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The Carvajal case is based on interviews with four family members and executives of Carvajal SA, one of Latin America's leading family businesses. The case focuses on how, over the span of 120 years, the Carvajal family built a holistic family enterprise to govern both its business and its family ownership structure. The system includes the typical governance attributes of a large family enterprise - including a family council, shareholders' assembly and family constitution - and in addition, it puts special emphasis on entrepreneurship and social and economic welfare. Yet, with the family expanding in size and scattering geographically, the Carvajal family must continue to innovate and adapt their family enterprise model. The case explores the particular challenges related to family governance, ownership and CEO succession. It details how Carvajal established NextGen programs and fostered entrepreneurship as a 'glue' to bind the family together. It also shows how Carvajal achieved collective impact by aligning the purpose of the business with the purpose of the family foundation, the family council and the wider family enterprise. From a broader perspective, the case illustrates how to manage family governance issues in a multi-generational family enterprise by understanding and applying the mechanisms that are available, and by maintaining a healthy balance between family leadership and independent governance.