Art of Learning

Family Business Management

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About Course

This course is all about the best practise of managing of Family Business Firms – we talk about what
makes family businesses unique, how to overcome challenges typical to family business and
examples of exceptional management practise in successful family businesses.

1. Introduction to the Module and Module Objective:
Family controlled businesses, both private and publicly-traded, are characterized by unique
challenges that threaten their continuity and distinct core competencies. The challenges are
primarily the result of issues presented by the interaction of family, management and ownership —
particularly where the family wishes to perpetuate its influence and/or control from generation to
generation.
Over 80 percent of all businesses worldwide are family firms—from well-known companies like
Reliance, LN Mittal Group, Toyota, and Ford Motor Company to the corner pizza parlour and the
local kirana business. Less than one-third of these businesses survive into the second generation. In
addition to the generic business issues faced by all companies, family firms face unique challenges
because of the interrelationships between family members, family owners, non-family owners, and
family and non-family employees.
Course Focus

Family Businesses compose most of the businesses that operate in the country. The successes of
these businesses contribute to the over-all economic health of the country. Understanding how
family businesses are run including the dynamics of the family within the business add to the
healthiness of the enterprise. This course will expose the students on the dynamics and
communication issues in a family. The students will also learn leadership and relationships that are
inherent in family businesses and how these intertwined in the ownership, governance and
management of the family business. Ownership legacy, sibling rivalries, professionalism, succession,
and strategic planning are some of the topics that will be covered in this course. It would give

students a perspective on importance of institutionalization and how other businesses have
benefitted by using this approach. Several aspects that are taken for granted in family business like
culture, managing conflict and succession issues, governance etc. will be discussed to give the
student a comprehensive understanding of family business.

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