The Family Business CEOs to Watch Class of 2024 comprises 20 exceptional business leaders who are charting the course for long-term success of their enterprises. They include members of the second through fifth generations of family ownership as well as non-family leaders.
Mike Coyne
President | Fourth generation | Coyne Oil & Propane, Mount Pleasant, Mich.
Mike Coyne and his two siblings lead their family business, Coyne Oil & Propane, which has been serving the propane, fuel and lubricant needs of residential, commercial and farm customers since 1930. Now in its fourth generation, the company traces its roots back to their great-grandfather, who started as a Standard Oil agent. Since returning to the family business in 2014, Coyne has doubled the company’s size and made two significant acquisitions.
Coyne earned a B.A. in finance from Michigan State University’s Eli Broad College of Business. Before rejoining the family business full-time, he gained experience at Ernst & Young advisory practice in Chicago.
“Two years ago, Mike took on the title of president, as his uncle and father have stepped away from day-to-day operations,” says private wealth advisor Kevin Michalzuk of The Michalzuk Group at Morgan Stanley Private Wealth Management. “Mike successfully navigated the family dynamics and earned the respect of the 140 employees. Shortly after taking over, he led the strategic process of acquiring Avery Propane, a company of equal size. His guiding principle of ensuring unanimous support among the stakeholders on big decisions had him lean into difficult discussions, which ultimately led to all stakeholders supporting the acquisition and helping a fellow family-owned business navigate their own legacy and transition. Today, the success of the Avery Propane acquisition has led to more strategic acquisitions, record sales and profits.”
“Working in my family business is more than just a job; it’s a deeply rooted passion to honor the previous generations and ensure our employees feel proud of where they work,” Coyne says. “Listening to our staff speak to new customers, I can tell they are genuinely enthusiastic and proud to explain who we are — a family-owned and -operated business that values transparency and prioritizes customer service.
“This passion for the family business resonates in every customer interaction. I cherish the open environment where every team member can freely express their thoughts and offer ideas for improvement. Encouraging a collective effort and fostering the belief that we are one big team fuels my passion for continuing the legacy of my family’s business.”