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Parampara Family Business Institute
Overview
2
Agenda
• Objective and Vision of Parampara Family Business Institute
• Proposed curriculum and program structure
3
The reason for our creation is ….
Parampara Family Business Institute is conceptualized with the following rationale :
 Social Endeavour to make a difference to family owned business community
especially the small and medium business enterprises.
 Sensitize emerging family business in the value of good governance.
 Contribute to the awareness, education, adoption and development of family
business governance.
 Create Robust Sustainable family business for perpetuity.
 Engage on thought leadership and research
Educate and evangelize the concept of family business governance in the
Indian sub-continent.
4
And in India Family Businesses play an important role
• Out of the nearly 1000 companies with market capitalization
greater than USD 50 million, 663 are family businesses
• Family businesses in India account for 70% of the total market
capitalisation and 57% of employment
• As they succeed they contribute to the economy of the country
because Family Business contributes 60-70 percent of GDP of
most developed & developing countries. India is no exception..
• The close-knit structure of families, which fosters teamwork
combined with respect to family values and family elders, has
been the key to success of many family businesses
Source from 2013
5
Challenges faced by Family Business
 Most of the Business families face unique management challenges
because of the differences in the attitude & aspirations of family
members
 As new generations join the family business, it is an enormous
challenge to keep the family & business together. Some sacrifice the
business to keep the families together, while others sacrifice the family
to keep the business
 It has been observed that just 13% of the Family business survive till
3rd generation & only 4% go beyond third generation and one third of
business families disintegrate because of generational conflict
Source from 2013
6
• Creation of cadre of professionals in family business advisory
• Specialized training in the area of family business relevant to family
members and professionals working with family businesses
Awareness &
Education
• Conduct meaningful research in the areas of entrepreneurship and
family businesses in India
• Consulting and advisory services to family businesses in all processes
that lead to the establishment of family business governance and
perpetuity
Research
and Advisory
• Organize national and international seminars and conferences in the
area of family business
• Provide a platform for the creation of special interest groups and
exclusive networks of high net-worth individuals
Events,
Conferences
and
Networking
PFBI will be a vibrant hub of thought leadership & COE in family Business
The objective of the Parampara Family Business Institute is
7
This Not for Profit organization is owned and managed by GMR Family, with
focus on
Establishing itself as a reputed center for learning,
networking and advisory services in the area of family
businesses in the Indian sub-continent characterized by
 High quality content & expertise
 Trust & Integrity
 Leading edge faculty and experts
 Global Standards and Process
 Social development
 Philanthropy
8
Agenda
• Objective and Vision of Parampara Family Business Institute
• Proposed curriculum and program structure
9
To understand Indian market, a market survey using an independent surveyor
was done
• The survey covered 35 cities in India studying sample of 200
family members besides 50 family business advisers (like
advocates, chartered accountants who are rendering advice
in their respective area)
• Survey shows that there is a huge demand in India for
Certified Family Business Associates – about 1000 advisors.
However, there are currently hardly 20 advisors in India
• Absence of India based case study and thought leadership.
Body of knowledge is meager.
• Emerging generation is keen to professionalize family
governance
10
Based on the survey finding, we decided to design programs which will focus on the
family specific attributes of management
Strategy
Development &
Business
Management
Organization
Development
Leadership,
Facilitation and
Social Skills
Family
Relationships
Legal, Trust
Deeds, etc.
Philanthropy
Family
Governance
Family
Constitution
Family office
Setup
Business Family
11
Methodology of Implementation
Individual
Family
Group of
Families
Awareness
Mass
Program
Road Map
Program
Single
Family
Program
Advising
Through
Knowledge
Partners
Direct PFBI
Awareness, Education, Development and Adoption
CFBA
12
Hence, the Institute will focus on four main verticals
Parampara Family
Business Institute
(PFBI)
Education
Research &
Advisory
Services
Events,
Conferences
and Networking
Objective:
 To generate Indian and Asian
Case studies to use in
programs
 To provide Advisory services to
Family owned business on
Family Governance
Objective:
 Connecting the
members of families
owning & managing
family owned business
in India for Knowledge
Sharing.
