Implementation of Strategic Sustainability Frameworks in the Context of Family Business: A Quantitative Analysis

Abstract

Family business, which represents a significant segment of the global economy, combines family values with business activities. Building a strategy for sustainability in family businesses is a crucial factor for their long-term stability, development and ability to respond to dynamic challenges of the business environment. The scientific objective of this research was to identify the status of implementation and the perceived importance of the strategy and development of Slovak family businesses from the perspective of sustainability. To achieve the set objective, the methodological tool employed was a questionnaire survey of a sample of 457 Slovak family businesses. The established hypotheses were tested using the Chi-square test and the Hypothesis Test on Relative Frequency. From the results, it can be concluded that the majority of family businesses consider the implementation of a development and sustainability strategy to be crucial for their further progress and competitiveness, but most businesses have not yet implemented this process. It was found that the majority of family businesses are interested in a comprehensive framework strategy and sustainability, while its implementation directly depends on the size of the business. The results of the presented research provide valuable knowledge for the family business segment.

1. Introduction

Family businesses are among the most widespread forms of entrepreneurship and play a key role in the economy of most countries. According to Pilková et al. [1], they significantly contribute to the growth of the number of entrepreneurs and overall business activity, while creating stable jobs and supporting regional development. Their uniqueness lies in the combination of entrepreneurial and family values, which shape the decision-making, culture and strategic direction of the company [2]. This interconnectedness creates a specific dynamic, which is manifested mainly in long-term orientation, employee loyalty and responsibility towards local communities. In the Slovak business environment, family businesses have long been limited by the absence of a legal framework, which complicated their identification, support and research. This deficiency was eliminated by the adoption of the legislative amendment Act No. 112/2018 Coll., which introduced an official definition of a family business with effect from 1 July 2023 [3]. As stated by Naďová Krošláková [4], this step represents a fundamental shift towards systemic support for family business in Slovakia and allows for a more precise targeting of public policy measures. It should also be noted that the challenges faced by Slovak family businesses are not unique. Similar issues concerning the absence of formal definitions, limited institutional support, and a gradual emergence of sustainability practices have been reported across the post-Soviet bloc, suggesting a shared regional trajectory shaped by comparable historical and institutional legacies. Studies on family businesses in transition economies emphasize that these enterprises often struggle with the same systemic barriers, such as underdeveloped capital markets, unstable regulatory frameworks, and limited access to external expertise. This broader regional context highlights that the Slovak case is part of a wider post-transition pattern rather than an isolated national phenomenon [5]. Family businesses are characterized by a strong regional anchoring and a responsible attitude towards the environment in which they operate. Thanks to this, they are naturally predisposed to the implementation of sustainable principles, which are increasingly becoming an indispensable framework for strategic management [4].

A large body of research has highlighted these unique behavioral and strategic patterns through the lens of Socioemotional Wealth (SEW) theory. SEW emphasizes the non-financial goals of family enterprises, such as family control, identity, and legacy, which strongly influence decision-making and strategic orientation. This theoretical lens helps explain why family businesses often approach sustainability differently from non-family enterprises, as socioemotional considerations interact with economic objectives [6].

Sustainability in the context of family business represents a comprehensive approach encompassing environmental, economic and social issues and, in the case of family businesses, also the succession pillar [7,8]. As Sun et al. [9] state, the incorporation of these principles into strategic planning leads to greater resilience of the business and a positive impact on its long-term performance. Succession, as a specific aspect of sustainability in family businesses, plays a fundamental role in ensuring continuity between generations. In this regard, internal corporate structures also play an important role, which must be set up to support sustainable decision-making [7]. However, the implementation of sustainable strategies is not automatic. As Gómez-Mejía et al. report [10], businesses face many challenges associated with changing established practices, the need for investments and the adoption of new technologies. Family businesses have an advantage in this regard due to their flexibility, value orientation and long-term vision. Sun et al. [9] and Gómez-Mejía et al. [10] point out that family businesses that integrate sustainability into strategic plans usually achieve better economic results and a stronger reputation in relation to the public and stakeholders. Despite these assumptions, the implementation of strategic sustainability frameworks in family businesses remains insufficiently explored in Slovak conditions. As a result, a research gap arises, which opens up space for a closer analysis of sustainability within family businesses.

