From intention to action: drivers and obstacles to acquisitions in the SME context

Purpose Small- and medium-sized enterprises (SMEs) often intend to make acquisitions but struggle to complete them. This exploratory research aims to identify the main drivers of and obstacles to acquisitions in the SME context. Design/methodology/approach This research is based on 23 open-ended interviews, conducted with French SME managers and support organizations. Findings The authors identify individual, organizational and environmental drivers and obstacles, as perceived by SME managers when they consider undertaking acquisitions. These factors relate to the central role of the SME manager, a lack of resources and skills, the SMEs' goal to reach critical size in a particular field of activity and the need to develop support for SME managers. Originality/value By identifying both drivers of and obstacles to SME acquisitions, the current study moves beyond extant literature that focuses on the drivers of acquisitions achieved by large, listed companies. Our findings provide novel insights for SME managers, support organizations and public policy-makers.