The Family Business CEOs to Watch Class of 2023 recognizes 23 exceptional business leaders. The CEOs honored run the gamut of family business leadership, from entrepreneurial founders to fifth-generation stewards of a multifaceted enterprise to non-family executives trusted by the family ownership group to lead and expand their operations.
Michael C. Hadjinian
President | Non-family | Magnetic Products Inc., Highland, Mich.
Michael Hadjinian has been president of Magnetic Products Inc., a supplier of magnetic separators for food safety and material handling equipment for metal forming, since 2018.
Hadjinian has a wealth of experience from 35 years of bottom-line organizational leadership. His previous roles include CEO, president, management consultant and venture capital fund manager. He has spent most of his career as a serial CEO for operational or strategically challenged businesses and difficult turnarounds. His specialties include new product development, marketing and sales, international business, deal making (technology licensing, mergers, and acquisitions) and lean manufacturing.
At Magnetic Products, he's focusing on preparing the firm for next-generation leadership. “His unique blend of leadership qualities, humility and an astute sense of business dynamics has created a beacon of light that many can follow,” says Kyle Rhodes, vice president of development at the company, who reports to Hadjinan and is working to earn the president's role. “His ceaseless effort in pursuing organizational excellence and leadership development is incredibly admirable.
“As he approaches the end of his career, he continues his learning. Every day, he actively seeks new lessons, and he ensures these lessons permeate throughout the organization, nurturing a culture of continuous improvement and growth. This is particularly evident in his commitment to developing his successor, proving his visionary approach that focuses not just on the present but also on the future of the business. Recognizing the father-son bond’s emotional complexities within a business context, he navigates this dynamic with empathy and tact.
“Every decision he makes, every strategy he devises, echoes the founder’s values. He has become a living embodiment of these values, ensuring they are etched into the company’s DNA and preserved for future generations.
“His keen observational skills and empathy have allowed him to create an environment where every voice is heard. He can identify subtle nuances during conversations, ensuring all team members feel acknowledged and valued. This empathetic approach empowers his employees, boosting morale and ultimately leading to increased productivity and satisfaction.”
“Magnetic Products Inc. is a wonderful company, and it is a pleasure to work with the Rhodes family,” says Hadjinian. “The Rhodes family is true to their values — consistent and trustworthy. The entire team shares these same values, and this is what makes the company special. We have developed an incredibly positive culture consistent with the founder's vision, and this has enabled the company to retain and attract talent. Our culture is a key competitive advantage — people are rarely lured away because our culture is so attractive. People love working here.
“The founder and owner, Keith Rhodes, and I had known each other in business for some years when I was CEO of another firm in the magnetics industry. We were not directly competitive, and when we talked, we just liked one another and saw eye to eye on many matters.
“Keith worked for years with a consultant to learn how to build a team so that he could retire and have the team continue to build the business. One day as my career was at another transition point, he asked me if I was open to leading his company and mentoring the team and his son. It was perfect timing — at this time in my life I get more satisfaction from mentoring than the thrill of a fast-paced turnaround. I dovetailed into this role as president seamlessly. The company is now over 40 years old and has made the transition from the leadership of a hands-on owner/entrepreneur to a professionally managed firm where the entrepreneur is mainly retired and living his dream.
“We have a clear direction of who we are and where we want to go. We have new products that are hitting the market now, totally consistent with Keith's long-term vision. My focus has been to develop our people, recruit talented people to add skills we need and to build processes that scale. As a result, the company is enjoying consistent growth at 15% per year with excellent financial performance. Keith knows that his hard-working, intelligent son Kyle is being prepared to eventually lead the firm. He has confidence that the traditions of a family-owned, employee-oriented firm will be carried on by Kyle and the team. We have an excellent advisory board to provide long-term governance consistent with the culture that we believe in.”