Swiss SMEs face a growing succession challenge as many owners’ approach retirement and suitable successors are difficult to find. If family succession is not available, management buy-outs are an important option because internal buyers already know the company, its people and its customers. This familiarity is valuable, but it can also hide the shift from manager to owner. The thesis studies the first phase after closing and asks which lessons help buyers and BDO AG prepare succession more effectively.

The study links a targeted literature review with an exploratory qualitative design. The review covered Swiss SME succession, management buy-out routes with management buy-ins as comparisons, post-acquisition integration, entrepreneurial competencies and information asymmetry. Sixteen interviews formed the empirical basis. They included eight buyers, five BDO experts and three bank representatives. The interviews were coded with literature-based deductive categories and inductive themes. The analysis led to a practical framework for BDO AG and future MBO buyers.

The results show MBO buyers have an insider advantage, but it does not replace ownership preparation. Buyers need ownership readiness in addition to transaction readiness. After closing, integration is mainly a leadership task. Buyers must reassure employees, clarify decision rights, define the predecessor role and introduce change with care. The expectation gap is usually not caused by an unknown company. It emerges when familiar issues gain new weight because the buyer carries final responsibility for people, liquidity, debt, strategy and private risk. Operational expertise is therefore insufficient. Buyers also need judgement, communication, delegation, resilience, realistic self-assessment and legitimacy in the new role. Due diligence remains necessary, but it cannot fully transfer tacit routines, customer and supplier relationships, informal dependencies or former owner judgement. Structured handover, shadowing, dependency mapping and continued learning are essential.