(Details in Next slide)
Objective:
 Develop professionals
committed to
• Evangelize & helping
family business
• A Career in family
business advise.
Family
Entrepreneurship
Objective:
 Developing
Entrepreneurs in family
owned business – next
generation
 Incubators and
accelerators for future
entrepreneurs
13
Details of Education Vertical
Parampara Family
Business Institute
(PFBI)
Short Duration
Programs
Roadmap
Programme for
Entrepreneurial
Families
Participants
Family firms
Duration:
1. E-learning: 15
hrs (60 days)
2. Road map: 3-
5 days
Participants
Any stake holder
Duration:
2-5 days
Certificated
Family Business
Advisor (CFBA)
Program
Participants
Through
selection process
based on criteria
Duration:
8-10 months
Institution
Programme for
Channel
Partners
Participants
Bankers, Trade
Associations
Duration:
1. E-learning: 15
hrs (60 days)
2. Classroom: 2
days
Family
Entrepreneurship
Participants
Any stake holder
Duration:
8-10 months
14
Content level partners at Program level
Business Family Foundation our Primary alliance partner – Premium Global Leader in Family Business
Education for 25 years based in Canada.
They develop and distribute educational courses and tools worldwide for family enterprises and their advisors.
BFF connects us with powerful knowledge and multicultural experiences for the success of the family and its
enterprises.
FFI's mission is to be the most influential global network of thought-leaders in the field of family
enterprise. They provide research-based learning and relevant tools for advisors and consultants, academics
and owners to drive success.
Partner for Certificate program in Family Business Advising
EDI, an autonomous institution (founded in 1983) for Entrepreneurship Development and Training in India
and around the globe. Conducts several national & international training programmes; implements projects for
the state governments, central government and international organizations; & offers two unique Post Graduate
Programmes under its Centre for Entrepreneurship Education & Research.
Partner for “Trans-generational Entrepreneurship in Family Business”
15
Certified Family Business Advisor Programme
Course Objective:
This programme has been designed to equip professionals as credible and most-trusted advisors of the business family with tools
and skills for supporting their progression through changes in ownership, relationship transition and other developmental phases.
Duration: 10 months
Topics Covered:
• Family Business Universe
• Family Business dynamics-- people, systems and complexity
• Family Governance
• Family Relationships & Family development
• Succession Planning
• Next Generation
• Family Business Advisor
– Guidelines for Choosing Family Business Advisors
– Values & Roles of Family Business Advisors
• Family Philanthropy
• Management of Business (Mini MBA)
• Organizational Development
• Legal Aspects of Family Business
• Facilitation Skills
Academic Partner
* Course syllabus is subject to change based on market needs.
16
Certified Family Business Advisor Programme (continued)
Learning Methodology: Blended Learning Approach
• e-learning courses & assessments by Family Firm Institute Inc.
• video case studies by Business Families Foundation
• interactive classroom & group learning
• Practical & Experiential Training in Facilitation Skills
• Internship/Projects at the end of the course
• After certification, you will be invited to stay connected and continue to learn online through your personalized PFBI
portal.
The Professional as a Family Business Advisor:
• Professionals (like for e.g. Lawyers, Accountants, Academicians, Family Bankers, Venture Capital/Private Equity
Players) working with Family Owned Business can strengthen their understanding of the complexities of Family
Business through this programme.
• Those who seek to transform themselves into full-time family business advisors can benefit through this Programme.
• The certified professional will work as a trusted family business advisor who understands the business , family and its
ownership dynamics, thereby facilitating the path forward to the success and succession of the family and the
business.
17
Roadmap Programme for Entrepreneurial Families
Course Objectives:
This programme is specifically designed for members of Family owned businesses which offers them the flexibility of online and classroom
facilitated learning to equip them with insights, help diagnose and derive solutions to the unique challenges they may face in their family
firm.
