10 years of FMB

"The stakes are different, level of commitment is different. You have no option of packing up your bag and saying that I resign." says Prof. Primal Merchant when asked about the basic difference between business handling by the "Family" and the professionals. Talking about the example of ABCL that how the fortunes of the owner, Amitabh in this case, dwindled after the company didn't do well but the officials went on to new assignments once the show folded up without a wink.

If there is tension of responsibility then there is the luxury of being in control also. FMB participants have a ready laboratory setting where they can apply the learning of the class. Concepts like six sigma, which some time in the classroom come as a purely theoretical exercise, can be applied to shop floor workings and checked for the efficiency gains. So learning becomes that much more interesting.

SPJIMR pioneered the concept of FMB long back and now has a well established brand name in this field, which is to say the least is unparalleled. A lot of institutes have tried to imitate the concept but have not succeeded much because they have missed some important points. SPJIMR recognizes the crucial differences between conducting a traditional MBA course and teaching a class where people are going to shape the fortunes of their family businesses. These may be very fine nuances but are very important and are SPJIMR's USP. FMB course in SPJIMR has entered its 10th year. When it was started there was an acute shortage of institutions where scions of business families could hone their business skills in a more structured manner, where they are acclimatized with the best business practices of the world and taught how to mould those practices to the Indian context. A lot has evolved in these 10 years but the basic objectives remain the same. Innovative pedagogy and curriculum were always the mainstay of the course but dynamic business scenarios have been instrumental in bringing changes and additions to the course.

In the wake of some high profile developments where problems of succession have hindered business growth, we realize that sometime the dynamics of family relationships overshadow the business considerations. FMB course actually teaches how to manage families in the business. Taking care of everybody's aspiration and preparing a smooth succession and delegation plan also forms a part of the course.

Interesting course structure in FMB gives more emphasis to hands on learning where the participant can apply his/her newly found managerial skills to different real life scenarios in the business. Participants actually spent 1 week per month in the course and then go back to their businesses. They apply whatever they have learnt and come back with the corresponding results.

The 10 year journey has been fulfilling, livened up by innumerable successes but it is just a start. Like we say in cricket that one should capitalize on a good start same goes here, continuing on the path of innovation and adding value constantly are the mantra