Family business clinics

The Entrepreneurship Development Institute of India (EDII) will be conducting Family Business Clinics across major cities to help and mentor second and third generation of MSMEs for boosting family business. The institute has already enabled over 400 next-gen entrepreneurs through its flagship program PGDM in Business Entrepreneurship (PGDM-BE).

Research studies show  that over 80 per cent of family businesses in India do not have a robust, documented and communicated succession plan.

These clinics include sessions on creating leadership culture, incorporating strategic planning in running business, solving capital access issues and use of digital media for promoting one’s enterprise.

The clinics would sensitise the next generation about the importance of participating and contributing to the family business. The participants will be able to introspect towards their own leadership style and learn the importance of imbibing new leadership styles that not only inspires internal organizational collaboration to extend it to next generations, but also empower them to help their family business expand across industries and beyond borders.

The institute has already conducted few such clinics at industry associations in Ahmedabad, Vadodara, Rajkot, Jodhpur and Bhopal to sensitise MSMEs about succession planning and family business management. Similar clinics will be held in other tier-II cities across India.

Emphasising on the need for boosting family business in India, Dr Satya Ranjan Acharya, faculty, EDII said: “India ranks in top five when it comes to contribution of family-owned businesses to total market capitalisation and GDP. However, many MSMEs fail to grow because they lack succession planning. The clinics are designed to help the participants create a leadership culture in family business so that their one-leader model transits to become a leadership team model and leads the organisation to become a multigenerational family business.”