 Through the Academy is statutorily prevented from managing any type of business, it sold the bookshop to a group of former employees, led by Paulo Ernesto Azevedo Pacheco, Leão's successor in managing the affiliate of São Paulo, and Antonio de Oliveira Martins.The new company adopted the name "Paulo de Azevedo & Companhia", but continued to use the mark F. Alves, and to dominate the market of textbooks until the appearance of Companhia Editora Nacional, of Octalles Marcondes Ferreira, in the decade of the 1920s.Paulo Azevedo died in 1946 and was succeeded by his children Ivo and Ademar.