Taking Over a 2nd Generation Business

Felicia Harris, CEO of EverythingHR and EverythingHR Financial Services interview Katie Balash, President of Vaughan Industries, a company that has been supplying car wash supplies for over 40 years. Katie Balsh opens up about her personal experiences when she took over the family business when she initially wasn’t interested, what the responsibilities, learning curves, and transitional periods were like, and valuable advice for others looking to take over or pass on a family business.

Episode Highlights:

• Katie Balash introduces herself and how she got started in the business. 
• How did the succession plan got executed for Vaughan Industries?
• Katie discusses the responsibilities of entrepreneurs for their employees.
• How did Katie evolve Vaughan Industries after taking it over? 
• What types of additional training did Katie Balash receive?   
• What are some things Katie would recommend to second-generation business owners? 
• How did Katie’s transition go between the family and the business? 
• How do you fire somebody? 
• What was Katie’s decision process like when she had apprehension about taking over Vaughan Industries?
• Being part of a multi-generational business is about being part of a legacy
•  What was it like for Katie being a female in a male-dominated industry? 
• You can never stop learning and finding alliances.   

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