Research has shown that family firms differ from their non-family counterparts in terms of strategic behavior. Socio-emotional wealth (SEW) is a homegrown theory in this context explaining differences in decision-making by acknowledging the unique connection between a family and their business. This paper contributes to the ongoing research related to the theory of socio-emotional wealth by investigating individual, family, and family business values as antecedents and underlying motivators for SEW behavior, influencing strategic decision-making in family firms, directly and as a mediator via SEW. A qualitative study was performed to analyze this connection and the effects on strategic decisions made in family firms. The outcomes show that individual and collective family values are the main drivers of SEW behavior, changing over time and leading to a different focus on the dimensions of SEW, which is then represented in the strategic decisions made in the family business.