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Research results of family business governance play a prominent role in family business literature. In Hungary the majority of family firms are micro and small enterprises. This paper aims to map the most important international research findings regarding micro and small family business governance and to present the results of interviews conducted with Hungarian micro and small family businesses. The authors’ research highlights that in the case of Hungarian micro and small enterpri-ses, classic, family business specific agency problems (self-control, parental altruism, family opportunism) can be revealed. Nonetheless, the use of family business management tools is not typical in the examined group of entrepreneurs. This research points out second-generation family members’ openness to the introduction and application of family business governance tools. [ABSTRACT FROM AUTHOR]