Does educational attainment affect the income from family enterprises? This study examines this relationship from various angles. Heteroskedasticity proves to be an important econometric factor in determining the optimal estimation strategy. In Ghana, educational attainment of the entrepreneur has a small positive effect, which represents primarily a contribution to allocative efficiency. The size of the effect is close to the rate of return estimated for Ghanaian employees. Educational attainment of the entrepreneur's family members has a significant positive effect, reflecting the idea that as family members share financially in die firm's outcome, they volunteer services from their human capital stock.