Management Buyouts and Small Business Performance: An Exploratory Examination and Research Agenda


  • Garry D. Bruton University of Tulsa
  • J. Kay Keels Louisiana State University
  • Elton Scifres Stephen F. Austin State University


Management buyout activity is increasingly shifting from large firms to small firms. However, to date, little is known about how such activities impact the performance of small firms. This research has identified a sample of small firms that have undergone a management buyout and found that, relative to other firms in their respective industries, these small buyout firms experienced performance gains similar to those experienced in buyouts of larger firms. Suggestions for extending this area of research are made.


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How to Cite

Bruton, G. D., Keels, J. K., & Scifres, E. (1994). Management Buyouts and Small Business Performance: An Exploratory Examination and Research Agenda. Journal of Small Business Strategy, 5(1), 11-20. Retrieved from