The scientific objectives of this study were threefold:

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To diagnose the status of implementation of sustainability strategies in Slovak family businesses;

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To evaluate the perception of the importance of sustainability strategies among Slovak family businesses;

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To identify the key factors influencing the implementation of sustainability strategies.

2. Literature Review

Family businesses form a fundamental pillar of the economic structure of national economies and represent a significant subject of research in the field of entrepreneurship. Their specificity is the connection of family values, business goals and generational continuity, which create a special framework for management and strategic decision-making [11]. By their nature, they are characterized by a strong value orientation, a long-term planning horizon and a close relationship with local communities, which makes them natural carriers of the concept of sustainable entrepreneurship [9,12]. In professional studies, they are often described as organizations in which there is a unique connection between emotional ties and economic decisions, which leads to a specific corporate culture and complex challenges, especially in the areas of management, succession or professionalization [13]. Family businesses face a dilemma between preserving traditional values and the need to respond to changing market conditions, with their ability to balance family and business interests often being crucial to their success [14].

The rapid rise of family businesses in the Slovak Republic was only possible after 1989, when the change of political regime led to the establishment of the first family businesses (FBs) that became part of the competitive market environment [15]. However, many of these businesses are currently in a critical phase of generational change, which is one of the most challenging moments in their life cycle [16]. The development of family businesses in Slovakia has also been influenced for a long time by the absence of a clear legislative framework. According to the amendment to Act No. 112/2018 Coll. effective from 1 July 2023, a family business is defined as a business company, cooperative or natural person-entrepreneur, in which members of the joint family, i.e., spouses, direct relatives, siblings or persons related up to the fourth degree and their spouses, meet the conditions set by law regarding ownership, management or economic benefit from the business. This legislative amendment enabled their systematic identification, research, and support from public policies [17].

However, the concept of a family business is not uniform either in the European or global space. In the past, various criteria—ownership, management, generational or value—were used to define it [18]. In some cases, the subjective perception of the business by the family plays a key role, while in others the definition is based on formal criteria such as the family’s ownership share, its involvement in the management of the company and the intention to pass the business on to the next generation. For the above reasons, it is significant that the Slovak Republic has proceeded to standardize the concept of a family business and create a legal framework that allows for its systematic identification and more effective targeting of support mechanisms.

Family businesses also play a specific role in promoting the concept of sustainability. Sustainability represents a multifactorial approach that integrates environmental, economic and social aspects of development [19]. In the case of family businesses, the dimension of succession naturally enters this framework, which determines the long-term viability of the company [20,21]. Family businesses generally perceive sustainable initiatives not only as an external obligation but also as an opportunity to preserve their legacy and strengthen long-term relationships with stakeholders [2]. As noted by Sun et al. [9] and Gómez-Mejía et al. [10], their orientation toward socioemotional wealth and intergenerational continuity often fosters a stronger commitment to sustainability compared to non-family businesses, although resource constraints may limit the scope of these initiatives. At the same time, it must be emphasized that the perception of sustainability is highly heterogeneous, with some family SMEs considering it a strategic necessity, while others approach it primarily as a reputational or compliance-driven activity [1,6,14]. Theoretical approaches such as socioemotional wealth theory and stakeholder theory suggest that these perceptions are not merely declarative, but actively shape real business behavior. According to Gómez-Mejía et al. [10] and Berrone et al. [6], family businesses’ orientation toward legacy preservation and stakeholder relationships can translate perceived sustainability concerns into concrete strategic actions. Their orientation towards long-term growth, responsibility towards employees and communities and intergenerational planning predispose them to implement sustainable strategies that often go beyond the scope of a normal business setup [22]. As Rovelli et al. [23] point out, family businesses are often more resilient to market fluctuations and economic crises, as their motivation is not exclusively short-term profit, but also the preservation of the family’s legacy, reputation and social status. However, this ability to think strategically for the long term does not necessarily mean the ability to adapt. Mariani et al. [24] point out that conservative management and aversion to external innovation can be obstacles to the effective implementation of modern ecological and digital strategies.

