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Abstract This empirical paper aims to establish the link between the characteristics of family firms, their goals and performance as linked to the influence of financial literacy of their owner-managers. The used methodology is based on four case studies of Czech family firms involved in services, food production, manufacturing and electrical engineering. The exploration is based on semi- structured interviews with open-ended questions. This research tool allows us to precise our findings with ensuing discussions. We have found out that family firms do not insist on maximizing the profit of their activities, but they usually strive to keep the business in reasonably sustainable conditions with the first aim to financially secure the family and another more ambitious aim to hand the venture over to the next generation. Therefore, good name and high-quality products and services become important imperatives for family businesses. Money usually only plays a secondary role in business conduct, even though the owners are aware of their importance for continuous operations. Financial literacy of owner-managers and education of involved staff, in general, is important, but the practical experience and family tradition are considered to be more important. This is usually the case when the firm is small. After the firm extends the operation, the usual managerial systems and more advanced guiding practices including strict KPIs prevail.