Last Tuesday, April 29th, CATÓLICA-LISBON hosted the third edition of the Family Business Day, an annual initiative organised by students of the Mastering Family Businesses course. The event aimed to dispel common myths and reflect on the challenges and opportunities that family businesses face today.
Under the theme "The Truth Behind Family Business: Myths vs. Facts", the event brought together business leaders, fund managers, academics and students for an in-depth discussion on topics such as legacy, innovation, generational succession, governance and long-term sustainability.
Moderated by undergraduate students, the four roundtable discussions featured representatives from companies such as MEXT – Mota-Engil, Casa Mendes Gonçalves, Porcel, Farmácias Silveira, Grupo Nabeiro, Grupo Manuel Champalimaud and Riberalves, as well as the private equity firm C2Capital.
The opening session was led by Filipe Santos, Dean of CATÓLICA-LISBON, who emphasised the structural role that family businesses play in the Portuguese economy. “They have been the backbone of our economy for over 50 years, with a long-term dynamic that sets them apart from other types of companies,” he stated, while also highlighting their deep-rooted connection with local communities and the social impact they generate in their regions. In a world increasingly shaped by geopolitical fragmentation, Filipe Santos warned of the growing importance of maintaining “national decision-making centres” as a way to protect companies' identity and strategic independence.
The notion that legacy hinders innovation was strongly challenged throughout the day. On the contrary, many speakers demonstrated how a founder’s legacy can serve as a powerful driver for transformation. Sílvia Mota, CEO of MEXT – Mota-Engil, argued that “legacy holds a spirit of innovation and entrepreneurship”, and that this symbolic capital is what enables the company to build a solid future: “We pursue innovation, but with our feet firmly on the ground and guided by the original culture of Mota-Engil”.
Similarly, Carlos Gonçalves, board member of Casa Mendes Gonçalves, stressed that long-term planning creates opportunities for meaningful impact. “We have a huge responsibility and a huge opportunity. Planning long term allows us to create impact”, he noted. For him, the company’s mission extends beyond business: “We have a responsibility to develop the region and the country”.
The connection between legacy and innovation was further reinforced by Filipe Santos, who suggested that creativity often thrives more under constraint than in boundless contexts. “When we face restrictions, we become more creative”, he said, adding: “Between radical innovation and continuous improvement, the latter tends to win”. The key, according to CATÓLICA-LISBON’s Dean, lies in shared purpose: “When people share a common purpose, they make commitments around it”.
Generational succession, another central theme, was addressed by Luísa Roque, President of Porcel, and João Silveira, CEO of Farmácias Silveira. Both agreed that generational transition should be planned well in advance, requiring external experience and adaptability. “Humility, curiosity, listening to everyone and deciding alone”, was the formula shared by Luísa Roque to ensure legitimate leadership. For her, external professional experience is essential: “Successors in family businesses should always have work experience outside the company to be more credible and avoid seeing succession as an obligation”.
João Silveira shared the same view: “Working outside the company added value when I joined the family business”, he acknowledged. Both pointed to the older generation as the main barrier to succession. “The bottleneck to succession lies in the generation above”, Silveira stated, a conclusion that resonated with many in the audience.
The importance of robust governance, capable of balancing tradition with modern management practices, was another recurring theme. Dinis Cunha, International Markets Sales Director at Grupo Nabeiro and not a family member, highlighted both the value of company culture and the risks of a closed-off management style: “When you’ve been in a company for too long, your view of the ecosystem becomes narrower and more closed”. Even so, he emphasised the importance of keeping the founder’s spirit alive: “Transmitting the spirit of Mr. Rui, the will to do more and to do so with humility”.
André Oliveira, Partner at C2Capital, also advocated for family continuity as a strength. “Preserving family management is C2Capital’s goal. Continuity is critical to our investment strategy”. However, he issued a clear warning: “The red flag is when management is unmotivated or incapable. The challenge is whether there's willingness to strengthen leadership in order to protect the company”.
The session on business longevity featured insights from Tomás Champalimaud, Vice President of Grupo Manuel Champalimaud, and Ricardo Alves, board member at Riberalves. According to Tomás Champalimaud, longevity relies on “a family that endures over time, shared assets, and a common purpose”. He reinforced the idea that leaders should act with intergenerational responsibility: “We are usufructuaries, not owners of the company”. He warned that the biggest risks arise when a family grows faster than the business or when there is a lack of humility to recognise who is, or isn’t, ready to lead.
Ricardo Alves emphasised the importance of clear vision and collective leadership. “Clarity focused on numbers, KPIs, mission and vision for the company. Leadership is about the team.” For him, having external members on the board is vital: “They challenge us, ‘poke where it hurts,’ and bring different ideas and perspectives”.
In closing, Rita Coelho do Vale, Dean for Undergraduate Programs, stressed the importance of reflecting on the challenges of succession and intergenerational responsibility in family businesses.
With a packed auditorium of family business professionals, students and members of the academic community, the event confirmed the continued relevance and urgency of these conversations.