Recent comparative studies also highlight varying levels of sustainability adoption among family businesses internationally. For instance, Werner-Lewandowska et al. [25] identified that only 42% of family SMEs in the EU have a formal sustainability framework in place, with significant differences between Western and Central Europe. Similarly, Nikolakis et al. [26] found that in OECD countries, family businesses are less likely to adopt comprehensive sustainability practices compared to non-family businesses, primarily due to limited governance structures and resource constraints. These findings provide a valuable benchmark, indicating that the challenges observed in Slovakia are not isolated but align with broader European and global trends [27].

From an environmental perspective, family businesses play a significant role in the transition to a circular economy model, as they often operate in sectors where resource optimization has a fundamental impact on costs and competitiveness [28,29]. However, their engagement in this regard is often dependent on external motivation—the availability of state support instruments, regulations and social pressure [8,25]. Taghvaee et al. [30] point out that small and medium-sized businesses often have a lower adoption rate of environmental technologies despite their growing potential.

The social dimension of sustainability in family businesses is manifested mainly in relation to employees and local communities [31]. Family businesses often maintain long-term jobs, provide social benefits and participate in regional development [32]. This aspect increases their legitimacy and creates the conditions for higher stakeholder loyalty. However, in the case of Slovak family businesses, it is also necessary to underline weaknesses—in particular, low formalization of management structures, unpreparedness for generational changes and lack of strategic planning [33].

Succession, as a specific pillar of sustainability, is a complex, multidimensional process that affects not only organizational structures, but also the cultural and value setting of the entire company [34]. In the past, the selection of a successor was often determined by traditional values (e.g., primogeniture), but currently a competency approach is preferred, in which education, experience and willingness to continue the business vision play a role [35]. Nevertheless, many family businesses do not pay sufficient attention to succession planning, which can lead to their stagnation, sale or even extinction [17].

In this context, it is necessary to draw attention to the importance of a comprehensive approach to sustainability in family businesses. Their strategic advantage lies in the ability to combine economic, ecological, social and succession aspects into a single decision-making framework. If these dimensions are implemented purposefully, they can lead to increased competitiveness, brand strengthening and long-term stability of the business [36]. In conclusion, it can be stated that family businesses have exceptional potential in the area of sustainability, but they also face many specific challenges. The key to their long-term prosperity is not only legislative and institutional support, but especially an internal strategic setting that integrates sustainability as a natural part of the business identity. Given their growing importance for the national economy and the structural challenges they face, family businesses need to be examined as a separate phenomenon with special attention paid to their sustainability, generational change and ability to adapt to changing market conditions.

In order to anchor the analysis in theory, this study draws on the SEW perspective, complemented by stakeholder and stewardship theory, as guiding frameworks. These perspectives explain how the interplay of family values, long-term orientation, and the desire to protect non-financial wealth shape the adoption (or lack thereof) of sustainability strategies in family businesses. SEW suggests that family businesses are particularly motivated to preserve their reputation, legacy, and social capital, which often translates into stronger engagement in socially responsible and sustainable practices. Stakeholder and stewardship theory further emphasize the relational and intergenerational orientation of family businesses, providing a robust lens to understand why sustainability may become embedded as a strategic priority [37].

Based on the latest knowledge in the field of family business sustainability strategies, the following research hypotheses were formulated:

H₁. 

The size of the company plays a significant role in strategy implementation.

Many companies have developed skills in strategy formulation, but at the same time they are characterized by a low level of skills in its effective implementation. The reason may be underdeveloped leadership skills among managers, incorrect distribution of decision-making powers, insufficient ability to manage change, or lack of motivation. These are factors that prevent companies from successfully implementing the strategy [38]. Small and medium-sized enterprises, which include most family businesses, are less involved in the implementation of sustainability management compared to large companies, mainly due to limited resources. Therefore, small companies implement sustainable practices in their business to a lesser extent than large ones [39].

H₂. 

Most FBs do not have an implemented development and sustainability strategy with an emphasis on solving the specific problems of a family business.

