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Although prior research has indicated that ownership characteristics of a firm can influence how organizations are perceived, there is a gap in our understanding of the general associations that individuals have with the term “family firm.” Some argue that promoting a firm as family-owned can result in positive evaluations by stakeholders; others argue that it can result in negative perceptions about a firm. However, very few empirical projects have directly explored the associations that external stakeholders have with the term “family firm.” The purpose of this paper is to explore the associations that individuals in Switzerland have with the term “family firm.”

A two-stage study is conducted in this paper. In Stage 1 (n=138), the authors generated the list of associations that individuals had with the term “family firm.” The authors then categorized these associations into seven categories. In Stage 2 (n=321), the authors explored whether these associations were unique to family firms by asking participants in the “family firm” or the “publicly owned company” condition to assess which descriptors better represented the condition the characteristics of organizations in their conditions.

The findings indicate that there are seven general descriptor categories associated with the term “family firm.” These are: tradition and continuity, small and medium companies, trustworthiness, strong culture, corporate citizenship, professionalism, and career opportunities. The findings also indicate that individuals have different associations with the terms “family firm” and “publicly owned company.” While the term “family firm” is primarily associated with traditional, small, and trustworthy companies, the term “publicly owned company” is often associated with companies that are profit-oriented, large, and thought to offer superior career opportunities. Theoretical and practical implications of these results are discussed.

This study continues to build our understanding of branding in family firms by helping us connect the term “family firm” with the direct associations in the mind of the audience. This is important because it can help practitioners and researchers better understand under which conditions promoting family firms will have a positive influence on consumers.

The primary aim is to renew academic discourse on financial education in business families. It emphasizes the need for effective financial literacy programs to foster a healthier relationship with money, addressing both technical aspects of finance and its psychological and relational impacts among family members.

This perspective article explores the impact of money education within business families. It discusses the psychological effects of money education on family dynamics and decision-making in family businesses. The research draws on previous studies, surveys and practical examples to highlight the importance of financial education and its implications on family and business sustainability.

Financial education is essential in business families as it enables more meaningful discussions on money and wealth, fostering informed decisions and decreasing conflict. Yet, it is often overlooked. There is a need for academic research into effective strategies for financial education for family members and the effects of financial literacy, or its absence, on various aspects of the business and the family system. The article presents a selection of pertinent questions for future research in this domain.

This article contributes to the family business field by underscoring the gap in scholarly research on money education within family businesses. It advocates for comprehensive financial education strategies that balance technical knowledge with an understanding of the psychological and relational aspects of money.

Evidence suggests that some stakeholders perceive family firms as more trustworthy, responsible, and customer-oriented than public companies. To capitalize on these positive perceptions, owning families can use references about their family nature in their organizational branding and marketing efforts. However, not all family firms actively communicate their family business brand. With this in mind, the purpose of this paper is to investigate why family firms decide to promote their “family business brand” in their communication efforts toward different stakeholders.

Data for this study were collected using an in-depth interview approach from 11 Swiss and German family business owners. Interviews were transcribed and coded to identify different themes that help explain the different motives and constraints that drive their decisions to promote the “family business brand.”

The analyses indicate that promoting family associations in branding efforts is driven by both identity-related (i.e. pride, identification) and outcome-related (e.g. reputational advantages) motives. However, there are several constraints that may negatively affect the promotion of the family business brand in corporate communication efforts.

This paper is one of the first to explore why family businesses decide to communicate their “family business brand.” Building on the findings, the authors present a conceptual framework identifying the antecedents and possible consequences of promoting a family firm brand. This framework can help researchers and practitioners better understand how the family business nature of the brand can influence decisions about the company’s branding and marketing practices.