Abstract
In this paper the long term viability of one of the most important Swedish family business groups, that of the Wallenberg family, is analyzed by focusing on strategic behaviour in three areas : (1) change versus continuity, (2) centralization versus decentralization in group decision making and (3) the handling of the succession problems. In all these areas it is clearly shown that there are different ways of achieving the overall objective of the family business group to survive and consolidate. Thus, to give a full explanation it is necessary to stress the importance of family values and norms. An indispensable condition for long term survival is, it is argued, the establishment and cementation of a dynamic drive, a tradition of self image which has been developed and maintained by earlier experiences told and impressed upon later generations both by story-telling within the family and, not least, by scholarly biographical research.