal-04140925, HAL.
    20. Dorian Boumedjaoud & Karim Messeghem, 2019. "Opportunity recognition by SME buyer: an approach by prototype [Identification des opportunités par le repreneur de PME : une approche par les prototypes]," Post-Print hal-02422937, HAL.
    21. Anne Stevenot & Loris Guery & Geoffrey Wood & Chris Brewster, 2018. "Country of Origin Effects and New Financial Actors: Private Equity Investment and Work and Employment Practices of French Firms," British Journal of Industrial Relations, London School of Economics, vol. 56(4), pages 859-881, December.

    More about this item

    Keywords

    business transfer ecosystem; France;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:wpaper:hal-01335664. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.