The Indian School of Business has launched what it calls its Management Programme for Family Business, aimed at grooming the younger generation to take over their parent’s firms and underscoring the importance of such firms for the country’s economy.

The programme was launched in the presence of ISB members such as Dean Ajit Rangnekar, deputy Dean Deepak Chandra and Professor Kavil Ramachandran.

The importance of family-run businesses also explains why the India business market, both domestically and among non-resident Indians, has also been seen as fertile soil in which to set up or support family offices.

“We believe that there exists a huge need for a top-notch global programme for grooming the future leaders of family-owned businesses. MFAB aims to fill this gap by providing a structured learning platform that will help young family business scions navigate and grow their businesses in a hyper-competitive and globalised business environment,” Ajit Rangnekar said in a statement.

“Family-owned companies around the globe are currently facing unique challenges as they navigate a highly competitive business environment - developing their next generation leadership and managing succession, governance, generational struggles around business strategy and professionalization,” said Ramachandran in the same statement.

The programme is spread over 15 months, delivered in modules of seven days, on every sixth week at ISB campuses in Hyderabad and Mohali.