Tricolite Industries’ CEO Meera Chauhan on Family Business Growth

Family-run businesses have long been the beating heart of India’s economy. They contribute significantly to GDP, create jobs across industries, and often serve as community anchors. But as industries shift and markets globalise, the challenges facing these enterprises have multiplied. 

At a fireside conversation hosted by Masters’ Union, Meera Chauhan, CEO of Tricolite Electrical Industries Limited, sat down with Rajiv Gupta, Chairperson of the School of Family Business, to unpack these challenges. The discussion highlighted the tension between tradition and progress, a struggle every family-owned firm recognises. To survive, legacy alone cannot be the shield. Resilience and reinvention must walk alongside heritage.

Why family businesses must adapt to stay relevant

1. Generational clashes often stall decision-making and innovation

2. Businesses risk irrelevance if they hold on too tightly to legacy practices

3. Stronger governance frameworks are critical for long-term relevance

Building Governance Frameworks for Generational Continuity

Meera was firm in her view that the downfall of many family firms is not the market, but the boardroom. In the absence of clear governance, responsibilities blur, accountability weakens, and disputes become inevitable. She stressed that families must recognise the importance of systems that outlast personalities. Rajiv Gupta echoed this by emphasising how structured interventions, such as the Owners and Promoters Management (OPM) programme at Masters’ Union, help families formalise governance frameworks and prepare their businesses for continuity.

For her, governance is not about replacing trust but about preserving it. Transparent policies and role clarity protect the business from avoidable fractures. When structures are in place, families spend less time resolving disputes and more time focusing on expansion.

Governance practices that drive resilience

1. Separate family ownership from professional management roles

2. Introduce external board members to bring objectivity

3. Create written policies for decision-making and succession
   
   

Preparing the Next Generation for Leadership

Passing on the business baton is perhaps the most delicate transition for family enterprises. Chauhan observed that too many successors are handed leadership without preparation, leaving them vulnerable to scrutiny and failure. For her, grooming must begin early, not just through boardroom exposure but by working on the shop floor, meeting customers, and learning the business at its roots. 

Gupta added that experiential learning is vital; young leaders should be encouraged to seek external opportunities before entering the family enterprise. This equips them with perspective, humility, and skills that entitlement alone cannot provide.

He noted that structured learning platforms such as Masters’ Union’s OPM programme bridge this gap. By combining classroom knowledge with live case studies, they help successors approach leadership with rigour rather than assumption. The aim is not just to inherit, but to earn.

How families can groom future leaders effectively

1. Involve successors in operations long before they inherit leadership

2. Encourage them to gain outside work experience for perspective

3. Blend formal education with real-world problem-solving in the firm

Scaling Businesses Without Losing Family Ethos

One of the hardest decisions family businesses face is how to expand without diluting the culture that binds them together. Chauhan argued that clinging too tightly to the “old ways” can restrict growth, but abandoning family ethos risks alienating loyal teams and partners. 

Professionalisation is not a threat but a necessary partner to legacy. Gupta underlined that families should treat values as their compass while embracing modern systems as the vehicle. This dual approach allows businesses to scale operations without losing the trust and authenticity that set them apart.

In practice, this means adopting data-driven processes, opening leadership roles to professionals, and creating scalable systems. But it also means ensuring that every new initiative, whether a market expansion or a tech upgrade, reflects the founding family’s vision. As Gupta put it, “professional managers bring systems, families bring values; only together can they create scale.”

Balancing tradition with modern scaling needs

1. Treat family values as the foundation, not the ceiling, of growth

2. Retain cultural identity while expanding into new markets

3. Use data and technology to professionalise without erasing ethos
   
   

The Role of Structured Learning in Family Business Success

Throughout the conversation, both Chauhan and Gupta stressed that informal mentoring alone cannot prepare family businesses for the future. Formal education, tailored specifically for owners and promoters, helps address blind spots that traditional training overlooks. 

Masters’ Union’s OPM programme is designed for precisely this audience; family business leaders looking to scale responsibly, introduce governance, and prepare successors for leadership. For Chauhan, such programmes ensure that the next generation is not just inheriting wealth but is equipped to protect and grow it.

The future of Indian family enterprises lies in their ability to combine the wisdom of legacy with the discipline of structured learning. In doing so, they can create companies that are not only profitable but also sustainable across generations.

Why formal programmes make a difference

1. They introduce structured thinking into unstructured family set-ups

2. They prepare successors for both ownership and operational roles

3. They help families institutionalise practices for long-term continuity

Leadership, Focus, and Legacy in Family Business

Meera Chauhan’s journey as CEO of Tricolite Industries illustrates that success in family-led businesses requires more than inheritance; it demands focus, persistence, and integrity. From earning respect within the organisation to investing in people and technology, her approach demonstrates that sustainable growth comes from planning, disciplined execution, and fostering a culture of trust. 

For emerging family business leaders, her insights are a roadmap: combine strategic clarity with empathy, remain committed to quality, and never compromise on your values. As Masters’ Union’s OPM course shows, these lessons are crucial for owners and promoters seeking to scale their ventures while building a lasting legacy.