IIM Lucknow starts MBA in family business with 5-10 year transformation plan focus

The Indian Institute of Management Lucknow (IIM Lucknow) has introduced a two-year MBA in family business to train the next generation of leaders and owners of family businesses. This program is designed to develop the management skills of participants to sustain family legacies, manage leadership transitions, and build future-ready organizations.

The deadline to apply for phase 1 of the admissions process is December 31, 2026 and phase 2 closes on April 2, 2027. The first batch of students is expected to begin classes in July 2027. Interested candidates can apply through the official website iiml.ac.in.

M.P. Gupta, director, IIM Lucknow, welcoming prospective applicants, said, “Family businesses are a vital pillar of India's economic growth, entrepreneurship and employment generation. As these enterprises navigate an increasingly dynamic and competitive business environment, it is imperative to empower the next-generation leaders of these family businesses with the knowledge, strategic vision and leadership capabilities to take their legacy forward. Through the MBA in Family Business, IIM Lucknow seeks to nurture these young leaders, who aspire to transform family enterprises into professionally managed, future-ready organisations that create enduring value for India and contribute to the nation's economic aspirations."

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Programme structure

The MBA program is a 2-year modular on-campus program where participants will be required to visit the Noida campus for approximately seven days in every month. The curriculum is taught over 20 months in six trimesters, and comprises 33.5 academic credits, of which five are audit credits.

The curriculum is structured around the capstone 5-10 year ‘Business Transformation and Growth Plan’ and six Family Business Labs distributed across the trimesters. Coursework integrates core management disciplines with focused areas such as succession planning, governance, growth strategies, regulations, and strategic venture investing. The program comprises opportunities for global immersion, visits to international enterprises and joint workshops with family elders.

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Eligibility criteria for newly launched course

Candidates are expected to have a Bachelor’s degree or equivalent professional qualification CA, CS or ICWA with 50% or equivalent CGPA in Class 10, Class 12 and in under-graduate studies. Applicants should be an owner or scion of a family business having minimum annual turnover or investment of Rs 20 crore. Candidates must have a valid score of GMAT/GRE/IIM Lucknow Entrance Exam. Selection will be based on personal interview for leadership intent and business engagement.

On the initiative, Garima Mittal, chairperson, MBA in Family Business, IIM Lucknow, said, “Family businesses are not merely custodians of legacy; they are important engines of entrepreneurship, employment and economic growth. Through the MBA in Family Business, IIM Lucknow aims to equip the next generation of family business leaders with the knowledge, perspective and capabilities to navigate change, drive innovation and create lasting value. The programme seeks to help them build on their family legacy while confidently shaping the future of their enterprises.”

The programme will also leverage the IIM Lucknow Enterprise Incubation Centre (IIML-EIC) ecosystem for start-up engagement and innovation support.