Family businesses are more socially responsible than non-family businesses, but there is no consensus that family businesses outperform non-family businesses in terms of sustainable development. Family businesses may find themselves in a dilemma of how to respond to increasing public environmental awareness. Weaknesses of family businesses in technological areas, financial and human resources, corporate governance, and environmental management hinder their ability to respond to sustainable development responsibilities [40].

H₃. 

Most family businesses in Slovakia would be interested in implementing a comprehensive framework strategy for development and sustainability.

Strategy is very important for the development of a business [41]. Part of creating a strategy is defining specific goals and procedures for achieving them, where the sustainability of the business should also be included. According to Ernst et al. [42], sustainability is a constantly addressed topic and businesses are forced to deal with it. Sustainability is coming to the fore, especially among customers, who are currently increasingly preferring sustainable products. Companies are interested in stakeholders because they are subject to the social element that influences their decisions, and therefore there is a strong assumption that FBs will strive for the sustainability of their business. As a result, there is room for creating a general framework that could help family businesses and thus support their development.

3. Materials and Methods

The research was divided into several logically arranged parts. In the first part, an analysis of secondary sources on the issue of family business sustainability strategy was carried out. In this part, logical methods such as analysis, synthesis, deduction and comparison were used.

The second part focused on the analysis of primary data obtained using a questionnaire survey conducted online on the Google Questionnaires platform from March 2024 to May 2024. For the purpose of this research, FinStat was used to identify the general population of Slovak family businesses in line with the legislative definition [3], thus ensuring transparency and reproducibility of the sampling frame. FinStat is a publicly accessible business information platform in Slovakia that aggregates official company data from the Commercial Register, Trade Register, and Financial Statements. It provides comprehensive and regularly updated information about active businesses, including ownership structure, industry classification, and financial indicators. According to the FinStat portal (2024), there are 576,508 businesses in Slovakia, with around 70% of them considered family businesses [15]. By calculating the correction, we arrive at the level of 403,556 Slovak family businesses. Our research sample consisted of 5232 randomly selected FBs. One of the main criteria was that FBs must be selected randomly from all regions of the Slovak Republic and must be operating according to the legislatively valid definition. Random selection was carried out using a random number generator, thus ensuring equality and maximum randomness in the possible selection. The sample included respondents from all regions of Slovakia, with approximately equal representation across regions. This approach, however, does not necessarily reflect the actual distribution of family businesses in the national population, as they are more concentrated in certain regions and industries. While the initial sampling frame was random, the final sample consisted only of those family businesses that voluntarily chose to participate in the survey, which introduces an element of self-selection. Participation was voluntary, resulting in a final sample of 457 completed questionnaires, corresponding to a response rate of 8.73%.

Table 1. Basic identification of FBs.

Questions	Answers
Position in the enterprise	Owner	Manager		Owner and Manager		Employee		Other
	24.4%	16.8%		36.0%		21.5%		1.3%
Enterprise size	1–9 employees (micro enterprise)		10–49 employees (small enterprise)		50–249 employees (medium-sized enterprise)		500 or more employees (large enterprise)
	53.0%		28.0%		15.4%		3.6%
Enterprise legal form	Self-employment		Ltd.		Joint Stock		Other
	6.6%		85.2%		7.5%		0.6%
Enterprise active state	<5 years		6–15 years		16–25 years		>26 years
	10.4%		35.9%		24.6%		29.1%

Source: own research.

presents the basic identification of the respondents in terms of position, size, legal form, age, and sector of activity.

The questionnaire survey was divided into two parts. In the first part of the questionnaire, we devoted our efforts to identifying the research sample. We were interested in the position in the company (owner, manager, owner and manager, employee, other), the size of the company or the number of employees (micro-enterprise, small enterprise, medium-sized enterprise, large enterprise), the age of the company (1 to 5 years, 6 to 15 years, 16 to 25 years, 26 and more years), the legal form of the company (SZČO, S.R.O., A.S., other) and the sector of operation of the company (agriculture, industry, construction, trade, accommodation and catering, business services, transport/post/telecommunications). The second part of the questionnaire was devoted to finding out whether the respondents’ businesses have a specific business development strategy with an emphasis on solving specific problems of family businesses, whether the development and sustainability strategy provides family businesses with a competitive advantage, whether the respondents have implemented a development and sustainability strategy in their business, and whether the respondents plan to implement this strategy in their business.

