El impacto de las orientaciones estratégicas de los compradores en los resultados financieros de las PyME tras la adquisición[L’impact des orientations stratégiques des repreneurs sur la performance financière postreprise des PME]

The economic and social stakes of business transfer have become increasingly important in many countries. Consequently, the scientific community has addressed many issues related to the transfer of leadership and ownership, particularly in the context of SMEs. However, few studies focus on the strategic and financial consequences of this change of control. This article proposes to study the effects of the strategic orientations of the successors on the post-succession financial performance of SMEs. In particular, it seeks to determine whether differences are observed depending on whether the successor is an internal (member of the family clan or employee) or external (stranger to the firm) party. A sample of 90 French SMEs was selected with the support of several French Chambers of Commerce and Industry. The results show that the strategic orientations of external successors tend to increase the growth of the SME, while those of internal successors increase its profitability.