In this case study participants will learn about the transition from a G2 family-managed company to a G3 family-owned company now preparing for the transition to G4. Specific attention is paid to the development of G3 as owners group and their relationships to a full non-family executive board and non-family supervisory board: the development of ownership governance. This all happened in a time frame of 15 years where the 3 family branches had to deal with their own generational transitions as well as the transition from 4 family members being owner-managers to a full family ownership group that is not working in the business.