Edited by Pramodita Sharma, Nunzia Auletta, Rocki-Lee DeWitt, Maria Jose Parada and Mohar Yusof
Chapter 9: Family social capital, transgenerational learning and transgenerational entrepreneurship
‘Is my son ready to take over the company? What are his advantages over an external CEO?’ With these questions in mind, Patr'cia Braile Verdi, the president of Braile Biomédica (BRAILE) recalls the events of the last five years. Patr'cia’s father, Dr Domingo Braile (76) is an award-winning surgeon, professor and self-taught engineer and he is regarded as an icon in the medical industry. His scientific research background prompted him to found BRAILE and to create and develop technologies and products in the field of cardiovascular surgery. Dr Braile led the business for over 30 years but advancing age and health problems forced him to step down from the company’s management. In 1992, at her father’s request, Patr'cia left her career as a lawyer and professor and joined the family business as administrative manager. After a financial crisis in 2009 Patr'cia succeeded her father as president. BRAILE’s activities have historically been financed with equity. Recently the company had to resort to private bank loans to settle some debts, generating instability. In spite of receiving various offers from multinational organizations, the family chose to perpetuate the company within the family. Patr'cia knew she would need help to resolve the company’s financial problems and keep the flame of innovation alight. The best way forward seemed to be to professionalize management and reorganize operations.
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