Conceptualising family business 5.0 as a socioemotional wealth driven framework for responsible family business transformation

Abstract Purpose This paper introduces the construct of Family Business 5.0 (FB5.0) as a conceptual domain of Industry 5.0 (I5.0), providing a human-centric framework for sustainable digital transformation in family businesses (FBs). It explores how emerging technologies can be harnessed not only to optimise operations but also to strengthen human capital, organisational resilience and socially responsible value creation in an era of sustainability‑driven digital change. Design/methodology/approach Drawing upon interdisciplinary literature and recent case evidence, this paper synthesises perspectives from I5.0, socioemotional wealth (SEW), and family business management. It advances a conceptual model aligning SEW’s FIBER dimensions with I5.0’s core pillars, positioning FB5.0 as a guiding framework for sustainable, ethically aligned and stakeholder‑oriented digitalisation. Findings Family businesses, prioritising SEW, are well-suited to I5.0’s stakeholder-focused goals of human centricity, sustainability, and resilience, although risk aversion and family legacy may act as barriers to innovation. The FB5.0 model shows how SEW supports the aims of I5.0, leading to the ‘WARP’ outputs of Worker wellbeing, Adaptive performance, Responsible technology adoption, and Planet and community impact. Originality/value This paper frames digital transformation and innovation through FB5.0, advocating a shift from technology-led change towards people-powered, sustainability-oriented organisational evolution. It addresses a gap in FB and I5.0 research by offering theoretical insight and practical guidance for family business leaders seeking to future-proof their organisations while preserving core identity. In doing so, it responds to the theoretical limitation of existing frameworks by explaining how SEW shapes digital transformation mechanisms in FBs, and by proposing FB5.0 as a structured explanatory model.