1. Facilitating smooth transition of power from one generation to another.
2. Streamlining personal career goals with the family business.
3. Resolving internal conflicts in a shared family
A Family Business Management course enhances your skills to balance the inheritance of the past and explore future possibilities with a fundamental understanding of core business principles.
Although there is no foolproof way to guard against an economic downturn like the one the world economies are currently experiencing, family owned businesses can provide the much needed breather for those who have the option to fall back on them. When the economy is slowly getting lodged in the recessionary mire, it is common knowledge that placement of even the brightest of B School graduates is becoming a sore thumb for institutes. In the midst of all this uncertainty, TT, who graduates from a tier two management institute in 2009, has decided to join his family owned auto parts manufacturing ancillary unit. He justifies his choice by saying. ‘When I joined my management program, I did want to be associated with either one of the top investment banks or leading FMCG companies to kick start my career’. But that was two years ago. 2009 has changed the way many students think. Considering the slim chances that TT has of entering into the corporate bandwagon, he has finally decided to join his family business, and help them battle tough times with the knowledge that he has gained.
But not many are like TT, who realizes the enormous opportunity that lies within family businesses and that is perhaps the reason behind the untimely demise of many promising family business ventures. However, if trade experts and academic research are to be believed, determined next generation family business operators equipped with sound management guidance, can realize their potential of propelling the family run business to scale new heights of prosperity even in the times that we live in.
Children picking up the family trade and inheriting the family business is a practice tracing its roots right back to the Vedic sociological scenario. In a world of expanding career possibilities and endless academic opportunities, the youth sometimes find themselves torn between managing the family legacy or venturing out and making a mark for themselves. As a result, neither are they able to engage in the family trade (which they secretly despise) effectively, nor are they able to pursue their desired ambition.
In such a scenario, management courses offering specific emphasis to running family business and motivating the spirit of entrepreneurship allow the young mind to think clearly and even fathom a way of synergizing dreams with duties.
Family business management allows smooth transition of power from the retiring father to the young blood who inherits the family heirloom. Often the newcomer to power is a novice at the ways in which a family business is run. He/she may not be able to comprehend the importance of network, good will, client loyalty and other factors. In his/her effort to transform a family business into a new corporate avatar, He/ she may miss out on the essential business practices that have given the family business its distinctive edge. This is where family business management programs come to the rescue.
B-schools and institutes offering dedicated courses in Family Business Management ensure there is no slip between the cup and the lip and groom the future owner/ manager into understanding the business or trade, and introduce modern management practices on a subtle, trial error basis so as not to disturb the family business model and yet bring it in sync with the times.