Observatory — Natalia Cacciari Garavito
PAS Family Enterprise Observatory

What forms of wealth
sustain continuity
and which ones
rarely get named?

An ongoing research initiative exploring the human dynamics that shape continuity across generations in family enterprise systems. Through conversations, field observations and emerging questions.

An independent research initiative, with a fixed methodology and an editorial validation process with every interviewee.

The Observatory does not produce answers. It produces better questions.

Observing what continuity requires beyond governance.
Observatory Notes
Note #006
Giving While There's Still Time to Multiply
Wealth · Timing · Stewardship

Giving While There's Still Time to Multiply

What several voices reveal about sharing wealth while the next generation still has time to build with it. In dialogue with Ferran Fisas, second-generation owner of La Farga and advisor at Exaudi Family Business Consulting.

Ferran Fisas · Fernanda Jaramillo · Cristina Carvajal
July 2026
Note #005
When Truth Becomes Speakable
Truth · Trust · Relational Safety

When Truth Becomes Speakable

What several voices reveal about what allows family enterprise systems to hold the truth together. In dialogue with Wendy Sage-Hayward, advisor at The Family Business Consulting Group (FBCG).

Wendy Sage-Hayward · Fernanda Jaramillo · Liliana Carbone · Daniela Maytorena · Guillermo Salazar
July 2026
Note #004
What Deserves to Be Preserved
Form · Continuity · Letting Go

What Deserves to Be Preserved

What deserves to be preserved is rarely the same as what once made a family successful. In dialogue with Sébastien Damery, eighth-generation shareholder of one of the family groups behind Peugeot.

Sébastien Damery · Guillermo Salazar · Fernanda Jaramillo · Liliana Carbone
July 2026
Note #003
The Hardest Thing to Redesign Is Success
Continuity · Identity · Adaptation

The Hardest Thing to Redesign Is Success

What made a family enterprise successful may be exactly what it now needs to let go of. In dialogue with Fernanda Jaramillo, Partner at Lansberg Gersick Advisors (LGA).

Fernanda Jaramillo · Liliana Carbone
July 2026
Note #002
The System Already Knows.
It Just Hasn't Said It Yet.
Governance · Belonging · Invisible Mandates

The System Already Knows. It Just Hasn't Said It Yet.

What would we ask of a family that we never ask of a protocol? On the gap between governance structures and the conditions they require to function.

Liliana Carbone · Guillermo Salazar · Cristina Carvajal · Daniela Maytorena
June 2026
Note #001
Belonging, Governance and the Conversations Families Avoid
Governance · Belonging · Difficult Conversations

Belonging, Governance and the Conversations Families Avoid

An opening note on the territory the Observatory is exploring — and the question that organises the research.

Cristina Carvajal · Daniela Maytorena
June 2026