B-schools offer family biz programmes for next generation

Family business

Looking to provide a professional edge to family-run businesses, many B-schools in the country are offering tailor-made programmes for the next generation of such organisations.

In India, where more than 70 per cent of top businesses are family-run, such courses would help not only to further one's managerial skills but also encourage entrepreneurship spirit, feel experts.

"Family businesses are more and more looking for professionalism ... and responding to the changes, younger generation are looking to get more (educational) exposure," Kavil Ramachandran, a professor at the Indian School of Business said.

He is the Thomas Schmidheiny Chair Professor of Family Business and Wealth Management at ISB.

The business school recently launched a Management Programme for About Management Programme for Family Business (MFAB), which has a duration of 15 months.

Among others, Delhi-based International Management Institute (IMI) is to launch the 'Global PGDM (MBA): Family Business' programme. The duration would be 18 months.

The programme would be launched in 2013, IMI Faculty Ashutosh Khanna said.

According to him, there is a critical need for Family Owned Business Enterprises (FOBEs) to be professionally managed, grow strategically and have a global perspective.

Under the IMI programme, the candidate would do a six-month project at their respective family businesses.

Such programmes, experts opined, aims to address the challenges faced by family businesses amid challenging economic climate.

Noting that Indian family businesses are changing rapidly, Ramachandran said there are opportunities as well as challenges for the younger generation, especially against the backdrop of reforms and economic growth.

There are more number of family businesses worldwide. In the Indian context, about 73 per cent of top 500 companies (in the country) would be family run ones, Ramachandran said.

"There is also push towards family Entrepreneurship," he added.

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