The Indian School of Business (ISB), which has been conducting studies in the area of family businesses for almost a decade, announced the launch of a new Management Programme for Family Business (MFAB).
According to ISB, the course would cater to the specific needs of business families and is targeted at the younger generation from business families, who have some experience in business.
The 15-month-long course, for which applications would open from January 1, 2013, would take off in August next year and would come with a course fee of Rs 30 lakh (about $55,000).
“Performance of family businesses has been significant and their contribution to the economy has been high. There is a need to continue engaging with family businesses,” said Kavil Ramachandran, Thomas Schmidheiny Chair Professor of Family Business and Wealth Management, ISB.
Students of MFAB would also attend classes at the Kellogg School of Management in Chicago, with which ISB has developed the course content.
Highlighting the importance of imparting education in and conducting research on family businesses, Ajit Rangnekar, Dean of ISB, said this course would help build leadership talent in family businesses.
Talking about the challenges that family-owned businesses face, Sunil Kant Munjal, Chairman of Hero Corporate Service Ltd, said it was very important for such businesses to distinguish between management and ownership for better functioning.
Adi Godrej, Chairman of ISB, who heads one of the largest family-owned businesses in the country, Godrej Industries Ltd, said, “Many families and businesses lose their way during the process of business transition.”