Valeur et évaluation des entreprises familiales

Gérard Hirigoyen

Revue française de gestion, 2014, vol. N° 242, issue 5, 119-134

Abstract: This article aims to show that the traditional view of value and valuation problem does not fundamentally correspond to the case of family businesses. Indeed, in this form of company, the goal of the family shareholder is not limited to the maximization of financial wealth; and its value creation horizon is not reduced to the short term but to the long term. He favors strategies that help to ensure the stability and sustainability of its business. After researching the reasons underlying the specificity of family businesses, the author highlights the diverse expectations of family ownership. Thereby, he opposes financial value against emotional value. The latter provides an assessment of regret felt by some family shareholders in divestment transactions. By neglecting the emotional component, traditional valuation methods probably do not interpret well the value of the company for the family shareholders.

Date: 2014
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