Insights

Essays on succession, technology, and the future of Portuguese family businesses.

Soul and structure: what we mean by preserving identity

The emotional argument. The safeguards in the shareholders' agreement explained in detail.

1 min · Continue →

Six things technology can change in a Portuguese SME (and four it cannot)

Concrete capability demonstration with honest limits.

The case for keeping majority

Why a 30-50% operator stake works better than a full sale. Worked financial examples.

What the buyer doesn't tell you

An honest critique of the three conventional succession routes: sale to a competitor, sale to a PE fund, sale to an industry consolidator.

The third path: why selling isn't the only succession option

The foundational thesis. Most Portuguese founders are told they have three options — sell, close, family. There is a fourth.