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The purpose of this study is to examine factors contributing to family firms’ survival in the ongoing COVID-19 crisis; in this endeavour, the study espouses the underpinnings of social exchange theory and entrepreneurial resilience.

The views of 128 Italian family micro and small-sized firm owners/managers operating in different industries were gathered through an online questionnaire.

The analysis uncovers 12 fundamental factors contributing to firms’ survival; these are encapsulated in three dimensions and presented in two theoretical frameworks. The “beneficiary” dimension stresses the support from various internal and external stakeholders, while the “benefactor” dimension illustrates the commitment to extend the family tradition and be responsive to stakeholders. Finally, the “immersion/embeddedness” dimension denotes firms’ entrepreneurial behaviour, agility, decision-making and drive.

Firstly, and from a practitioner perspective, this study addresses recognised knowledge and research gaps in contemporary family business research, including how family firms are confronting the current unprecedented crisis. This response to current extant gaps provides first-hand empirical findings that could be primarily considered by industry stakeholders. Secondly, and from a theoretical angle, the aforementioned dimensions revealed through the analysis, coupled with the development of a theoretical framework, contribute to conceptual rigour and, therefore, a deeper understanding of family firms’ journey through an unprecedented event.