Ambidexterity commonly refers to the simultaneous pursuit of exploration and exploitation and may be particularly beneficial for family firms. In this study, we investigate how family CEO and top management team (TMT) family affiliation influence ambidexterity. In addition, we consider the role of family ownership dispersion and how it impacts the ability of the top managers of family firms to foster ambidexterity. We test our hypotheses on a unique dataset combining archival and multiple respondent survey data of 167 German family firms. Our results shed light on conditions under which family-led leadership can pursue ambidexterity.