The last part of the research focused on the evaluation of data obtained through a questionnaire survey. These data were evaluated graphically and descriptively using mathematical and statistical methods and the programs Microsoft Excel and Statistica 12. The formulated hypotheses were verified using the chi-square test and the hypothesis test of relative frequency. Before testing the defined hypotheses, it was necessary to determine the minimum size of the research sample (n), which is one of the basic conditions for generalizing the achieved results to the entire population [43]:

$$\mathrm{n}\ge {\displaystyle \frac{{\mathrm{z}}^2\times p\times \left(1-p\right)}{{\mathrm{e}}^2}}$$

(1)

where “z” is the critical value of the normalized normal distribution for 95% confidence, “n” is the minimum number of respondents surveyed, “p” is the estimate of the proportion of the population and “e” is the tolerable error level. For the research in question, it is necessary to make a correction in terms of specific FB characteristics, variability within FBs and accuracy and reliability of results. The following calculation was performed to carry out this correction [43]:

$${\mathrm{n}}_{\mathrm{c}\mathrm{o}\mathrm{r}\mathrm{r}\mathrm{e}\mathrm{c}\mathrm{t}\mathrm{i}\mathrm{o}\mathrm{n}}\ge {\displaystyle \frac{\mathrm{n}}{1+\frac{\mathrm{n}-1}{\mathrm{p}\mathrm{o}\mathrm{p}}}}$$

(2)

where “n” represents the sample size without considering the population and “pop” represents the population size. Verification of hypotheses H₀, H₂ and H₃ was carried out through a test of the hypothesis of relative abundance, which tells us whether the observed abundance differs significantly from the expected abundance. The calculation was carried out using the following formula [44]:

$$\mathrm{u}={\displaystyle \frac{p-{\pi }_0}{\sqrt{\frac{p.(1-p)}{\mathrm{n}}}}}$$

(3)

where “p” is the sample proportion, “n” is the range of the sample set and “π” is the reference value of the proportion. To verify hypothesis H₁, the chi-square test was used, which allows us to verify the statistical dependence between two nominal variables. The calculation was carried out using the following formula [44]:

$${\mathrm{x}}^2=\sum {\displaystyle \frac{{({\mathrm{O}}_{\mathrm{i}\mathrm{j}}-{\mathrm{E}\mathrm{i}}_{\mathrm{i}})}^2}{{\mathrm{E}}_{\mathrm{i}\mathrm{j}}}}$$

(4)

where “O_ij” represents the observed frequencies and “E_ij” represents the expected frequencies. If the differences between these frequencies are high, we reject the hypothesis; if they are small, we accept the null hypothesis, and we can attribute them to the action of random factors.

4. Results

Our questionnaire survey was completed by 457 Slovak family businesses, which is a return rate of 8.73%. Using the formula for calculating the minimum required sample of respondents and taking into account the correction made, we found that the minimum required return rate of questionnaires was 384. The return rate condition was thus met, which makes it possible to generalize the research results to all Slovak family businesses.

The first part of the questionnaire survey focused on identifying our research sample. The results of this part are contained in Table 1.

The basic identification of the research sample was supplemented by a question regarding the sector in which the family businesses operate. From the available data, the distribution was as follows: business services (11.9%), accommodation and catering (3.1%), construction (23.5%), industry (32.7%), agriculture (5.4%), trade (19.0%) and transport/post/telecommunications (4.4%).

The next section of the research presents the verification of hypotheses using the following methods: Chi-square test (Hypothesis H₁) and Relative frequency hypothesis test (H₀, H₂, H₃).

Hypothesis H₁ assumed that enterprise size plays a significant role in strategy implementation. Verification of this hypothesis is shown in

Table 2. Chi-square test for Hypothesis 1.

Hypothesis H1	Chí-square	Degree of freedom	p-level
	26.01	df = 6	0.000

Source: own research.

