Chapter 9 explores the concept of stewardship within family-controlled businesses, examining why family ownership endures despite prevailing corporate governance theories favoring dispersed ownership. The chapter challenges traditional law and finance perspectives that attribute insider control solely to private benefits or entrepreneurial vision, proposing instead that stewardship – rooted in a sense of responsibility to family, community, and employees – plays a central role. Through case studies, including Inman Mills, a South Carolina textile company, the chapter illustrates how stewardship can drive long-term strategic thinking, resilience against market pressures, and a commitment to sustaining community ties. The chapter also discusses the role of markets in disciplining family businesses, highlighting the potential for stewardship to coexist with competitive market dynamics. By situating stewardship within broader economic and legal frameworks, the chapter offers a nuanced understanding of why family businesses can thrive even when conventional models predict their decline.