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MBA in Family Managed Business: Comprehensive 2024 Guide

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Kamaldeep

05 July, 2024

MBA in Family Managed Business: Comprehensive 2024 Guide

“Kabhi Khushi Kabhi Gham” is a movie that most of us might have watched in our childhood on traditional television. The Raichands, a wealthy business family, faced a major crisis when their values clashed with their ambition for expansion. This is a common theme in family-run businesses across India. Whether it is a corner sweet shop or any giant textile company, these businesses are the backbone of the Indian economy.

But what happens when it comes to handing over the business to the next generation or when they step in? They may have a passion for the family legacy, But they often do not have the formal training to face the modern business complexities. That is where they need to get trained and learn about the business aspects.

And this is precisely where an MBA in Family Managed Business comes in. It is a specialised programme designed to equip you with the skills and knowledge you need not only to survive but thrive in today’s competitive market.

If you are also looking forward to joining your traditional family business then this blog is for you. We will explore everything about the MBA in Family Managed Business course, including fees, eligibility, syllabus and everything.

What is an MBA in Family Managed Business?

An MBA programme in Family Managed Business is a 2-year PG programme designed to equip you with the skills and knowledge required to manage and lead a family business successfully. It will teach you beyond the traditional MBA knowledge, it will also address the unique challenges and opportunities faced by these businesses.

You will get to see a family business often has a complex web of relationships and family decisions that can change the business dynamics. You will learn how to overcome these challenges and establish a clear boundary between family and business life.

Why Opt MBA in Family Managed Business?

There are many reasons to choose this programme. An MBA in Family Managed Business will teach you everything you need to run a successful business and how to overcome the unique challenges that come with being part of a family-owned enterprise.

Let’s explore some more reasons why you should opt for this course:

  • Sharpen Your Business Skills:

    This course will provide you with an understanding of core business functions like Finance, Marketing, Operations, and Human Resources. This knowledge is important for you so that you can make informed decisions about your family business. You will also learn about developing new marketing strategies and streamlining operations. You will also get to learn about managing finances more effectively.

  • Bridge the Generational Gap:

    When it comes to family businesses, you may encounter situations where it is difficult to agree on a single decision due to the generation gap between family members. This can lead to communication and collaboration challenges. An MBA programme will teach you how to bridge this gap. You will learn effective communication techniques, conflict resolution strategies, and how to foster a culture of innovation within a family-owned business.

  • Learn from the Best:

    Many MBA programmes in Family Business and Entrepreneurship feature guest lectures from successful family business owners and industry experts. This will allow you to gain valuable insights from people who have faced similar challenges and learn from their experiences.

You will also have the opportunity to network with other students who come from family-owned businesses, creating a strong support system.

Who should choose Family Managed Business?

You are the next generation ready to take control. If you have a passion for your family business and a vision for its future then you should definitely opt for this course. An MBA in Family Managed Business will provide you with the strategic and financial expertise so that you can manage employees effectively, and make sure that your business thrives for generations to come. The programme will provide you with an understanding of Marketing, Finance, and Technology. You will learn to identify new opportunities, develop strategic growth plans, and lead your family business into the future.

MBA in Family Business Syllabus: What to Expect

Semester 1 Semester 2
Management Information System Cost and Management Accounting
Principles of Management Financial Management
Business Statistics Human Resource Management
Accounting for Managers Research Methodology
Business Economics & Environment Marketing Management
Organisational Behavior Operation Research
Employability Skills – 1 Employability Skills – 2
Elective – 1 (Select any One) Elective – 2 (Select any One)

 

Semester 3 Semester 4
Legal Aspects of Business Comprehensive Project
Strategic Management Summer Internship Project
Brand Management Family Dynamics in Business – Theory
Financial and Tax Planning of Family Business Business Ethics and Corporate Governance
New Enterprise and Innovation Management Comprehensive Project
Corporate Restructuring of Family Business Digital Marketing for Family Business
Family Dynamics in Business – Case Study

MBA in Family Business: Eligibility

  • Basic Requirements:

    The first requirement is that you must complete a 3-year bachelor’s degree (following the 10+2+3 system in India) from a recognised university. This will show your academic foundation that can support an MBA programme.

