The training covers core areas of management, including marketing, finance, operations and human resources, in addition to family business topics. These encompass succession, resolving conflict, governance arrangements, leadership succession and wealth planning within the family. The aim is to prepare the next generation of leaders to perpetuate the family business while maintaining family values and harmony.

Most family businesses fail when leadership passes from one generation to the next.  This course prepares students to manage such situations successfully. It equips students with the ability to make professional decisions and, at the same time, meet the expectations of their families. Students also learn how to integrate innovation and up-to-date management techniques into conventional organisations while keeping the company's core identity intact.

The course curriculum is developed with a problem-solving orientation. It often includes case studies of successful family businesses, interviews with industry professionals, workshops and mentorship programs. Some of the universities also include visits to family businesses and project work that enables students to integrate what they have learnt in class into the real world.

They learn about entrepreneurship, financial planning, global business and digital disruption, all of which are critical to developing and transforming family businesses. The program is also designed to develop soft skills like leadership, communication, negotiation and emotional intelligence that are crucial in managing family members as well as employees.

An MBA in Family Managed Business in India is suitable for the succession of small, medium and large family businesses. It is also beneficial for individuals who want to start their own businesses with family business models. They are better equipped to compete, roll out new technology, professionalise operations and ensure business continuity through generations.

It is taught in leading Indian institutions such as SP Jain Institute of Management and Research (Mumbai), NMIMS (Mumbai), IIM Bangalore (NSRCEL) and EDII (Ahmedabad), among others. The admissions process typically involves an entrance test, group discussions and personal interviews.

MBA in Family Managed Business: Highlights

The MBA in Family Managed Business is designed for students from business families. It educates them on how to run, grow and modernise their business without losing family values. The course focuses on succession planning, leadership development, conflict management and business growth strategies. It combines classroom learning with project work, company visits and mentoring. They also learn entrepreneurship, finance, digital transformation and international business trends. This program equips students to meet business challenges, introduce new technology and ensure effortless leadership transitions within the family business.

Scope of an MBA in Family Management 

Family business management courses are great resources that can be instrumental for a candidate seeking managerial positions. These courses can assist professionals who desire to start their own businesses or small industries. Candidates can take business management degrees at all levels in India, from undergraduate to postgraduate, because most universities provide undergraduate courses in Family Business Management.  This may depend on the aim to be fulfilled.

A Family Business and Entrepreneurship Management MBA allows candidates to build strategic plans for business control and succession. It can also help examine most aspects of business continuity as well as predict the vulnerabilities of most small business elements and their corresponding risk, money, taxes, and opportunities. An MBA in Family Business Management will be able to foster and nourish young minds' entrepreneurial DNA so they may build best practices alongside innovative ideas to manage family businesses. Young professionals or individuals already engaged in family businesses can move ahead with the assistance of this degree, which may be a launchpad for their profession by providing them with academic and practical knowledge.

Types of MBA in Family Business Management 

Students may opt for a Family Business Management degree by any modality offered at particular universities. The forms are as follows:

• Distance MBA: The majority of Indian colleges offer family business through distance education, with the duration of the courses ranging from 2-4 years. This is convenient for full-time working students who do not have any time for attending on-campus courses.

• Full-Time: The full-time Family Business Management MBA degree is offered over a period of two years and involves students being on campus for daily classes.

• Part-time: The course is offered on weekends or evenings. The course takes 2-4 years and is primarily for students working full-time or who cannot make it to regular classes.

MBA in Family Business Management: Eligibility

• The applicant should be a graduate of a reputable university with a bachelor's degree in any discipline. An aggregate of at least 50% is usually required. 

• Certain institutes prefer candidates who have prior experience or involvement with their family business, though this is not always a requirement.

• Certain colleges might demand scores for management entrance tests like the NMAT, CAT or institute-level assessments, while others might provide direct admission on the basis of individual interviews.

• Most institutes conduct personal interviews to assess a candidate's commitment to the family firm, leadership quality and future vision.

