We demonstrate how latent profile analysis (LPA) can be applied to generate profiles (i.e., homogenous subgroups) in a sample of family firms. In doing so, we highlight how LPA can provide additional insight into family firm phenomena when used in conjunction with other methodological approaches (i.e., regression). We compare LPA with other techniques (i.e., cluster analysis and qualitative comparative analysis) and show LPA’s superior ability to capture complex patterns of important family firm characteristics. We demonstrate how profiles can be linked to differences in dependent variables, providing family firm scholars with a tool to assess heterogeneity and its consequences among family firms.