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- Title
Legal Advisors and Family Business Owners: A Transaction Cost Understanding of "the Ownership Contract".
- Authors
Haag, Kajsa; Almlöf, Hanna; Madsen, Marina B.; Neville, Mette
- Abstract
Family business owners are dependent on legal advice to control ownership changes and uphold a functional balance between owners. This advice spans both family law and business law. However, family business owners are found to underutilize the legal instruments available, especially for small- and medium-sized enterprises. We explore the market for legal advice provided to family business owners. Our findings describe specific ownership costs that decrease owners' willingness and ability to contract. This avoidance of ex ante costs puts the owners at risk of extensive ex post costs that could ultimately jeopardize the business.
- Subjects
FAMILY-owned business enterprises; TRANSACTION costs; FAMILY business succession; SMALL business; COMMERCIAL law; LEGAL instruments
- Publication
Family Business Review, 2024, Vol 37, Issue 2, p292
- ISSN
0894-4865
- Publication type
Article
- DOI
10.1177/08944865231217882