.

Based on the results of the Pearson chi-square test, we reject the null hypothesis of the independence of the variables in favor of the alternative hypothesis H₁, thereby confirming that there is a statistically significant relationship between them. We have confirmed the validity of hypothesis H₁.

Hypothesis H₂ assumed that most FBs do not have an implemented development and sustainability strategy with an emphasis on solving the specific problems of a family business. Verification of this hypothesis is the subject of

Table 3. Hypothesis 2—Test of relative abundance.

Hypothesis H2	Field of study	n	p	p0	u-test	p-level
	Implementation of strategy	457	82.01%	50%	14.04	0.000

Source: own research.

.

Based on the performance of the relative frequency test, where the p-level value is 0.000, we reject the null hypothesis in favor of the alternative hypothesis. We can thus claim that the majority of FBs do not have an implemented development and sustainability strategy with an emphasis on solving specific problems of a family business. We have confirmed the validity of hypothesis H₂.

Hypothesis H3 assumed that the majority of family businesses in Slovakia would be interested in implementing a comprehensive framework strategy for development and sustainability. The verification of this hypothesis is presented using

Table 4. Hypothesis 3—Test of relative abundance.

Hypothesis H3	Field of study	n	p	p0	u-test	p-level
	Interest in strategy	457	58.47%	50%	2.64	0.004

Source: own research.

.

Based on the results of the test, we reject the null hypothesis in favor of the alternative hypothesis (p = 0.001), i.e., the majority of FBs are or would be interested in implementing a comprehensive framework strategy and developing sustainability. We confirmed the validity of hypothesis H₃.

Hypothesis H₀ assumed that most family businesses are of the opinion that the implementation of a development and sustainability strategy is and will be crucial for their further development and competitiveness. The validity of this hypothesis was verified using the test of relative abundance, as presented in

Table 5. Hypothesis 0—Test of relative abundance.

Hypothesis H0	Field of study	n	p	p0	u-test	p-level
	Benefit of the strategy	457	80.39%	50%	5.47	0.000

Source: own research.

.

The test results validated the H₀ hypothesis. At the selected significance level (p-level = 0.000), it can be inferred that the majority of family businesses in Slovakia regard the implementation of a development and sustainability strategy as crucial for their future growth and competitiveness. The validity of hypothesis H₀ is also supported by the results of sub-hypotheses H₁, H₂ and H₃. These hypotheses identified key factors influencing the implementation of sustainability strategies—namely, the statistically significant effect of business size (H₁), the demonstrated lack of established strategies in most family businesses (H₂) and at the same time the declared interest in strategic direction for the future (H₃). The results of testing these sub-hypotheses provide a supporting evidence framework for the evaluation of the main hypothesis H₀. It is thus confirmed not only through the statistical test of relative abundance, but also in the context of broader analytical findings that summarize the basic barriers and motivations in the area of sustainability. Hypothesis H₀ therefore acts as an overarching statement about the attitude of family businesses in Slovakia, while its validity is strengthened by the results of previous analyses.

5. Discussion

Sustainability is widely recognized in the literature as a key factor that may support family businesses in pursuing their strategic goals and strengthening their long-term stability [39,45]. However, our study does not empirically verify whether these outcomes are achieved; rather, it examines how Slovak family businesses perceive and approach sustainability strategies. This distinction is important, as the findings are based on self-reported perceptions rather than on direct performance data. In the context of Slovak family businesses and from the perspective of sustainability strategy, this issue has not yet received sufficient attention. The authors Rovelli et al. [23] concluded in their research that attention to sustainability issues and its individual processes and procedures is very low in the conditions of family businesses. This lack of attention to sustainability issues in Slovak family businesses appears consistent with trends in other European contexts. For example, Bocken and Short [46] and Nguyen et al. [47] report that while awareness of sustainability is rising globally, the actual implementation in family-owned enterprises remains uneven, often lagging behind larger corporations. Therefore, the findings of this study contribute to the understanding of how these international patterns manifest in a transitional economy like Slovakia, underlining the need for policy and managerial interventions tailored to such contexts [48]. Our findings align with international patterns: while awareness of sustainability is rising in theoretical discourse, actual implementation remains fragmented. Strategic entrepreneurship models suggest that even motivated family enterprises struggle with capacities and formal structures needed for systematic sustainability action. This implies that the low adoption rates observed in Slovakia parallel challenges experienced globally, rather than being an isolated anomaly [27].

