The Indian Institute of Management Lucknow (IIM Lucknow) is launching a two-year MBA in Family Business to prepare the next generation of family enterprise leaders for succession, professional management, innovation and long-term business growth. The programme will commence in July 2027, with applications opening in two phases.
Designed for business owners and successors of family-run enterprises, the programme aims to help family businesses navigate leadership transitions, strengthen governance and adapt to changing market conditions while preserving their legacy.
A key component will be a five-to-10-year Business Transformation and Growth Plan, which participants will develop to identify and implement strategic initiatives for their respective enterprises.
The initiative comes as family-owned businesses continue to play a significant role in India’s economic activity, entrepreneurship and employment generation, highlighting the importance of structured succession planning and professional management.
Focus on succession and business transformation
The MBA programme is designed to combine contemporary management education with the specific challenges faced by family enterprises, including generational transitions, ownership structures, governance and the balance between family interests and business priorities.
IIM Lucknow Director Prof. M.P. Gupta said family businesses were an important pillar of India’s economic growth, entrepreneurship and employment generation.
He said the programme would equip the next generation of family business leaders with the knowledge, strategic vision and leadership capabilities required to transform their enterprises into professionally managed, future-ready organisations.
The objective is to help participants carry their family legacies forward while creating enduring business value and contributing to India’s economic aspirations, he added.
Six Family Business Labs anchor curriculum
A defining feature of the programme will be six Family Business Labs conducted across its six trimesters. These will progressively guide participants through enterprise diagnosis, business vision and strategy, succession planning, leadership transitions, innovation and venture investing.
The curriculum will cover core management disciplines, including strategy, finance, governance and digital transformation, with these subjects contextualised to the requirements of family-run enterprises.
Participants will also have access to case-based learning, simulations, global immersion opportunities and visits to international family businesses.
Workshops involving parents, siblings and senior family members are also envisaged to facilitate discussions around succession, governance and intergenerational leadership.
The approach is intended to help participants translate classroom learning into practical business decisions, with their own enterprises serving as a focus for problem-solving and strategic planning.
IIM Lucknow entrepreneurship ecosystem to support participants
The programme will leverage the IIM Lucknow Enterprise Incubation Centre (IIML-EIC), providing participants with exposure to entrepreneurship, innovation, incubation, start-up ecosystems and industry practitioners.
The institutional ecosystem is expected to complement the programme’s academic content by exposing participants to new business models, entrepreneurial opportunities and innovation-led growth strategies.
IIM Lucknow Chairperson of the MBA in Family Business Prof. Garima Mittal said family businesses were not merely custodians of legacy but also important drivers of entrepreneurship, employment and economic growth.
She said the programme aimed to equip future family business leaders to navigate change, drive innovation and create lasting value while building on the foundations established by earlier generations.
The broader objective is to help family enterprises combine their established strengths with contemporary management practices and global perspectives.
On-campus modular programme to span six trimesters
The two-year MBA will follow an on-campus modular format, with participants required to visit IIM Lucknow’s Noida campus once a month for approximately seven days.
The programme will span six trimesters over approximately 20 months and comprise 33.5 academic credits, including five audit credits. Each credit represents 30 hours.
Alongside core management subjects, the specialised curriculum will cover Family Enterprise Foundations, Family Business Governance, Growth Strategies, Leadership in Family-Managed Businesses, Succession and Generational Transition, Regulatory Frameworks and Strategic Venture Investing.
The structure is designed to enable participants to continue engaging with their family enterprises while pursuing management education.
Eligibility and application deadlines
Applicants must hold a bachelor’s degree or an equivalent professional qualification, such as CA, CS or ICWA. They must have secured a minimum aggregate of 50% marks or equivalent CGPA in Class 10, Class 12 and their undergraduate degree.
Candidates must also be owners or successors of a family business or enterprise with a minimum annual business turnover of ₹20 crore, according to the eligibility criteria provided by the institute.
Applicants must possess a valid GMAT or GRE score, or an IIM Lucknow entrance examination score. Shortlisted candidates will be invited for a personal interview assessing their involvement in the family enterprise, leadership aspirations and ability to apply the programme’s learning.
The application deadline for Phase 1 is December 31, 2026, while Phase 2 applications will close on April 2, 2027. The programme is scheduled to commence in July 2027.
Applications can be submitted through the institute’s official portal: IIM Lucknow MBA in Family Business application form.
Building future-ready family enterprises
The programme seeks to address a critical challenge for family businesses: ensuring that enterprises built by one generation remain competitive and sustainable under the leadership of the next.
By integrating succession planning, professional governance, strategic growth and innovation, IIM Lucknow aims to prepare family business leaders to manage generational change while identifying new opportunities for expansion.
The emphasis on applying management concepts to participants’ own businesses could also help bridge the gap between formal management education and the practical realities of family-owned enterprises.