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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Letting go of the firm or “my baby” as some entrepreneurs describe their creation, leads to a certain amount of stress (Rahim 1996, Kets de Vries 1999). Dealing with stress in singular events as the transfer of a business, is hardly been subject of research (Uy et al. 2012). Improving coping strategies in business transfers for the incumbent could be of importance as statistics indicate the continued aging of owners in the European Union. Expanding the possibilities of incumbents to sell their business and move on to their next phase in their life would help to offset such negative effects to each national economy. The number of failed business transfers of viable SMEs now threatens innovative driven European economies (European Commission 2003, Van Teeffelen 2010, Stone et al. 2004). A recent study calculated that the Dutch economy suffers 20,000 unnecessary SME liquidations and approximately 10,000 failed successions per annum, with a projected economic damage of 80,000 jobs, a loss of turnover of almost € 4 billion and a destruction of assets of about € 2 billion yearly (Van Teeffelen 2012). Therefore we believe that coping strategies and psychological barriers in business transfers deserve more academic attention. Our aim is to check and add items to the list of psychological barriers and finally to relate barriers to coping styles. Therefore we engaged in a qualitative study that seeks to explain a particular issue and allows the researcher to study issues in depth and produces detailed data on a small number of individuals (Hyde 2000).
Every year I talk to many entrepreneurs about business transfers and acquisitions. Only rarely do they tell me that it was a cinch. Buying or selling a business is complex. For a start, a business should be shipshape from an organizational and administrative perspective, while several legal and fiscal matters also affect the transaction. Moreover, many parties are involved in a business transfer: the buyer and the seller, of course, but also the employees, the spouse and/or family of the entrepreneur, the customers and suppliers. Emotions and trust also play a central role in selling a firm. Many owner/managers find it hard to abandon their business. The fact that a transaction of fixed assets may also be involved is another complicating factor. Is it a good thing to include fixed assets in the sale, or in fact the reverse? Considering that most people find it quite hard to sell their own house, engaging an estate agent to do it for them, it is understandable that buying and selling a business is a transaction fraught with difficulties.