This fact underlines the urgent need for a correction that would bring various benefits to the FBs. Ferasso et al. [49] highlighted the importance of sustainability, claiming that it represents a fundamental parameter for gaining competitive advantage. Alkaabi and Ramadani [50] emphasize that achieving sustainability with a link to its strategy may be preceded by a number of different challenges and obstacles that will need to be overcome. The results of testing the partial hypotheses H₁, H₂ and H₃ create a consistent analytical framework that supports the validity of the main hypothesis H₀. The finding that the size of the company plays a significant role in the implementation of sustainability strategies (H₁), in combination with the identified lack of already implemented strategies (H₂), points to a certain discrepancy between potential and reality. However, this discrepancy is balanced by the result of H₃, which confirms the existing interest of family businesses in strategic direction in the field of sustainability. At first sight, the findings related to H₂ and H₃ may appear contradictory, as they simultaneously indicate that most Slovak family businesses have not yet implemented a sustainability strategy, while expressing a strong interest in adopting one. However, these two results should be interpreted as complementary: they reflect the gap between current practice and future orientation. This paradox is consistent with findings in other transitional economies, where enterprises often acknowledge the importance of sustainability but face barriers such as limited resources, lack of expertise, or institutional support that delay implementation. In conjunction with H₁, which highlights the role of enterprise size, the evidence suggests that smaller family enterprises are particularly prone to this intention–implementation gap. It is this combination of limitations and ambitions that creates a logical assumption that sustainability is perceived by family businesses as a relevant and desirable development goal—which is the core of hypothesis H₀. Its confirmation is therefore not only the result of an isolated test but is based on the comprehensive evidence base of the previous partial analyses, which together create a comprehensive picture of the attitude of businesses towards sustainability.

Hypothesis H₀, which states that the majority of family businesses believe that the implementation of a development and sustainability strategy is or will be crucial for their further development and competitiveness, was confirmed. Herrero et al. [51] state that the development of comprehensive strategies in family businesses is marked by many factors that need to be taken into account when creating them. Citterio et al. [52] add that there is strong variability in the understanding of these strategies among family businesses, which can affect their effectiveness and ability to adapt to market changes. The author Kanoatova [53] adds that the protection of family businesses in conjunction with the construction and planning of a sustainable future creates the key to successful long-term business. This fact thus underlines the importance of building various strategic plans.

Hypothesis H₁ stated that the size of the company plays a significant role in strategy implementation. We were able to confirm this hypothesis. Currently, only very few authors have conducted similar studies. Authors Adama and Okeke [54] claim that strategy implementation is possible only through changes in the organization’s business model itself. They further claim that the organization must evolve and adapt to achieve its strategic goals. Cheah et al. [55] claim that the performance of the organization, along with its proper setup, is directly related to and changes with the size of the company. Authors Jung and Shegai [56] concluded that the size of the organization can represent factors that affect the organization’s ability to create strategy. This claim directly supports the results we have achieved.

Hypothesis H₂, which discussed that most FBs do not have an implemented development and sustainability strategy with an emphasis on solving specific problems of the family business, was also confirmed. Song et al. [57] argues that building and implementing a strategy in a family business dedicated to development or innovation can significantly contribute to intergenerational transfer, which will ensure a stable business for many generations. Christanto and Tarigan [58] argue that creating a development strategy is beneficial for increasing competitiveness and improving the business. Research by Chaudhuri et al. [59] points to the fact that family businesses should pay attention to sustainability strategy, as it is a key concept for survival during a crisis.

