This paper sets out to identify the core characteristics of family ownership logic. Based on 20 in-depth conversations with family business owners representing different generations, life-cycles, sizes, and industries, listed or privately held, we suggest a family ownership logic indicating seven core characteristics. This logic is characterized by a stable and persistent ownership with few owners and a relative stable strategic development for which tradition and emotional ties are important. This paper concludes that in order to better understand family ownership logic we need to turn to alternative views on corporate governance and theories on psychological ownership. The implications of the family ownership logic are manifold. Related to agency theory and stewardship theory our empirical material raises several questions of relevance for the debate on governance in family-controlled firms.