Abstract
This research tries to find out how small and medium family businesses manage their resources in order to maximize their value. The result shows that small and medium family businesses manage resources in three stages, including the resource inventory, resource bundling, and resource leveraging. The value of resources varies in different stages of enterprise development. Family members create unique family resources by involvement and interaction, and they play a major role in resource allocation. Tacit knowledge embedded in the communication and coordination among family members and unique family history is difficult for competitors to learn and imitate.