From the preface : The European Commission supports Member States by providing them with recommendations, guidelines, information and good practices. For years, the European Commission has stimulated Member States to develop matching platforms to efficiently support sellers and buyers of SMEs in ownership change. A matching platform is a valuable link in the sale/acquisition chain of SMEs. Over the ten past years, not only the European Commission has been pointing out the essential role played by platforms. In many Member States matching platforms started or matured, either in the public sector, by private organizations or both (semi-public). Matching platforms are mentioned in all the EU business transfer reference documents and more particularly in the Small Business Act and its Review in 2011, the 2006 Communication, the 2013 Expert Group on SME Transfers and the recent Entrepreneurship 2020 Action Plan. Special attention is devoted to the important challenge of efficient matching platforms in Europe. As observed in the latest (2013) EU Expert Group on Business Transfers: There is no development in the type of matching platforms recommended by the 2006 Expert Group. The “landscape” of matching platforms in Europe has changed over the past 10 years, with, among others, the co-existence of private on-line platforms alongside the public platforms. There is a need for an update in quality standards and for the consultation of matching platforms themselves in order to understand their working and identify good practices.
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This literature study reviews 300 academic publications on digital matching platforms, SME business transfers and the underlying drivers for success in matching and business transfers. How to build digital trust, how to select partners digitally and how to predict survival of digital matching platforms themselves? The outcomes are input to improve digitale matching of sellers and buyers of SME business transfers in Europe.
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The EU and national governments rely on expert panels and opinions for their policies (EU, 2003; EU, 2006a; EU, 2006b) on SME ownership transfers. Also entrepreneurs depend on expert opinions and advice. We know from expert studies that expert judgment may lead to confusion and conflicting results. Can we rely on expert opinions in ownership transfers, especially if there are different specialists involved? 71 Dutch SME specialists on ownership transfers (accountants, bankers, business brokers, business consultants) and 10 entrepreneurs were interviewed with open questions. The answers were counted and the averages of different groups of specialists were tested by one-way ANOVA and Tukey’s HSD. The results indicate that expert opinions are largely divergent on issues, but become convergent on solutions. Most given solutions by experts are more awareness/information and involving professional advice. Not the accountant, the international most widely used advisor by entrepreneurs in ownership transfers, but the business broker seems best fit to advice. Business brokers are active in more phases of the ownership transfer, are better connected to other specialists and have the most structured working method. We detect serious market failure to provide advice for entrepreneurs on business transfers. More than one specialist is needed, the best suited advisor - the business brokers - are unattainable for most micro firms. To overcome market failure transfer vouchers might connect entrepreneurs better to business brokers. Our results are confined by the sample, being small, select and national