Hypothesis H₃, which states that the majority of family businesses in Slovakia would be interested in implementing a comprehensive framework strategy for development and sustainability, was confirmed. Anggadwita et al. [60] argue that the interest of businesses in building their strategy is directly related to sustainability issues. They further argue that these concepts are closely related and mutually influence each other, therefore they must not be neglected. According to Signori and Fassin [61], the interests of individual family members can differ significantly. This mismatch of interests is the reason why, despite the fact that some of the owners of a family business are interested in implementing a comprehensive framework strategy, this does not in fact happen [62].

6. Conclusions

Family businesses are a fundamental part of modern economies, which reflects their extensive global importance. In combination with the issue of sustainability, family business becomes a key factor in finding a balance between choosing the right strategy, long-term development, continuous innovation, and the ability to adapt. Through consistent planning and the right choice of strategy, family businesses are enabled to contribute to sustainable growth and strengthen their resilience to the challenges of the current business environment. The scientific objective of this study was to identify the status of implementation and the importance of strategy and development from the perspective of the sustainability of Slovak family businesses.

Based on our findings, we concluded that most family businesses are micro-enterprises managed mainly by owners and managers, which have been in the marketplace for between 6 and 15 years. They are mostly limited liability companies, mainly engaged in industry, which consider the implementation of a development and sustainability strategy to be extremely important for their future development. The key role in this implementation is played primarily by the size of the enterprise, while the majority of FBs, although interested in implementing a comprehensive framework development and sustainability strategy, do not have such a strategy. In understanding family businesses, this factor may significantly limit their ability to respond to dynamic market changes and effectively plan long-term development, which could significantly affect their competitiveness and sustainability in the current business environment.

The findings of this study provide several actionable recommendations for owners and managers of family businesses. First, given that enterprise size significantly affects strategy implementation (H₁), smaller enterprises should prioritize building scalable sustainability practices, starting with low-cost measures (e.g., energy audits, waste reduction programs) and progressively integrating more comprehensive frameworks as resources grow. Second, the lack of existing strategies (H₂) suggests the need for structured strategic planning—managers should formalize sustainability goals, assign clear responsibilities, and integrate them into core business operations rather than treating them as peripheral activities. Third, the expressed interest in adopting sustainability frameworks (H₃) highlights an opportunity for proactive stakeholder engagement; involving employees, family members, and external partners early in the planning process can enhance buy-in and long-term commitment. Finally, policy incentives and industry networks should be leveraged to overcome resource constraints and to benchmark progress against peers. These steps collectively provide a practical roadmap for embedding sustainability as a core element of family business strategy, aligning long-term family goals with evolving market and societal expectations.

A limitation of this research is the relatively low questionnaire return rate, which, despite meeting the minimum required sample size, may slightly distort the results. As participation in the survey was voluntary, there is also a risk of non-response bias, since businesses with a stronger interest in sustainability or greater internal capacities may have been more willing to participate, thereby overrepresenting these groups in the final sample. For this reason, the findings should be interpreted with caution when generalizing to the entire population of Slovak family businesses. Another limitation is the absence of repeated analysis over time, which would allow capture of the dynamics of sustainability strategy implementation and provide deeper insights into the long-term stability of decisions made. Future research should therefore not only employ follow-up strategies to mitigate non-response bias (e.g., weighting adjustments, multiple contact waves, or triangulation with secondary data), but also consider longitudinal designs that can reveal developmental trends and causal mechanisms. Future research should therefore complement perception-based surveys with longitudinal designs and objective performance indicators in order to provide a more robust assessment of these relationships. Finally, limitations also concern the applied statistical procedures. Although chi-square tests and tests of relative frequency are methodologically appropriate for categorical survey data, they represent relatively simple techniques that may not fully exploit the richness of the collected dataset. More advanced methods such as logistic regression, multivariate analysis, or structural equation modeling could potentially provide deeper insights into the determinants of sustainability strategy implementation; however, their application would require a different research design, a broader set of variables, or a larger sample size.

Future research could also focus on the regional dimension of family business development and sustainability strategies. A detailed comparative analysis of regional differences would provide valuable insights into how territorial factors influence the adoption and implementation of sustainability frameworks. Future research should focus on designing agile methodologies that could assist family businesses in creating comprehensive framework strategies, thereby increasing their competitiveness in the future.