Family Managed Business (PGPFMB) is an 18-month program conceived with the objective of training and developing the incumbents of family managed businesses. It is a solution to the dilemma of whether to pursue an MBA or to join the family business, by retaining the merits of both at the same time.

1. Why FMB?
There are four distinct reasons why FMB from SPJIMR Mumbai is more advantageous for those
from business families, as compared to regular MBA programs.
Scale
Typically, family businesses are small and medium size enterprises. The learning has to be tuned
to this reality. In conventional MBA programs, the inclination is more towards large Corporates
and MNCs.
Stakes
In a family business, the family member is responsible wholly and solely for the decisions that
he/she takes and has also to face the outcome of those decisions. A wrong decision could mean a
loss resulting in the extra time, money and effort spent to recover from the loss. With stakes and
risks high, candidates from family businesses require a totally different attitude and training, as
compared to a candidate with an MBA working in an MNC, which this program provides.
Scope
An MBA student is groomed to work in large organizations and hence he/she tends to focus on a
specific area of specialisation. An FMB participant manages his/her own organisation and has to
learn to relate with specialists in all fields. He/she requires a General Management perspective
rather than a specialisation.
Unique Issues
Family businesses have some issues unique to their nature. These include employing people of
higher competency levels, professionalizing the organisation, managing participation from
members of different generations, addressing the role of the women of the family in the business,
planning succession, etc. The FMB participant requires training in appreciating and attending to
these issues.
A conventional MBA student from a renowned Indian institute or a foreign university may not
provide adequate response to these needs of wards from family businesses. On the other hand,
the FMB programme is designed primarily keeping these factors in mind thus equipping the
participant with good capabilities in these issues.
Role of the Mentor
Each participant is required to identify one mentor for the duration of the course. Ideally the
mentor should be the parent or close relative, actively involved in the management of the family
business. Since the participant is going to spend three weeks a month at the business, it is critical
that the mentor spends quality time in guiding and helping him/her to co-relate the learning with

2. the business. There are three mentor meets during the program and the mentors are expected to
participate in these. The involvement of mentors is extremely crucial and will have a direct
impact on the learning and benefits on the participants from the program.
Role of the Organisation
The participant is expected to take the help of the Executives of the organization while working
on assignments. These assignments will help students perceive their businesses in a systematic
way. The concerned Executive handling a specific function can provide inputs about the specific
business context. On the other hand, the participants are expected to share their learning with
their mentors as well as key Executives, thereby bringing the management concepts to the
organisation and enriching the collective effectivenes
Learning from Faculty
The renowned faculty at the institute facilitates innovative thinking through practical academic
inputs and thought-provoking case studies. The faculty of the institute involved with this
program bring with them diverse academic backgrounds and invaluable industry experience.
Learning from Peers
The participants come from diverse industries and different parts of the country, and also from
Dubai and Nepal. Interactions with other participants, learning about each other’s businesses,
context, challenges and initiatives are extremely valuable sources of learning for all. Building a
network with participants from myriad backgrounds is an invaluable derivative of the FMB
program.