All In: Family In Business, Part Two

Catalytic Conversations

If you thought family business was all unicorns and rainbows, think again. The family business is a source of income, professional growth, AND a major source of identity. This is part two of an in depth interview about a family business that weathered Hurricane Katrina with mixed results.

Michele Wink, CEO of UP Professional Solutions, is one of five children. Her father founded an engineering firm. In this interview, recorded on the anniversary of Hurricane Katrina, Michele tells us about the lessons her family learned about succession, contingencies, and how to build a family identity that can withstand any trial.

Here are Michele’s key takeaways:

1. Have a succession plan from Day 1. Outline terms and conditions. Document and communicate the plan.
   
2. Hire outside advisors for the hard, and the soft, sides of the business.
   
3. Require each member of the next generation to work outside of the family business to experience success that belongs to each as individuals - independent of the family enterprise.
   
4. The decisions made in the business has had a lasting impact on the entire family- all 3 generations.

If you would like to learn more about UP Professional Solutions, go to their website here. Michele invites you to contact her at [e-mail], or call her directly at 504.561.1652.

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