Abstract

There are wide array of theoretical perspectives being applied to M&A research. Yet research remains primarily focused on the level of the firm and concentrates mainly on the buyers’ perspective. Several researchers have pointed out that given the importance of the sellers of entrepreneurial firms, research from the sellers’ perspective could educe interesting findings. This study addresses that knowledge gap, the missing sellers’ perspective. It presents an approach to M&A research that enhances and adds to theory building. The Expectation, Realisation and Outcome (ERO) Model provides insights and allows one to compare and contrast acquisition scenarios. The model displays robust and comprehensive results through a mapping process. The conceptual model and the mapping process can be of use across the varied theoretical perspectives of applied research. And equally, the model has proven useful in eliciting interesting insights regarding seller expectations. It also has potential to be used by practitioners in dealing with entrepreneurial firm acquisitions and therefore could make a valuable contribution to the engine of economic growth.