  • Minimum Marks:

    On top of the degree requirement, universities typically set a minimum mark threshold. This benchmark ensures that potential students possess a certain level of academic proficiency before embarking on an MBA programme. The threshold is usually set at 50% aggregate marks or an equivalent CGPA.

  • Exceptions for Final Year Students:

    If you are nearing the completion of your bachelor’s degree, there is good news! Some universities allow students in their final year to apply for FMBA programmes. This provides a valuable opportunity for those who might have a late spark of interest in pursuing an FMBA.

Best Colleges for MBA in Family Business in India

College Name Programme Name Fee
Nirma University MBA in Family Business & Entrepreneurship
Indian School of Business PGP MFAB INR 42,13,000 (Full course)
SP JAIN  PGPFMB INR 17,05,000 + GST
IILM PGDM in Entrepreneurship and Family Business
Sharda University MBA ENTREPRENEURSHIP & FAMILY BUSINESS INR 7,31,815 (Full course)
Delhi Technological University MBA ENTREPRENEURSHIP & FAMILY BUSINESS INR 4,41,700 (Full course)
Amity University MBA (Family Business & Entrepreneurship)
Geeta University MBA in Family Business Management INR 75,000 / semester

What Job Roles and Salaries Can You Expect with an MBA in Family Managed Business?

Job Role Salary Range (INR per annum)
Business Development Manager 6,00,000 – 18,00,000
Operations Manager 7,00,000 – 20,00,000
General Manager 10,00,000 – 30,00,000
Family Business Consultant 8,00,000 – 25,00,000
Financial Analyst 5,00,000 – 15,00,000
Marketing Manager 6,00,000 – 20,00,000
Human Resources Manager 7,00,000 – 18,00,000
Entrepreneur Variable (depending on business)
Business Strategy Manager 10,00,000 – 25,00,000
Supply Chain Manager 8,00,000 – 22,00,000
Project Manager 7,00,000 – 18,00,000
Sales Manager 6,00,000 – 20,00,000

Final Thoughts

Before enrolling, research MBA programmes that specialise in Family Managed Businesses. Look for programmes with strong faculty expertise in this area, a curriculum that addresses your specific needs, and opportunities to connect with other family business owners and future leaders.

Becoming a successful leader in a family business requires a unique blend of business acumen, family understanding, and a commitment to shared goals. An MBA in Family Managed Businesses can provide you with the tools and knowledge you need to turn your family business into a multi-generational success story.

FAQs

Q1. What is an MBA in family business management?

An MBA in Family Business Management will prepare you to lead your family enterprise with expertise and vision. This programme will teach you about family dynamics, innovation, and business success.

Q2. Is it worth doing MBA in family business?

Yes, you can pursue an MBA in Family Business, It will equip you with specialised knowledge and skills that are required to grow your family enterprise effectively. You will learn how to handle family dynamics and ensure sustainability.

Q3. Which MBA is best for own business?

An MBA in Entrepreneurship may be an ideal choice for running your own business. It will teach you about business creation, innovation, and strategic planning.

Additionally, an MBA in General Management or Family Business Management will provide you a strong foundation in leadership, decision-making, and business operations. These skills are necessary to manage your business successfully.

Q4. How long does it typically take to complete this MBA in Family Business Management?

An MBA in Family Business Management typically takes 1 to 2 years to complete, depending on whether you choose a full-time or part-time programme.

Q5. How does an MBA in Family Business Management differ from a general MBA?

An MBA in Family Business Management focuses on succession planning, family dynamics, and governance, offering practical insights specific to family-owned enterprises. It differs from a general MBA by addressing unique challenges and fostering networks within family business contexts.


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