Through PFBI, we aim to spearhead the awareness, education, adoption and development of family business governance in India by drawing upon the best-in-class wealth of wisdom offered in the space of family business education.
Parampara Family Business Institute (PFBI) was conceptualized as a social endeavor by GMR family to make a difference to family owned business community especially the small and medium business enterprises. The genesis of the institute began when Grandhi Mallikarjuna Rao, (GM Rao – Founder of GMR Group) was the director of Vysya Bank. At that time, he came across multiple cases of non-performing assets (NPAs) due to breakdown/conflicts in family businesses.
It made him reflect upon a significant phenomenon - in a country where more than 70% of businesses are family-run entrepreneurial ventures (which is a significant contribution to the economy), what underlying reasons lead them to thrive or perish?
The answer to this was found years later when GM Rao founded the company GMR Group with a global presence in infrastructure operating assets and projects like Airports, Power Projects, Highways etc. After the exponential growth of the business, GMR family was introduced to the benefits of family governance and they pioneered in crafting a detailed family constitution with an aim to establish an institution for perpetuity. With a view to benefit many Indian Business Families about family business governance, PFBI was established as a social initiative.
A multitude of awareness programs, modular/short-term programs were organized through different channel partners like CII-FBN, Banks, EDI & other educational institutions. PFBI's research arm has contributed noteworthy Indian case studies that provide meaningful insights in the areas of entrepreneurship and family businesses in the Indian cultural ethos.
PFBI engages with family businesses in the following stages:
Awareness
Education
Development
The Institute provides state-of-the-art expertise through research, global partnerships and knowledge exchange.
Help businesses sustain, grow and perpetuate through generations
Provide thought leadership
Create awareness on establishing processes, robust governance and relationship building
Educate family owned businesses to sustain dynamic progress across generations
Nurture the spirit of entrepreneurship in the next generation of family-owned enterprises
To foster commitment in emerging Family Owned Business for meaningfull and proper Governance that enables perpetuity and National Economic Development
Integrity
Empathy
Inclusivity
Humility
Thought Leadership
Trust