CEOs Dinner | Building Beyond the Founder: Vassilis Katsos on Scale, Trust & Long-Term Value

At the latest CEOs Dinner hosted by Endeavor Greece, we had the honor of welcoming Vassilis Katsos, Founder of Pharmathen and Chairman & co-founder of VNK Capital, for an open and deeply insightful conversation with members of our community.

Over dinner, Mr. Katsos reflected on a journey defined by risk, reinvention, and long-term thinking. From leading a small family pharmaceutical business through crisis, to building a globally competitive company, and eventually transitioning into the role of investor and steward of capital, his perspective offered a rare and unfiltered look at what it truly takes to build companies that endure beyond their founders.

From Crisis to Globalization: When “We” Becomes Strategy

Mr. Katsos took over Pharmathen at just 19 years old. Only a few years later, in 1997, the company faced an existential crisis, where he had to fully transform the company. Survival required painful decisions. So, the company underwent drastic restructuring, including workforce reductions and salary cuts at the leadership level. What ultimately kept Pharmathen alive, he emphasized, was trust and his people. A collective understanding with employees that sacrifices would be temporary and that fairness would be restored once the company regained stability. That moment defined the company’s culture not as rhetoric but as a lived commitment to the idea of “we.”

The crisis also triggered a strategic pivot toward outward growth. Early export attempts to less demanding markets quickly revealed a deeper truth. Real internationalization meant competing in the most challenging European markets. That realization led to the development of a pioneering collaboration model later known as “my IP, your trademark.”

Under this model, Pharmathen focused on developing and manufacturing pharmaceutical products while partners commercialized them under their own brands. Pharmathen retained a share of net revenues and full ownership of intellectual property. The model reshaped the generics market in Europe and became a foundation for scalable, long-term growth.

R&D, Timing, and the First Exit

A recurring theme throughout the discussion was long-term investment in Research and Development. Pharmathen’s differentiation was built through sustained commitment to innovation, growing from dozens to hundreds of researchers and investing tens of millions of euros annually. R&D was never treated as a cost center but as a strategic engine.

In 2015, amid Greece’s capital controls, Pharmathen completed its first major exit with BC Partners acquiring a majority stake. Mr. Katsos described the decision not as a financial milestone but as a strategic necessity. The partnership provided the fuel required to accelerate growth and secure the company’s future during a period of national uncertainty.

The right moment for an exit, he noted, is when the next growth phase demands different skills, structures, or capital than the founder or the existing organization can realistically provide.

Stepping Aside to Move Forward

In 2018, Mr. Katsos stepped down from the CEO role, remaining on the Board while allowing an independent management team to lead the company through its next chapter. Letting go, he acknowledged, is often harder psychologically than financially. Yet building companies that can thrive without their founders is, in his view, a true measure of success.

VNK Capital: Investing Without a Clock

This philosophy now defines his work at VNK Capital, a family office focused on investing in real businesses rather than financial assets. Unlike traditional funds, VNK operates without fixed timelines or pressure for quick exits, prioritizing long-term value creation.

Its portfolio spans logistics, real estate, pharmaceuticals, food, coffee, technology, and defense, with a hands-on approach supported by experienced operators. Former CEOs and CFOs are actively involved and ready to step into operational roles when needed.

According to Mr. Katsos, a company is truly investable when it can operate independently of its founder, demonstrates clear governance and transparency, presents a compelling reason for its existence, and generates healthy cash flow. Cash flow, he stressed, is the most honest indicator of business health.

VNK Capital typically prefers significant minority stakes with strong veto rights, allowing meaningful influence while preserving entrepreneurial leadership.

Leadership, M&A, and the Cost of Ego

A candid portion of the conversation addressed Greece’s limited culture of mergers and acquisitions. Mr. Katsos pointed to entrepreneurial ego as a structural weakness that leads to fragmented markets and missed opportunities for scale and international competitiveness.

Scale, he argued, is not optional. It is essential for resilience, bargaining power, and global growth, particularly in sectors like pharmaceuticals, where fragmentation limits long-term impact.

Integrity, Cash Flow, and the Psychology of Exit

Integrity emerged as a non-negotiable principle throughout the discussion. From honest business plans to realistic expectations around returns, credibility is built over time and destroyed quickly. Overpromising may attract capital, but it undermines trust.

He emphasized a simple but often overlooked truth. Cash flow is king. While EBITDA can be engineered, cash flow reveals the real health of a business.

One of the most understated challenges of entrepreneurship, he noted, is the psychological aspect of exit. Stepping away from a company that once felt like home requires emotional maturity and perspective.

Looking Ahead: Responsibility Beyond Returns

The evening closed with a broader reflection on Greece’s economic future. Mr. Katsos expressed concern that growth driven primarily by consumption and real estate lacks durability. He stressed the importance of industrial production, sustained investment in Research and Development, and attracting talent back to the country.

While capital is increasingly available, he believes success will belong to those who know how to deploy it wisely.

What he is most proud of, he concluded, is not the size of any exit but the fact that a Greek company built a globally pioneering business model and inspired an entire ecosystem to think bigger.

The Moment Growth Demands Change

Growth requires evolution. Companies must be designed to scale beyond their founders, ego must give way to collaboration, and leadership must be grounded in trust, clarity, and long-term vision.

That is how businesses and ecosystems endure.