Family businesses are deeply woven into India’s economic and cultural fabric, with generations of families building enterprises around shared values, trust, relationships and long-term stewardship. Beyond their commercial contribution, these businesses often represent a family’s legacy, identity and aspirations, making succession, continuity and the transition of leadership across generations critical to their long-term success.

Aiding these efforts, Indian Institute of Management Lucknow (IIM Lucknow) is launching an MBA in Family Business to train the next-generation leaders of family enterprises and business owners.

Designed for business owners and the next generation of family enterprise leaders, the two-year MBA in Family Business at IIM Lucknow aims to equip participants with the management capabilities needed to sustain family legacies, navigate leadership transitions and build future-ready enterprises. It will focus on a capstone 5–10-year ‘Business Transformation and Growth Plan’ that will equip its graduates to implement strategic initiatives for their companies.

Welcoming the next generation of business leaders from all over India to apply, Prof. M.P. Gupta, Director, IIM Lucknow, said, “Family businesses are a vital pillar of India’s economic growth, entrepreneurship and employment generation. As these enterprises navigate an increasingly dynamic and competitive business environment, it is imperative to empower the next-generation leaders of these family businesses with the knowledge, strategic vision and leadership capabilities to take their legacy forward. Through the MBA in Family Business, IIM Lucknow seeks to nurture these young leaders, who aspire to transform family enterprises into professionally managed, future-ready organisations that create enduring value for India and contribute to the nation’s economic aspirations.”

KEY FEATURES OF THE PROGRAM

A defining feature of the program is its emphasis on translating classroom learning into tangible business outcomes. Six Family Business Labs, conducted across the programme’s six trimesters, progressively guide participants through enterprise diagnosis, vision and strategy, succession, leadership transition, innovation and venture investing.

The programme also proposes global immersion opportunities, visits to international family-run enterprises, simulations and case-based learning, alongside select workshops that allow parents, siblings and elders to participate in discussions on succession and governance. This combination of enterprise-specific problem-solving, cross-generational engagement and long-term strategic planning gives the programme a distinctive, practice-oriented approach.

The curriculum provides contemporary management knowledge, covering strategy, finance, governance, and digital transformation, contextualised to the realities of family enterprises.

The last date to apply for Phase 1 is 31st December 2026, and for Phase 2 is 2nd April 2027. The program will commence in July 2027. Those interested can apply through the following link: https://www.iiml.ac.in/mbafb-application-form

Speaking about the programme, Prof. Garima Mittal, Chairperson, MBA in Family Business, IIM Lucknow, said, “Family businesses are not merely custodians of legacy; they are important engines of entrepreneurship, employment and economic growth. Through the MBA in Family Business, IIM Lucknow aims to equip the next generation of family business leaders with the knowledge, perspective and capabilities to navigate change, drive innovation and create lasting value. The programme seeks to help them build on their family legacy while confidently shaping the future of their enterprises.”

ENTREPRENEURIAL ECOSYSTEM

The program is designed to leverage the IIM Lucknow Enterprise Incubation Centre (IIML-EIC) ecosystem, particularly in areas related to entrepreneurship, innovation, incubation, start-up ecosystem engagement and practitioner interface. This support will complement the academic and management expertise of IIM Lucknow and provide participants with access to a broader entrepreneurial ecosystem.

The program aims to provide advanced management knowledge contextualized to family enterprises in order to sustain and expand family legacies across generations. It will facilitate effective succession planning and leadership transition, professionalize family business practices and governance, besides promoting innovation and entrepreneurial orientation within family firms. The MBA will also integrate global perspectives with local business realities.

ELIGIBILITY CRITERIA

The eligibility to apply is a bachelor’s degree or equivalent professional qualification (CA/CS/ICWA) from India or abroad with Minimum 50% aggregate marks/ equivalent CGPA in 10th, 12th and Undergraduate Degree. The applicant must be an Owner or Scion of a family business / enterprise with a minimum investment in business / turnover of at least Rs. 20 crore per annum. Applicants must have a valid GMAT/GRE score OR IIM Lucknow Entrance Exam score

Shortlisted candidates will be invited for a Personal Interview, focusing on family-enterprise engagement, leadership intent and the ability to apply learnings.

STRUCTURE OF THE PROGRAM

The 2-year MBA program will be delivered in an on-campus modular format, with participants visiting the Noida campus once every month for approximately seven days. The program will span six trimesters over approximately 20 months and will include 33.5 academic credits (1 credit = 30 hrs), of which 5 are audit credits. Its distinctive feature is the integration of classroom learning with application to the participants’ own family enterprises. The curriculum covers core management disciplines alongside family-business-specific areas, including Family Enterprise Foundations, Family Business Governance, Growth Strategies, Leadership in Family-Managed Businesses, Succession and Generational Transition, Regulatory Frameworks, and Strategic Venture Investing.