Duration: 15 hours (60 days) of e-Learning followed by 3-5 days of classroom sessions.
Topics Covered:
• Introduction to the roadmap for Entrepreneurial Families
• The Interdependence of Our Family, Our Ownership and Our Business Entities
• The different Ownership Types for Business Families like Ours
• Relationship Transitions for Members of our Business Family
• What will our Family be known for in the Future?
• How can members of our Business Family deal with Each Other?
• The Planning Process for Our Business Family
• How can we as a Business Family Organize and Structure Ourselves?
• Our Succession and Continuity Leadership for the Family, the Ownership and the Business
• How can we coordinate these units within one system and in our Plans for the Future?
• Methodology: Blended Learning Approach
• e-learning course by Business Families Foundation
• video case studies
• interactive classroom & group learning
• After certification, you will be invited to stay connected and continue to learn online through your personalized PFBI portal.
• Exclusive knowledge sharing events for members of family business
Academic
Partner
* Course syllabus is subject to change based on market needs.
18
Institution Programme for Channel Partners
Course Objectives:
This Programme offers specialized training to Professionals like Lawyers, Accountants, Academicians, Family Bankers, Venture
Capital/Private Equity Players etc. associated with Institutions. These professionals can promote family governance systems to
their clients (Family Firms) as part of their family office organization.
Duration: 15 hours (60 days) of e-Learning followed by 2 days of classroom sessions.
Topics Covered:
• Introduction to Family Business
• Significance & Impact of Family Business
• Dynamics & Complexity of family business
• 3 Circle model: Ownership, Family and Business
• Understanding of Family business
• Family: Values, Legacy, Relationships, Business Culture
• Family Membership and Governance
• Vision and Values
• Family Models
• Family Constitution and Policies
• Legal Frame work of family constitution
• Why do I want to be a Family Business Advisor
• Role of an Family Business Advisor
• Managing Differences in Family
• How do I Segregate the market
• Suspect, Prospect and Closure
• Understanding the tool Kit.
• Role Play
* Course syllabus is subject to change based on market needs.
Methodology: Blended Learning Approach
• e-learning course by Business Families Foundation
• video case studies
• interactive classroom & group learning
After certification, you will be invited to stay connected and continue
to learn online through your personalized PFBI portal.
Academic
Partner
19
Short-Term or Modular Programs
As different businesses and individuals have different requirements with respect to their educational and business gaps, they may
not choose to attend programs that are comprehensive in nature. Therefore, in order to provide a learning experience in
niche/specific areas of Family Business, the short-term or modular courses have been designed. These can be availed by
members of Family Owned Businesses as well as Professionals working with Family Firms.
Duration: 1-2 days
4.1. Succession in Family Owned Businesses:
Research on family owned businesses states that less than one-third of family owned businesses are continued by the second
generation when owners (managers) retire, and only half of those make it into the third generation. Though succession planning is
an important process for the ensuring the long-term continuity of the family firm, this aspect is either largely neglected or not
successful.
The founder’s feeling of immortality, the lack or abundance of appropriate successors, the lack of trust in next generation’s
entrepreneurial competences, and the fear of retirement by the manager (founder) are the main reasons why some firms don’t
think about succession (Leach 1991; Kets de Vries 1988; Scase and Goffee 1987). In fact, the CEO’s inability to let go is the
single most cited obstacle to effective succession (Sharma et al. 2001). Moreover, problems within the family can also lead to
failed successions among the family owned companies (Morris et al., 1997).
This course helps understand the process of succession, barriers to it and strategies for effective Succession Planning in the
Family Owned Business.
Academic Partners
* Course syllabus is subject to change based on market needs.
20
Short-Term or Modular Programs (continued)
4.2. Developing Next Generation:
A person will not be really happy in the midst of wealth, finding an enduring sense of satisfaction and meaning,
if as a consequence of having it, his or her unique individuality has gone undeveloped.
