International Journal of Family Business and Management Studies Open Access Research Article Introduction "Shirtsleeves to shirtsleeves in three generations" [1]. This saying, which originated in the United States of America (USA), refers to the tendency of family-owned enterprises not to be financially sustainable during the reign of the third generation or thereafter. This notion is not unique to the USA and in many countries, this sentiment is echoed. In Brazil, they say: "Pairico, filhonobre, netopobre". Roughly translated, it means rich father,
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