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

The study links a targeted literature review with an exploratory qualitative design. The review cov-ered Swiss SME succession, management buy-out routes with management buy-ins as compari-sons, post-acquisition integration, entrepreneurial competencies and information asymmetry. Six-teen interviews formed the empirical basis. They included eight buyers, five BDO experts and threebank representatives. The interviews were coded with literature-based deductive categories andinductive 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 prepa-ration. Buyers need ownership readiness in addition to transaction readiness. After closing, inte-gration is mainly a leadership task. Buyers must reassure employees, clarify decision rights, definethe predecessor role and introduce change with care. The expectation gap is usually not caused byan unknown company. It emerges when familiar issues gain new weight because the buyer carriesfinal responsibility for people, liquidity, debt, strategy and private risk. Operational expertise istherefore insufficient. Buyers also need judgement, communication, delegation, resilience, realisticself-assessment and legitimacy in the new role. Due diligence remains necessary, but it cannot ful-ly transfer tacit routines, customer and supplier relationships, informal dependencies or formerowner judgement. Structured handover, shadowing, dependency mapping and continued learningare essential.