@article{LindLattuch2021,
  author    = {Lind, S. C. and Lattuch, F.},
  title     = {M\&As in family firms: keeping trust in the equation},
  series = {Journal of Business Strategy},
  volume    = {42},
  journal   = {Journal of Business Strategy},
  number    = {3},
  doi       = {10.1108/JBS-01-2020-0009},
  pages     = {188 -- 195},
  year      = {2021},
  abstract  = {Purpose. Experience suggests that a loss of trust may occur on both sides of the merger and acquisition (M\&A) equation - acquirer and acquiree - though the latter is more generally considered the most affected. The purpose of this paper is to explore how a loss of trust during the M\&A process in family firms can be avoided. An acquisition potentially triggers a loss of trust in the workplace and, as a result, a loss of productivity thereby causing the merged business to totter. Moreover, trust in a firm's owner tends to be a key driver in merging family firms. Design/methodology/approach. The authors investigated an expanding German family firm that recently acquired other family firms. They conducted in-depth interviews on all hierarchical levels in both the acquiring and the acquired firm. These cases are taken from a wider study of acquiring family firms completed in 2019. Findings. Value congruence, integrity and openness are found to enhance trust during M\&As, in particular, if the new owner of a merged enterprise is also a family entrepreneur. Under certain circumstances, the trust of employees in the acquired firm's previous owner can be transferred to the new owner. Originality/value. This study explores how specific circumstances of family firms impacts organizational trust in M\&A processes. The developed framework helps family firms to use characteristics of their specific nature as an asset to maintain their employees' organizational trust before, during and even after M\&As.},
  language  = {en}
}