- Stephen Rockefeller
The development of Next Generation members in Family Owned Businesses involves:
• Aligning with the family’s core vision, mission and values
• Finding new passion & focus for business
• Developing self-confidence, competence and work ethics
• Discovering hidden strengths and potential
• Developing positive identity with wealth
• Revising strategy as per “Modern” business practices
• Fighting for position–within, across generations
• Acquiring skills and knowledge to make effective financial decisions
This course will help explore the opportunities and focus areas for the development of the Next Generation
members in Family Business.
21
Short-Term or Modular Programs (continued)
4.3. Professionalizing Family Business:
Most often, lack of professionalization amongst family run businesses tends to hamper their growth. Many
family businesses face the challenge of attracting and retaining professionals in the organization. Ultimately
only a set of “loyalists” stay back with the promoters over a period of time. Eventually, promoters are forced to
reward loyalty over competence.
This translates into a vicious cycle where:
• Family Business Owners don’t trust non-family member employees for taking decisions
• Non-family member employees tend to look out for better opportunities
• This in-return validates Family Business Owners perspective that non-family members cannot be trusted
This course helps identify & evolve solutions to overcome the challenges of Professionalizing the Family
Owned Business.
22
Short-Term or Modular Programs (continued)
4.4. Conflict Management & Resolution:
As a business family grows in size, more number of family members get involved in the business with different set of vision and
thought process. Ideological conflicts are therefore bound to happen at some point in time. In many cases, ideological conflicts
arises either due to difference of opinion or lack of communication or ego problems. In addition, conflicts in family businesses also
arise due to generation-gap; older generation's desire to preserve wealth and next generation's aspiration to diversify and grow.
Most often conflicts arise when the third generation comes into the picture. This is also commonly known as the “Third Generation
Jinx”.
This course helps understand and effectively deal with conflicts in Family Business.
4.5. Scaling Up & Expanding Family Business:
According to survey findings by PWC (2012), family businesses, like other businesses, are facing big pressures to start expanding
overseas in order to remain competitive. They are being driven by competitive pressures - or market openings due to innovation -
to get past their instinctual reluctance to avoid excessive risk and are entering into foreign markets.
Many family owned businesses have an aversion to leveraging their balance sheet or mortgaging physical assets which makes
raising growth capital difficult. Moreover, issues of ownership, succession, and the hiring of outside managers and unwillingness
for family members to relocate can present themselves as unique challenges for business expansion.
This course helps understand issues related to competitiveness and expansion for the Family Business and offer perspectives on
overcoming these effectively.
23
Short-Term or Modular Programs (continued)
4.6. Attracting Next Generation to Family Business:
Working in a strong family business can present itself both as a great opportunity or as burden for the next
generation. It is a daunting proposition to take over a company that was led so well by a parent. At the same
time, personal pressure to carry on the family business tradition is often felt. Attracting and engaging the next
generation in the Family Business is hugely dependent on the degree of emotional ownership experienced by
them.
So, how to foster emotional ownership among next generation? How to align the aspirations & passion of Next
Gen family members with the need to successfully lead the family business?
This course helps address the above and explore greater possibilities to attract next generation into the family
business.
24
Family Entrepreneurship
Businesses are characterized by efforts on the part of ownership to balance financial performance with maintenance of family
control and benefits for future generations. This dual focus can complicate the planning and decision-making process.
For family firms to survive and grow, they must pass on the entrepreneurial mindset and capabilities to create new streams of
wealth across many generations- not just pass the business on from one generation to the next. This practice is referred to as
‘transgenerational entrepreneurship’ or more simply, family entrepreneurship.
Topics Covered:
• Introduction to entrepreneurship and new-venture creation
• Managing the entrepreneurial Process
• Entrepreneurial Enterprises
• Conceptual frameworks & tools for identifying entrepreneurial opportunities
• Evaluating attractiveness for investment & commercial viability of the new venture
• Funding strategies
• Developing a realistic Business Plan
• Launching your new venture
In order to create and sustain the new venture, the incubation programme will facilitate the following:
• Review of the business plan
• Raise funding to set up and operate the business
• Provide mentoring and business resources and industry experts
• Provide access to networking opportunities with other new business owners especially Family Owned Businesses
Academic
Partner
* Course syllabus is subject to change based on market needs.
