The transition from ‘family business’ to ‘business family’, or ‘family entrepreneurship,’ is a sig- nificant shift towards a conceptually diversified and innovative approach in family businesses. This model emphasises the importance of adapting to market changes and preserving key attributes, namely values and traditions. Collaboration among universities and family businesses brings new insights, innovative solutions and best practices to enhance competitiveness. Preserving values, traditions, and sustainability is crucial to the success of family businesses, at the same time collaboration among universities, businesses and communities brings economic and social development benefits but requires continuous development of educational programmes.