Innovation through tradition in family businesses

Family businesses have a crucial role in the economy. Most of the most successful companies in the world are family-owned. This is a double success because it is not easy to deal with family and business simultaneously, as shown in this research. Among all the paradoxes these businesses face, this research aims to investigate the paradox of innovation through tradition. Through a qualitative study with a sample of seven companies all around the world, the primary goal is to understand how the concepts of tradition and innovation are managed. Tradition is the main source of competitive advantage for family businesses, however, innovation is needed to adapt and survive. Providing the new generations with the skills and knowledge is also vital for ensuring the survival of the company, however the different trends of the market may have a negative effect on its continuity.