SUMMARY
This paper analyses corporate governance practices adopted by family-owned business to identify its influence on the management model and on the family and business relationship. The corporate governance mechanisms are originally established to public held companies, but those practices may also minimize agency problems faced by family-owned companies once it establishes rules to relationships among family, ownership and management. It is notable the importance of family owned firms on national private companies. Many challenges faced by family companies are recurrent, but there are no general rules and solutions. Therefore, the empirical analysis was conducted on a case study about the challenges and benefits from practices of corporate governance at Grupo Orsa Company. It was investigated the hole of Board of Directors, Family Council, Management Council, considered integrative structures to the model of family ? ownership ? management sub-systems.Key words: Family business. Corporate governance. Management