Introductory paragraphs:

Family business owners often depend on legal advice to control ownership changes and uphold a functional balance between owners. This legal advice on ownership issues spans both family law and business law. Properly done, it creates contracts that protect the family’s interests during painful and/or emotional transitions such as death, conflict or divorce. 

However, our research showed that family business owners often underutilize the legal instruments available, either because they are afraid to contemplate unpleasant matters or they think one type of advisor can help them with all types of problems. Our research focused on exploring the market for legal advice provided to family business owners specifically about contractual ownership regulation to find out two things:

• Why is family business ownership insufficiently regulated by contracts?
• What factors impede the market for legal advice to family businesses and their owners?