Thank you

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Parampara Family Business Institute Overview

  • 1. Parampara Family Business Institute Overview
  • 2. 2 Agenda • Objective and Vision of Parampara Family Business Institute • Proposed curriculum and program structure
  • 3. 3 The reason for our creation is …. Parampara Family Business Institute is conceptualized with the following rationale :  Social Endeavour to make a difference to family owned business community especially the small and medium business enterprises.  Sensitize emerging family business in the value of good governance.  Contribute to the awareness, education, adoption and development of family business governance.  Create Robust Sustainable family business for perpetuity.  Engage on thought leadership and research Educate and evangelize the concept of family business governance in the Indian sub-continent.
  • 4. 4 And in India Family Businesses play an important role • Out of the nearly 1000 companies with market capitalization greater than USD 50 million, 663 are family businesses • Family businesses in India account for 70% of the total market capitalisation and 57% of employment • As they succeed they contribute to the economy of the country because Family Business contributes 60-70 percent of GDP of most developed & developing countries. India is no exception.. • The close-knit structure of families, which fosters teamwork combined with respect to family values and family elders, has been the key to success of many family businesses Source from 2013
  • 5. 5 Challenges faced by Family Business  Most of the Business families face unique management challenges because of the differences in the attitude & aspirations of family members  As new generations join the family business, it is an enormous challenge to keep the family & business together. Some sacrifice the business to keep the families together, while others sacrifice the family to keep the business  It has been observed that just 13% of the Family business survive till 3rd generation & only 4% go beyond third generation and one third of business families disintegrate because of generational conflict Source from 2013
  • 6. 6 • Creation of cadre of professionals in family business advisory • Specialized training in the area of family business relevant to family members and professionals working with family businesses Awareness & Education • Conduct meaningful research in the areas of entrepreneurship and family businesses in India • Consulting and advisory services to family businesses in all processes that lead to the establishment of family business governance and perpetuity Research and Advisory • Organize national and international seminars and conferences in the area of family business • Provide a platform for the creation of special interest groups and exclusive networks of high net-worth individuals Events, Conferences and Networking PFBI will be a vibrant hub of thought leadership & COE in family Business The objective of the Parampara Family Business Institute is
  • 7. 7 This Not for Profit organization is owned and managed by GMR Family, with focus on Establishing itself as a reputed center for learning, networking and advisory services in the area of family businesses in the Indian sub-continent characterized by  High quality content & expertise  Trust & Integrity  Leading edge faculty and experts  Global Standards and Process  Social development  Philanthropy
  • 8. 8 Agenda • Objective and Vision of Parampara Family Business Institute • Proposed curriculum and program structure
  • 9. 9 To understand Indian market, a market survey using an independent surveyor was done • The survey covered 35 cities in India studying sample of 200 family members besides 50 family business advisers (like advocates, chartered accountants who are rendering advice in their respective area) • Survey shows that there is a huge demand in India for Certified Family Business Associates – about 1000 advisors. However, there are currently hardly 20 advisors in India • Absence of India based case study and thought leadership. Body of knowledge is meager. • Emerging generation is keen to professionalize family governance
  • 10. 10 Based on the survey finding, we decided to design programs which will focus on the family specific attributes of management Strategy Development & Business Management Organization Development Leadership, Facilitation and Social Skills Family Relationships Legal, Trust Deeds, etc. Philanthropy Family Governance Family Constitution Family office Setup Business Family
  • 11. 11 Methodology of Implementation Individual Family Group of Families Awareness Mass Program Road Map Program Single Family Program Advising Through Knowledge Partners Direct PFBI Awareness, Education, Development and Adoption CFBA
