Using the familyembeddedness perspective (FEP) as a framework, I review historicaltransformations that have reshaped families in the United States and elsewhere,profoundly affecting the composition of families, their internal dynamics, andtheir long-term stability. I examine the extent to which research published byfamily business scholars addresses these changes and provide suggestions forfuture research that investigates how the social and economic transformationsaffect families and the process by which families create and own/managebusiness entities.