Parampara Family Business Institute was conceptualized as a social endeavor to make a difference to family owned business community especially the small and medium business enterprises.
The genesis of PFBI began when GM Rao (Founder of GMR Group) was the director of Vysya Bank wherein 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, the GMR family was introduced to the notion of family governance and they pioneered in crafting a detailed family constitution with an aim to establish an institution for perpetuity.
As a social initiative, GMR family founded PFBI to spearhead 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 like FFI, BFF etc. . Smitha Raju has served on the board of Business Families Foundation. In the past few years, PFBI has played an instrumental role in delivering this wealth of knowledge to various family businesses in India through a pool of FFI certified advisors and institutional channel partners such as bankers and traders/industrial bodies. A multitude of awareness programs, highly interactive "Compass Programs for Entrepreneurial Families, modular/short-term programs were organized through 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.
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