  • 12. 12 Hence, the Institute will focus on four main verticals Parampara Family Business Institute (PFBI) Education Research & Advisory Services Events, Conferences and Networking Objective:  To generate Indian and Asian Case studies to use in programs  To provide Advisory services to Family owned business on Family Governance Objective:  Connecting the members of families owning & managing family owned business in India for Knowledge Sharing. (Details in Next slide) Objective:  Develop professionals committed to • Evangelize & helping family business • A Career in family business advise. Family Entrepreneurship Objective:  Developing Entrepreneurs in family owned business – next generation  Incubators and accelerators for future entrepreneurs
  • 13. 13 Details of Education Vertical Parampara Family Business Institute (PFBI) Short Duration Programs Roadmap Programme for Entrepreneurial Families Participants Family firms Duration: 1. E-learning: 15 hrs (60 days) 2. Road map: 3- 5 days Participants Any stake holder Duration: 2-5 days Certificated Family Business Advisor (CFBA) Program Participants Through selection process based on criteria Duration: 8-10 months Institution Programme for Channel Partners Participants Bankers, Trade Associations Duration: 1. E-learning: 15 hrs (60 days) 2. Classroom: 2 days Family Entrepreneurship Participants Any stake holder Duration: 8-10 months
  • 14. 14 Content level partners at Program level Business Family Foundation our Primary alliance partner – Premium Global Leader in Family Business Education for 25 years based in Canada. They develop and distribute educational courses and tools worldwide for family enterprises and their advisors. BFF connects us with powerful knowledge and multicultural experiences for the success of the family and its enterprises. FFI's mission is to be the most influential global network of thought-leaders in the field of family enterprise. They provide research-based learning and relevant tools for advisors and consultants, academics and owners to drive success. Partner for Certificate program in Family Business Advising EDI, an autonomous institution (founded in 1983) for Entrepreneurship Development and Training in India and around the globe. Conducts several national & international training programmes; implements projects for the state governments, central government and international organizations; & offers two unique Post Graduate Programmes under its Centre for Entrepreneurship Education & Research. Partner for “Trans-generational Entrepreneurship in Family Business”
  • 15. 15 Certified Family Business Advisor Programme Course Objective: This programme has been designed to equip professionals as credible and most-trusted advisors of the business family with tools and skills for supporting their progression through changes in ownership, relationship transition and other developmental phases. Duration: 10 months Topics Covered: • Family Business Universe • Family Business dynamics-- people, systems and complexity • Family Governance • Family Relationships & Family development • Succession Planning • Next Generation • Family Business Advisor – Guidelines for Choosing Family Business Advisors – Values & Roles of Family Business Advisors • Family Philanthropy • Management of Business (Mini MBA) • Organizational Development • Legal Aspects of Family Business • Facilitation Skills Academic Partner * Course syllabus is subject to change based on market needs.
  • 16. 16 Certified Family Business Advisor Programme (continued) Learning Methodology: Blended Learning Approach • e-learning courses & assessments by Family Firm Institute Inc. • video case studies by Business Families Foundation • interactive classroom & group learning • Practical & Experiential Training in Facilitation Skills • Internship/Projects at the end of the course • After certification, you will be invited to stay connected and continue to learn online through your personalized PFBI portal. The Professional as a Family Business Advisor: • Professionals (like for e.g. Lawyers, Accountants, Academicians, Family Bankers, Venture Capital/Private Equity Players) working with Family Owned Business can strengthen their understanding of the complexities of Family Business through this programme. • Those who seek to transform themselves into full-time family business advisors can benefit through this Programme. • The certified professional will work as a trusted family business advisor who understands the business , family and its ownership dynamics, thereby facilitating the path forward to the success and succession of the family and the business.
