Most of the Indian family businesses, which have been in existence since the pre-independence era, were presented with opportunities and challenges post-liberalization. While foresighted family businesses renewed themselves, there were many others, which could not sustain themselves. Unlike other family businesses, Mahindra & Mahindra Ltd. (M&M), under Anand G Mahindra (Mahindra) was able to address rightly the challenges brought about by liberalization. Aptly enough, he has also been called as the `Renaissance Man' by the Harvard Business Review for bringing about the renaissance at M&M, his family business.

In October 2008, Mahindra was even awarded the Harvard Business School Alumni Achievement Award. With realistic ambitions and by concentrating on the big goal of making M&M a world-class company, Mahindra transformed M&M from a manufacturer of rural and defence vehicles into a world-class automobiles manufacturer. The success of Scorpio—M&M's popular Sports Utility Vehicle (SUV)—played a major role in the transformation of the company. M&M's future plans include a diverse product portfolio in the automotive segment. Though M&M turned itself around, will it be able to replicate the success, which it attained with Scorpio? Will M&M be able to sustain the diverse product portfolio in the wake of competition?

Family businesses, a dominant form of business during the first Industrial Revolution, are equally significant in the 21^st century. Very often, a family business originates due to the initiatives of one or two family members. Family businesses can be viewed as one of the initial stages in the life cycle of an enterprise. Gradually, other members of the family also join the business. Later on, non-family members are also brought in, as it becomes difficult for the family members alone to carry out all the activities of the business.

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