The purpose of this paper is to explore the implications of responsible ownership in long-lived family firms. Theoretically, the paper draws on responsible ownership. Responsible ownership is suggested as an alternative conceptualization of social responsible behavior in family firms. Empirically, the study draws on in depth case studies from Germany and Sweden. The study focuses on responsible ownership behavior towards two key stakeholders, i.e. employees and the home community. Thereby the study contributes to further the understanding of responsible ownership of family firms.