Owner-managers of private family businesses are vulnerable to escalation of commitment, which can lead to costly failure. In an effort to help private family businesses reduce such costs and contribute to the resource dependence literature, I extend prior research on escalation of commitment (Staw, 1981; Woods, Dalziel, & Barton, 2012) to include two additional hypotheses, then test this model using a mixed sample of 125 students and 40 small business owners.