Research in the area of family business aims to understand three primary issues: (1) how family firms are different from non-family firms, (2) what the competitive advantages for family firms are, and (3) how families can transfer knowledge about their competitive advantage between generations. In this paper we use the concept of family firm capital to differentiate competitive advantages of family and non-family firms, and to clarify what are the different types of knowledge that are important to transfer across generations of families. We also borrow from the socialization literature to provide a framework to explain how knowledge can be transferred across family generations and family employees. We discuss this model and present potential implications for family business research.