Familial SMEs are studied in the framework of the Positive Agency Theory. The originality of this contribution comes from the distinction between two main characteristics within the governance of familial SMEs namely, ownership and management. An empirical test was carried out for the first time on a European sample of enterprises distinguishing between familial and non familial managers in familial structures [Burgart and ali 2003], and testing the intensity of familial control procedures according to Neubauer and Lank [1998]. Our results suggest that financial performance increases when enterprises clearly separate functions of ownership and management.