Mellan planering och anpassning: Affärsänglars förhållningssätt till exit genom investeringsprocessen

Sammanfattning

Abstract Title: Between planning and adaptation: Business angels approach to exit through the investment process Author: Nova Johansson Rahm Examiner: Diamanto Politis Supervisor: Hans Landström Purpose: The purpose of this study is to discover new aspects and deepen the understanding of exit issues by describing and developing business angels exits throughout the investment phases. Method: The thesis is based on qualitative research methodology with an abductive approach. Data collection was conducted through semi-structured interviews with three angel investors as respondents. The empirical material was analyzed inspired by the Gioia methodology to identify aggregate dimensions and explore an in-depth understanding of exits. Conclusion: The exit emerges as a dynamic, non-linear process shaped by the business angel´s prior experience, the nature of the investment process and the unique uncertainty factors of the investment. The thesis shows that an entrepreneurial background promotes a proactive and systemic approach, whereas less experience tends to lead to a more reactive exit realisation. Through the proposed perspective of the Theory of Unplanned Behaviour (TUB) it is explained how strategies are developed through strategic flexibility and situational adaptation than solely static planning. Keywords: Business Angel, Exit, Exit strategies, Investment process