Purdeep Sangha on Balancing Tradition, Innovation, and Mentorship in Family Business

Ahmed Assaf welcomes Purdeep Sangha to discuss the intricacies of managing a family business. They delve into the challenges and personal experiences unique to family enterprises, emphasizing the importance of agreements and effective communication. The conversation explores balancing tradition with innovation and the need for annual vision and strategy updates for long-term success. They share insights on overcoming challenges and embracing growth, highlighting the role and benefits of mentorship. The episode also covers the value and costs associated with mentorship and addresses handling the emotional impact of family business conflicts. It concludes with closing remarks. (0:00) Introduction (0:33) Challenges and Personal Experiences in Family Business (3:23) Importance of Agreements and Effective Communication (8:44) Balancing Tradition with Innovation in Family Business (11:28) Vision and Strategy: Annual Updates for Long-term Success (15:24) Overcoming Challenges and Embracing Growth (18:21) Mentorship's Role and Benefits in Family Business (23:03) The Value and Costs of Mentorship (24:50) Handling Emotional Impact of Family Business Conflicts (25:11) Closing Remarks