In this paper the author draws on recent study offamily farming and agribusiness trends in Europe, USA, New Zealand and Australia. He reviews the characteristics of traditional family farms in Western countries. He then indicates major global trends which are impacting on the ways in which agriculture and the food andfibre system operate. The major cultural and business changes which should be considered by each farm family are then reviewed. With reference to family farm case studies he indicates how some successful farm families are responding to the demands of the new globalised food and fibre system. The author concludes that an exciting and rewarding new era in family farming is emerging but only for those farm families willing to challenge their traditional sacred cows.