The changes in economic conditions in Austria and low interest levels are having an increasing effect on the investment behaviour of companies. Before the World Financial Crisis, business with alternative investments was flourishing and since Austria’s economy has recovered from the crisis, alternative investments such as private equity and mergers & acquisitions (M&A) have increased.
Regarding these transactions, especially family businesses (FBs) often address their trusted consultants. These are, according to other studies, mainly tax consultants/auditors, financial lawyers and notaries.
The aim of this qualitative study was to analyse the investment and participation behaviour of FBs with an annual turnover of more than € 5 million both in the area of private equity and mergers & acquisitions. The study also aimed to investigate the investment behaviour of wealthy private persons (especially from family businesses) regarding private equity investments and M&A.
The study comprised, among others, the following questions:
The respondents constituted tax consultants, lawyers, notaries and auditors that have experience with family business private equity and M&A transactions.