• Although there is no specific age limit, the program is designed for young successors and business owners.

• A statement of purpose (SOP), recommendation letters or company background documents might be demanded during the selection process.

MBA in Family Managed Business Admission Process

• Submit an application form on the official website of the institute.

• The institute checks the applicant's educational qualifications and their business background in the family.

• Certain institutions require scores of exams like the NMAT, CAT or even their own entrance test.

• Provide an SOP that elaborates on your contribution to the family business and future goals.

•  Give an interview to assess your commitment, leadership quality and understanding of the family business.

•  The information about the family company may be verified by some institutes to ensure authenticity.

• Final selection relies on academic reports, exam performance (if applicable), interview performance and business experience.

• The chosen candidates are issued an offer letter and pay the due amount to secure admission.

What exactly will students learn in this course?

The MBA in Family Managed Business course is tailored for students who aspire to establish their own business or manage and direct those already established.  Those students who pursue their degree in this course will be equipped with the basic knowledge and skill sets to formulate a business strategy, fund a start-up and direct a growing company. This curriculum educates students on the application and risk management of assessment, design thinking and commercial opportunity identification when creating solutions for growth markets.

This course will assist students in comprehending the concepts and acquiring the necessary skill set to create a highly engaging and differentiating business proposal and keep the competitive landscape in mind.

Subjects 

The Best Family Business MBA in the world consists of courses that will assist students in managing and growing their family businesses effectively. It deals with core topics like marketing, finance, operations and human resource management. It also provides training in specialised fields like family company governance, succession, family business leadership and conflict management. Entrepreneurship, innovation, digital transformation and international business are also covered by the students. These issues allow them to come up with new ideas, resolve family business problems and effectively take the business into the future.

Colleges with specialisations in Family Business Management/Specialised PGDM/MBA in  Family Business Management – Fees

The following table includes a few MBA in Family Managed business colleges. For appropriate guidance, information about the cost structure at various colleges is provided. The Indian School of Business in Hyderabad is the best university. It charges ₹3.30 lakhs annually for a two-year study.  Students who are interested in enrolling in a Family Business Management program can consult the details provided regarding the course's length and cost.

Colleges with specialisations in Family Business Management /Specialised MBA/PGDM in  Family Business Management: Average Package

India's leading institutions offer an MBA in Family Business Management to enable students to manage and grow their family businesses. ISB Hyderabad offers a 15-month PGP-MFAB.  Great Lakes Chennai offers a one-year PGPM in Family Business and Entrepreneurship.  NIRMA University and Jain University offer a two-year MBA in Family Business. NICMAR Pune also offers a two-year MBA FBE. SP Jain Mumbai also offers an 18-month PGPFMB to family business owners.  Ahmedabad University provides a two-year MBA. NMIMS Mumbai offers a 2-year MBA in Entrepreneurship & Family Business Management for ₹13.06 lakhs per annum.  These courses include leadership, succession planning and contemporary business practices.

Career Prospects for an MBA Graduate in Family Business

A job seeker with an MBA degree can succeed in a range of fields and positions, launching their own company or taking on the management of their family business. Some potential MBA in Family Business professional options, along with their responsibilities and pay levels are shown below:

Future Scope 

An MBA in Family Managed Business can expand a person's horizons and help them succeed in the future. Students with this degree are better equipped to manage the difficulties of family and business dynamics by gaining knowledge and skills as well as a wider perspective.  Through this specialisation, students gain the skills and tactics necessary to improve their leadership, decision-making and capacity to spur innovation and expansion within the family business. Additionally, the degree makes it easier to network with other family business owners and enter foreign markets. The graduates' deep understanding of succession planning, governance and entrepreneurship puts them in a strong position to ensure the long-term survival and profitability of their companies.

Conclusion

Additionally, this program offers experiential learning by allowing students to tour family businesses and see how they function up close.  This practical experience helps students understand the unique dynamics and challenges faced by family businesses.  Graduates of the program will be prepared to assume management and consulting roles in family businesses, whether they are in their family business or other family-owned enterprises.