The purpose of this research is to explore and understand conservatism and its impact on the family business external growth capacity at organizational level. Using a theoretical analysis approach and an exploratory study, this study analyzed three axes related to conservatism. Family values and entrepreneurial values were found to play the greatest role in constructing the conservative posture of the family; furthermore, the study sophisticatedly described the dimensions of conservatism that impact both positively and negatively the perceiving of family firm’s growth capacity. This study answers the question regarding the relationship between conservatism and family business. Further studies are needed to establish causal relationships and develop ways of measure, which will be used to quantify the impact of conservatism on external growth variables.