It is observed that family businesses contribute roughly 80% to the global GDP. No doubt, the fast emerging markets have given a significant share to the GDP of India, especially when family businesses account for more than 85% of the currently running businesses in the country. Given the rapidly changing business culture of the developing economy, it is essential to educate future generations who are to inherit their family’s business. It is important to prepare them for the cut-throat competition so that their family business does not just survive with time, but it is prepared to compete with the global competitors. India’s best B-school, Indian School of Business (ISB), has introduced Post Graduate Programme in Management for Family Business (PGP MFAB) to prepare the future generation of India to revive the conventions of a family business.