  • 17. 17 Roadmap Programme for Entrepreneurial Families Course Objectives: This programme is specifically designed for members of Family owned businesses which offers them the flexibility of online and classroom facilitated learning to equip them with insights, help diagnose and derive solutions to the unique challenges they may face in their family firm. Duration: 15 hours (60 days) of e-Learning followed by 3-5 days of classroom sessions. Topics Covered: • Introduction to the roadmap for Entrepreneurial Families • The Interdependence of Our Family, Our Ownership and Our Business Entities • The different Ownership Types for Business Families like Ours • Relationship Transitions for Members of our Business Family • What will our Family be known for in the Future? • How can members of our Business Family deal with Each Other? • The Planning Process for Our Business Family • How can we as a Business Family Organize and Structure Ourselves? • Our Succession and Continuity Leadership for the Family, the Ownership and the Business • How can we coordinate these units within one system and in our Plans for the Future? • Methodology: Blended Learning Approach • e-learning course by Business Families Foundation • video case studies • interactive classroom & group learning • After certification, you will be invited to stay connected and continue to learn online through your personalized PFBI portal. • Exclusive knowledge sharing events for members of family business Academic Partner * Course syllabus is subject to change based on market needs.
  • 18. 18 Institution Programme for Channel Partners Course Objectives: This Programme offers specialized training to Professionals like Lawyers, Accountants, Academicians, Family Bankers, Venture Capital/Private Equity Players etc. associated with Institutions. These professionals can promote family governance systems to their clients (Family Firms) as part of their family office organization. Duration: 15 hours (60 days) of e-Learning followed by 2 days of classroom sessions. Topics Covered: • Introduction to Family Business • Significance & Impact of Family Business • Dynamics & Complexity of family business • 3 Circle model: Ownership, Family and Business • Understanding of Family business • Family: Values, Legacy, Relationships, Business Culture • Family Membership and Governance • Vision and Values • Family Models • Family Constitution and Policies • Legal Frame work of family constitution • Why do I want to be a Family Business Advisor • Role of an Family Business Advisor • Managing Differences in Family • How do I Segregate the market • Suspect, Prospect and Closure • Understanding the tool Kit. • Role Play * Course syllabus is subject to change based on market needs. Methodology: Blended Learning Approach • e-learning course by Business Families Foundation • video case studies • interactive classroom & group learning After certification, you will be invited to stay connected and continue to learn online through your personalized PFBI portal. Academic Partner
  • 19. 19 Short-Term or Modular Programs As different businesses and individuals have different requirements with respect to their educational and business gaps, they may not choose to attend programs that are comprehensive in nature. Therefore, in order to provide a learning experience in niche/specific areas of Family Business, the short-term or modular courses have been designed. These can be availed by members of Family Owned Businesses as well as Professionals working with Family Firms. Duration: 1-2 days 4.1. Succession in Family Owned Businesses: Research on family owned businesses states that less than one-third of family owned businesses are continued by the second generation when owners (managers) retire, and only half of those make it into the third generation. Though succession planning is an important process for the ensuring the long-term continuity of the family firm, this aspect is either largely neglected or not successful. The founder’s feeling of immortality, the lack or abundance of appropriate successors, the lack of trust in next generation’s entrepreneurial competences, and the fear of retirement by the manager (founder) are the main reasons why some firms don’t think about succession (Leach 1991; Kets de Vries 1988; Scase and Goffee 1987). In fact, the CEO’s inability to let go is the single most cited obstacle to effective succession (Sharma et al. 2001). Moreover, problems within the family can also lead to failed successions among the family owned companies (Morris et al., 1997). This course helps understand the process of succession, barriers to it and strategies for effective Succession Planning in the Family Owned Business. Academic Partners * Course syllabus is subject to change based on market needs.
  • 20. 20 Short-Term or Modular Programs (continued) 4.2. Developing Next Generation: A person will not be really happy in the midst of wealth, finding an enduring sense of satisfaction and meaning, if as a consequence of having it, his or her unique individuality has gone undeveloped. - Stephen Rockefeller The development of Next Generation members in Family Owned Businesses involves: • Aligning with the family’s core vision, mission and values • Finding new passion & focus for business • Developing self-confidence, competence and work ethics • Discovering hidden strengths and potential • Developing positive identity with wealth • Revising strategy as per “Modern” business practices • Fighting for position–within, across generations • Acquiring skills and knowledge to make effective financial decisions This course will help explore the opportunities and focus areas for the development of the Next Generation members in Family Business.
