This paper explores the developmental and evolutionary approaches in family business theory and examines four relevant stages over the history of the Odebrecht Organization. A three-dimensional developmental model (ownership, family and business) is used to analyses each one of these stages (first in the 40's, second between the 50's and 60's, third in the 70's and forth from the 80's). A deep study of the particularities on the Odebrecht development lead us to considerate the contributions and limitations that the historically influents approaches based on family business development and evolution logic can bring about the understanding of the contemporary organization phenomena.