Abstract We reassess the effects of family ownership and strong family control on non-family minority and non-controlling shareholders. We argue that assumptions and interpretations regarding the cost and benefits of family ownership in the extant literature need to be understood relative to other firm governance arrangements. More specifically, we posit and examine the relevance of the private benefits of family control in two key circumstances: top executive succession and the nature of family business groups. Diverse outcomes are shown to be contingent on the national institutional settings where firms are located.