Crisis and Turnaround in German Medium-Sized Enterprises

An Integrated Empirical Study

  • Thomas Wittig

Part of the Familienunternehmen und KMU book series (KMU)

Table of contents

  1. Front Matter
    Pages I-XXII
  2. Thomas Wittig
    Pages 1-10
  3. Thomas Wittig
    Pages 47-81
  4. Thomas Wittig
    Pages 83-177
  5. Thomas Wittig
    Pages 179-211
  6. Thomas Wittig
    Pages 213-267
  7. Thomas Wittig
    Pages 329-342
  8. Back Matter
    Pages 343-403

About this book


Thomas Wittig aims at gaining additional insights into the crisis and turnaround process of SMEs, investigating both, the turnaround success and the impact of turnaround on the family role in family firms. Based on a specifically developed integrated conceptual turnaround model, the author collected a sample of 209 turnaround cases of German medium-sized companies from restructuring experts working for German banks. Employing a variety of carefully selected statistical analyses he identifies key factors for turnaround success and finds specific archetypes of crises and turnaround. The study concludes with an analysis of the impact of a successful turnaround on the family firms within his sample. Based on the study’s insights he provides both, recommendations for future research and a set of practical implications for all relevant stakeholders of a turnaround situation.


  • Conceptual Model of Crisis and Turnaround
  • Analysis of the Turnaround Performance
  • Archetypes of Crisis and Archetypes of Turnaround
  • Impact of Turnaround on Family Ownership and Control

Target Groups

  • Researchers and students in the fields of strategic management, crisis & turnaround and family business

Family firm managers and shareholders, credit risk managers working for German banks, management consultants with focus on crisis and turnaround

The Author

Dr. Thomas Wittig wrote his dissertation under the supervision of Prof. Dr. Andreas Hack at the Witten Institute for Family Business (WIFU) at Witten/Herdecke University.


SME Family Firms Family Business Credit Risk Family Ownership

Authors and affiliations

  • Thomas Wittig
    • 1
  1. 1.Wittener Institut für Familienunternehmen (WIFU)Universität Witten/Herdecke Wittener Institut für FamilienunternehmeWittenGermany

Bibliographic information

  • DOI
  • Copyright Information Springer Fachmedien Wiesbaden GmbH 2017
  • Publisher Name Springer Gabler, Wiesbaden
  • eBook Packages Business and Management
  • Print ISBN 978-3-658-16385-3
  • Online ISBN 978-3-658-16386-0
  • Buy this book on publisher's site