LUCKNOW If your family enterprise boasts an annual turnover of ₹20 crore and you are looking to decode its complex management, the Indian Institute of Management, Lucknow (IIM-L) has a new blueprint for you. Starting next year, the country’s fifth-ranked IIM is set to roll out a specialised two-year MBA in Family Business from its strategically located Noida campus.
The proposed four-semester program, which recently received in-principle approval from the board of governors, is being custom-built to address all issues related to the dynamics of family business.
The fee for the two-year programme is pegged at ₹25 lakh, with an additional ₹10 lakh (optional) for international immersion, wherein participants will go abroad for two weeks to learn how businesses operate overseas.
The course will run from the IIM-L’s Noida campus because it is closer to Delhi and can cater to more aspirants settled in the National Capital Region (NCR).
IIM-L director Prof MP Gupta said: “It will be a two-year full-time MBA programme. Family business is a big thing and not too many people understand its dynamics. Not just in India, but across the world, 70% of businesses or industries are family owned. They have has several complications, ranging from inheritance to transition, family duels to generational gaps.”
For this course, students will have to visit IIM-Noida campus once a month and study there for a week because the institute understands that students engaged in family business will not be able to devote full two years.
{{/usCountry}}For this course, students will have to visit IIM-Noida campus once a month and study there for a week because the institute understands that students engaged in family business will not be able to devote full two years.
{{/usCountry}}The course is meant for owners of family businesses or stakeholders. It comes with a rider: annual turnover or investment must be ₹20 crore annually. The eligibility criteria will be either Graduate Management Admission Test (GMAT) score or Graduate Record Examination (GRE) scores. If the candidates do not have either of these scores, the institute will hold an entrance exam that they must clear.
The shortlisted candidates will then be called for an interview or interaction, after which final merit will be prepared to select candidates. The Common Admission Test (CAT) is not a criteria, said a professor aware of the development.
“As of now, not many institutes run this course in the country. Currently, IIM-Bangalore offers Management Programme for Entrepreneurs and Family Businesses (MPEFB), IIM-Sirmaur offers MBA in Family Managed Businesses, IIM-Indore’s PG certificate course in Family Business Management and Entrepreneurship and a few others,” said a professor who is preparing the roadmap for the course.
This MBA course will train students in structured problem-solving skills for business challenges, learning to leverage family dynamics to elevate their business leadership skills, attracting and retaining best talent, honing capabilities as how to identify business opportunities and accelerating skills to develop effective business.