“…Family‐owned businesses (FOBs) make up more than 60% of all the companies in Europe, 90% of Japan and the USA (Strazovska & Jancikova, ) while creating an estimated 70–90% of global annual gross domestic product (Overbeke, Billimoria & Somers, 2015). In many countries, such commercial enterprises are the main drivers of economic activity, growth, and sustainability (Overbeke, Bilimoria, & Somers, ; Pearson, Carr & Shaw, ; Miller, Minichilli, & Corbetta, ; Miller, Le Breton‐Miller, Minichilli, Corbetta, & Pittino, ; Wang, ; Al‐Dajani, Bika, Collins, & Swail, ). Therefore, these businesses' performance and sustainability is a vital issue for both the business itself and the wider economy.…”