Practices of governance in the policy of business succession: family in control?

The Distributor Fish located in the Brazilian of States of Santa Catarina had its date of foundation in 1950 and was commanded until 1980, represented the names here of fictitious form, by Ruben Castaña, that initially produced manipulation of canned fish and with the residues of the fish did ration for cattle and horses. About the history of the organization, the son of the founder began to carry on the activities in the company in the 80s, in order to develop the technology area focusing on scarce products at the time due to the Second World War. This entrepreneurial vision led the company in 1980 to transform the production of canned fish, cattle rations and equines, taking over the new niche market that is the factory of vessels for the fishing industry. The process of succession and professionalization of the family business demanded a change in its structure of ownership and control, which implies the reconfiguration of power relations - what can be called "corporate governance". In this research, he studied the company through its different stages of development of its history, characterized in terms of property distribution, the type of management and compliance with the provisions of governance practices and the promotion of an appropriate level of professionalism in its management.The present research is exploratory, with a qualitative approach, based on the Case Study method. This type of approach involves interviews and observations, resulting in descriptions of results and impressions of events. In this interview, conducted in March 2018, a script was used, with topics and issues divided into six thematic blocks (ownership, conflicts, family, succession, professionalization, and company), containing a total of tenopen questions and eightclosed questions. For the selection of respondents, the contact was with family members (partners and heirs) and through external professionals who are directly involved in the management and succession process of the two companies.Bringing the relevance of professionalization and the use of Corporate Governance practices to the succession process of the Company, the challenge lies in establishing adequate communication of the next steps, managing the three generations of the family that work together. A crucial point to be managed is the transfer of ownership of the founder, a member of the first generation, to his successors, be they second or third generation and the fourth generation with the support of another family as a shareholder. The process of professionalization of the company, which in the past presented a small family structure, through the challenges of capital market management and the work done for closing, demonstrates the effectiveness of the use of external actors to control and overcome a crisis, as the case analyzed. As a theoretical contribution, the authors intend to complement the financial and stock market, finance and strategic research using agency theory and measuring market performance and board influence, which is rarely studied in this contextfamily. It was therefore concluded that the pressure exerted by the controlling shareholder and other internal directors would contribute to reducing the positive impact of familyon performance. As social and empirical contributions, it will bring a better understanding of this issue in the emerging countries, which are the peculiarities in the Brazilian scenario, expanding the discussion when addressing an influential factor in the performance of companies family’s (council independence) still little explored in Brazil. The investigation is also related to the importance of the issue in relation to the opportunistic behavior of executives in companies. In most research, the emphasis is on agency problems, caused by the separation of ownership and management into large corporations. The factor of Brazil being an emerging country where lack of a strict legal system and control factors against corruption in these environments and public sectors emphasizes the importance of applying the " Practices of Corporate Governance " in the main developed countries, the which reflects the need for effective supervisory bodies that contribute to a better financial performance of companies family’s.