  • 21. 21 Short-Term or Modular Programs (continued) 4.3. Professionalizing Family Business: Most often, lack of professionalization amongst family run businesses tends to hamper their growth. Many family businesses face the challenge of attracting and retaining professionals in the organization. Ultimately only a set of “loyalists” stay back with the promoters over a period of time. Eventually, promoters are forced to reward loyalty over competence. This translates into a vicious cycle where: • Family Business Owners don’t trust non-family member employees for taking decisions • Non-family member employees tend to look out for better opportunities • This in-return validates Family Business Owners perspective that non-family members cannot be trusted This course helps identify & evolve solutions to overcome the challenges of Professionalizing the Family Owned Business.
  • 22. 22 Short-Term or Modular Programs (continued) 4.4. Conflict Management & Resolution: As a business family grows in size, more number of family members get involved in the business with different set of vision and thought process. Ideological conflicts are therefore bound to happen at some point in time. In many cases, ideological conflicts arises either due to difference of opinion or lack of communication or ego problems. In addition, conflicts in family businesses also arise due to generation-gap; older generation's desire to preserve wealth and next generation's aspiration to diversify and grow. Most often conflicts arise when the third generation comes into the picture. This is also commonly known as the “Third Generation Jinx”. This course helps understand and effectively deal with conflicts in Family Business. 4.5. Scaling Up & Expanding Family Business: According to survey findings by PWC (2012), family businesses, like other businesses, are facing big pressures to start expanding overseas in order to remain competitive. They are being driven by competitive pressures - or market openings due to innovation - to get past their instinctual reluctance to avoid excessive risk and are entering into foreign markets. Many family owned businesses have an aversion to leveraging their balance sheet or mortgaging physical assets which makes raising growth capital difficult. Moreover, issues of ownership, succession, and the hiring of outside managers and unwillingness for family members to relocate can present themselves as unique challenges for business expansion. This course helps understand issues related to competitiveness and expansion for the Family Business and offer perspectives on overcoming these effectively.
  • 23. 23 Short-Term or Modular Programs (continued) 4.6. Attracting Next Generation to Family Business: Working in a strong family business can present itself both as a great opportunity or as burden for the next generation. It is a daunting proposition to take over a company that was led so well by a parent. At the same time, personal pressure to carry on the family business tradition is often felt. Attracting and engaging the next generation in the Family Business is hugely dependent on the degree of emotional ownership experienced by them. So, how to foster emotional ownership among next generation? How to align the aspirations & passion of Next Gen family members with the need to successfully lead the family business? This course helps address the above and explore greater possibilities to attract next generation into the family business.
  • 24. 24 Family Entrepreneurship Businesses are characterized by efforts on the part of ownership to balance financial performance with maintenance of family control and benefits for future generations. This dual focus can complicate the planning and decision-making process. For family firms to survive and grow, they must pass on the entrepreneurial mindset and capabilities to create new streams of wealth across many generations- not just pass the business on from one generation to the next. This practice is referred to as ‘transgenerational entrepreneurship’ or more simply, family entrepreneurship. Topics Covered: • Introduction to entrepreneurship and new-venture creation • Managing the entrepreneurial Process • Entrepreneurial Enterprises • Conceptual frameworks & tools for identifying entrepreneurial opportunities • Evaluating attractiveness for investment & commercial viability of the new venture • Funding strategies • Developing a realistic Business Plan • Launching your new venture In order to create and sustain the new venture, the incubation programme will facilitate the following: • Review of the business plan • Raise funding to set up and operate the business • Provide mentoring and business resources and industry experts • Provide access to networking opportunities with other new business owners especially Family Owned Businesses Academic Partner * Course syllabus is subject to change based on market needs.