Author: Jon Martínez Echezárraga Visiting professor at IESE Business School and a professor at ESE Business School, Universidad de los Andes in Chile, where he also leads the Center for Business Families. Pedro is a third-generation member of a family-owned firm founded by his grandfather. He lost his job 10 months ago, and his mother,…

Last Sunday, Brazilians returned Luiz Inácio Lula da Silva to the presidency with just over 51% of the vote, against 48% for Senator Flávio Bolsonaro. It was the first time since direct elections returned in 1989 that a candidate who lost the first round went on to win the runoff. Markets were caught off guard:…

For many business families, a family office takes shape before anyone calls it one. Dividends accumulate, a division is sold and the family holding company builds a portfolio beyond its stake in the operating business. Eventually, that wealth requires its own resources, people and decisions. Pontegadea offers a well-known example. Created in 2001 to reinvest…

In many family businesses, the main shareholders also serve on the board of directors. It makes sense. They know the company’s history, bring the owners’ perspective, feel personally invested in the business and have a clear interest in its continuity. But being logical doesn't mean being free of risk. In this article, we’ll examine both…