This research focused on deepening the understanding of how family firm leaders define and measure success. Family firms are a significant component of the U.S. economy, in terms of revenues, employment and number of establishments. However, neither scholarly researchers nor family firm practitioners have yet to reach consensus on how best to define and measure success for family firm leaders. This research quantitatively analyzed a series of hypotheses to determine if success as measured by the multidimensional configurational fit model could overcome weaknesses previously associated with measuring success using one-dimensional metrics commonly applied to non-family firms. Based on the findings, this research partially supports the configurational fit model as a superior approach for defining and measuring success among family firm leaders. However, the present research also identified challenges associated with family firm research, which suggest several fruitful avenues for additional research.
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