In today’s world, simply having a job is no longer enough. As innovation fuels new industries and entrepreneurial spirit takes centre stage, more people are drawn to the idea of building something of their own. This shift has given those with established family businesses a unique advantage—and also a unique responsibility. While inheriting a family business offers a head start, it also brings the pressure of growth, expansion, and adapting to an ever-evolving market. For new entrants, this means not just maintaining the status quo but reimagining the legacy with fresh ideas and strategies.
Recognising this need, top B-schools have created specialised family business programmes that provide the knowledge, skills, and tools to help aspiring leaders elevate their businesses to new heights. These programmes guide young leaders in fostering organic growth while respecting the values and traditions that underpin their family’s success. Through structured learning and real-world insights, participants are prepared to make their own indelible mark on the family business—ensuring its relevance and resilience for generations to come.
Blending tradition with innovation: The journey of Shri Charran and The Amethyst
Shri Charran, a fourth-generation entrepreneur from Dindigul, Tamil Nadu, carries forward the legacy of Sri Vasavi Thanga Maaligai (SVTM Jewels), a family business that started in 1942 as a modest 400-square-foot store dealing exclusively in gold jewellery. Growing up surrounded by the glint of gold and the rich traditions of his family business, Charran was determined to uphold and expand its legacy.
While pursuing the Family Managed Business (FMB) programme at a top B-school in Mumbai, Charran found himself in a heated debate with one of his professors who proposed diversifying into silver jewellery to modernise the business.
Initially reluctant, as gold had always been their cornerstone, the idea lingered in his mind long after the programme ended. By 2020, inspired by this seed of thought, Charran launched ‘The Amethyst’ brand, focusing on silver jewellery. The flagship store in Chennai marked the start of a bold new chapter, followed by expansions to Madurai and upcoming outlets in Mangalore and Coimbatore.
“People exploring or already enrolled in entrepreneurship programmes understand the constant pursuit of new and better ideas. Back in my batch, there were six of us from a jewellery background, often brainstorming together during our Economics class about how to take our businesses to the next level. It was during one of these sessions that I had my most memorable—and heated—debate with our professor, Tulsi ma’am. Overhearing our discussion, she suggested something that stopped us in our tracks: “Why not go beyond gold? Perhaps consider silver!”
At the time, I was firmly against the idea. Silver felt like a step down—it was less valuable and didn’t seem to hold the same prestige as gold. I worried that venturing into silver would mean compromising our elite clientele. But ma’am was unwavering. She not only explained the growing appeal of silver jewellery but even brought her own pieces to class to demonstrate its potential, showing a level of commitment that went beyond the classroom.
Her passion for the subject—and her faith in silver—left a lasting impression, even if I couldn’t see it then. It’s a testament to her dedication as a professor and her ability to broaden our perspectives.
~ Shri Charran, PGPFMB 23 (2017-18)
Today, Charran combines tradition with innovation, embracing technology and data-driven strategies to make The Amethyst a household name, while staying rooted in his family’s heritage at SVTM Jewels.
“The success of The Amethyst Store has exceeded all expectations, achieving a remarkable ₹30 crore turnover with significantly higher profits compared to our gold business. To my surprise, the gold business itself benefited from the success of The Amethyst Store, my new silver venture! This journey has been a testament to the power of small, consistent learnings and insights gained from the experiences of industry leaders, which open your mind to new possibilities and opportunities.
One particularly valuable lesson I took away from the FMB programme’s retail sessions was the importance of collaborating with complementary or synergistic products. Acting on this, we partnered with a saree brand that had already made a phenomenal mark in the U.S., and the collaboration worked wonders for The Amethyst Store’s visibility and growth.
Today, we’re proud to sell 10-15 pieces every single day, a true reflection of how far we’ve come by embracing innovation and strategic thinking.
~ Shri Charran, PGPFMB 23 (2017-18)
How B-schools empower participants to leave their mark on family businesses
Family businesses come with a unique blend of legacy and responsibility. While inheriting a successful business can provide an excellent foundation, it also presents challenges—how do you honour generations of hard work while innovating to stay relevant in today’s dynamic markets? This is where top B-schools specialising in family business management play a pivotal role.
Through structured programmes, they prepare participants to navigate the complexities of running family-owned enterprises. By combining cutting-edge management practices with tailored insights into the nuances of family businesses, these programmes empower participants to create sustainable growth while preserving their family’s legacy. From financial strategies to succession planning, these courses provide the tools needed to elevate businesses to new heights.
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For aspirants with an entrepreneurial mindset, here are some key aspects to consider when selecting a programme specialising in family-managed businesses:
Location
A programme’s location significantly impacts the learning experience. For example, a campus situated in Mumbai—the financial and cultural capital of India—offers unparalleled exposure to diverse industries and business networks.
Such immersive settings enable participants to connect with leading industry experts, gain real-world insights, and enrich their understanding of dynamic market conditions.
Flexibility
Balancing work commitments with education is crucial for professionals managing family businesses. Look for modular programmes that offer flexibility, such as six-day on-campus modules per month spread over 18 months. Many top B-schools also include international immersion components, allowing participants to gain global exposure while managing their business responsibilities.
Innovative pedagogy
Programmes tailored for family businesses should offer a contemporary course architecture designed to address specific challenges of family enterprises. Innovative pedagogy includes:
- Structured activities that enhance the network capital of participant family businesses.
- Immersion in both local and global contexts to foster adaptability and strategic thinking.
- A curriculum that integrates management principles with the values and traditions unique to family businesses.
International immersion
Exposure to international business environments is invaluable for participants aiming to develop a global perspective. Programmes that include international immersion at globally reputed partner schools provide multicultural experiences and access to global best practices. These experiences are carefully crafted to help participants evolve as business leaders with a global outlook, empowering them to tackle challenges with confidence and innovation.
“Our Post Graduate Programme in Family Managed Business class is unique from others because, although two start-up founders were pitching us their products, thinking of us as students, we emerged as potential investors in their ideas. That’s when they realised they were in a family business and entrepreneurs’ classroom. The immersion successfully gave us a global perspective to examine our business operations.“
~ Saurav Malve, Participant PGPFMB 33
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Industry connect
A strong industry connection is an essential feature of a robust family business management programme. Look for opportunities that include:
- Industry in classroom: Interactive sessions with industry leaders and experts, offering insights into emerging trends and challenges.
- Industrial visits: Regional off site visits and domestic industry tours based on electives, enabling participants to gain first-hand exposure to business operations across sectors.
Aspirants must choose programmes that not only equip them with the knowledge and skills to manage their family businesses but also inspire them to leave their own lasting imprint on their enterprises. With the right guidance, participants can embrace innovation while honouring tradition, ensuring their businesses thrive for generations to come.
In a nutshell…
Stepping into the world of family businesses is a journey of honouring legacies while forging new paths. It’s about balancing tradition with innovation and building on the values and vision of previous generations. With the right guidance, tools, and mindset, new entrants have the power to elevate their family businesses to unparalleled heights.
Specialised programmes at top B-schools are more than just academic courses—they are transformative experiences that prepare you to lead with confidence, innovate with purpose, and leave your indelible mark. By embracing this opportunity, you’re not just ensuring the growth of your business but also securing its legacy for future generations.
