<PAGE>   1
                                                                    Exhibit 10.2


                    AMENDMENT TO CHANGE IN CONTROL AGREEMENT

         THIS AMENDMENT is made effective as of the 17 day of September, 1999,
by and between BALDWIN PIANO & ORGAN COMPANY, a Delaware corporation (the
"Company") and KAREN L. HENDRICKS (the "Executive").

         WHEREAS, the parties entered into a Change in Control Agreement, dated
June 26, 1996 (the "Change in Control Agreement"), and desire to amend the
Change in Control Agreement as set forth herein.

         NOW, THEREFORE, in consideration of the premises and the mutual
promises and covenants contained herein, the parties agree as follows:

1.       Amendment to Section II. Term of Agreement.

         Section II. Term of Agreement, shall be deleted in its entirety and
         replaced with the following:

                  The term of this Agreement shall commence on the date hereof
         and continue for a period ending on August 31, 2003.


2.       Amendment to Section III.  Definitions.

         The following definition shall be inserted at the end of Section III.
         Definitions:

                  9. "Change in Control Related to Sale of Two Divisions" - the
         Company shall sell or transfer, at any time, in related or unrelated
         transactions, either simultaneously or sequentially, all or
         substantially all of the assets or operations of any two of its three
         businesses: music, contract electronics or finance.

3.       Amendment to Section IV. Benefits Upon Termination Following a Change
         in Control.

         Subsection 1. Termination, shall be deleted in its entirety and
         replaced with the following:

                  1. Termination - The Executive shall be entitled to, and the
         Company shall pay or provide to the Executive, the benefits described
         in Section 2 below if:

         (i)      (a) a Change in Control, other than a Change in Control
                  Related to Sale of Two Divisions, occurs during the term of
                  this Agreement, and (b) the Executive's employment is
                  terminated within three (3) years following the Change in
                  Control either by the Company, with or without cause, or the
                  Executive, with or without cause, except in

<PAGE>   2


                  either case due to the Executive's death, disability, or
                  retirement at or after the normal retirement date; or

         (ii)     (a) a Change in Control Related to Sale of Two Divisions
                  occurs during the term of this Agreement; and either

                  (b) the Company terminates the Executive's employment within
                  forty-five (45) days prior to the Change in Control Related to
                  the Sale of Two Divisions for reasons other than "Cause". For
                  purposes of this Agreement, "Cause" shall mean cause as
                  defined in Section 5.2 of the Agreement of Employment (the
                  "Employment Agreement") by and between the Company and the
                  Executive dated June 19, 1997, as amended; or

                  (c) the Executive's employment is terminated within three (3)
                  years following the Change in Control Related to Sale of Two
                  Divisions either (i) by the Company, without Cause , or (ii)
                  by the Executive, for any reason, provided in the case of a
                  termination by the Executive, the Executive provides the
                  Company with nine (9) months prior written notice of such
                  termination and the circumstances listed in Section 4.4(c) of
                  the Employment Agreement exist at the time of the notice and
                  continues through the nine (9) month notice period;

                  and except in the case of either (b) or (c) due to the
                  Executive's death, disability, or retirement at or after the
                  normal retirement date.

4.       Amendment to Subsection IV2(d) - Accelerated Vesting Schedules.

         Subsection IV2(d), Accelerated Vesting Schedules, shall be deleted in
         its entirety and replaced with the following:

                  (d) Accelerated Vesting Schedules - All stock options and
         restricted stock granted to the Executive shall immediately vest in
         full. Moreover, the Executive shall be entitled to receive immediately
         upon such termination the cash value of any long term incentives
         payable to the Executive under any long term incentive compensation
         plans including, but not limited to, the Company's 1994 Long Term
         Incentive Plan, in which the Employee is then participating calculated
         as of the date of the Executive's termination, regardless of any
         provisions in such plans requiring continued employment with the
         Company. If the Executive informs the Company that the Executive
         desires to exercise any or all of the stock options granted which have
         been vested (including such options which have vested pursuant to this
         paragraph (d)) immediately prior to the Executive's termination of
         employment, then the Company, in its sole discretion, shall either (a)
         register the underlying shares of the Company's common stock for sale
         to the public, pursuant to a registration


<PAGE>   3

         statement filed by the Company with the Securities and Exchange
         Commission within 180 days of the termination of the Executive's
         employment; or (b) purchase from the Executive the stock options which
         the Executive desires to exercise. If the Company elects to purchase
         the stock options, the purchase price to be paid by the Company for
         each such option being purchased shall be the difference between the
         last sale price of the Company's common stock on the NASDAQ National
         Market on the day prior to the date of termination and the exercise
         price of the option. The registration of the restricted stock shall be
         governed by the provisions of subsection 4.4(d) of the Agreement of
         Employment between the Company and the Executive, dated as of June 19,
         1997, as amended.

5.       Reaffirmation. Except as expressly modified in this Amendment, the
         Company and the Executive hereby ratify and confirm each and every
         provision of the Change in Control Agreement.

6.       Severability. If any provision of the Change in Control Agreement, as
         amended by this Amendment, is held to be unenforceable for any reason,
         the remainder of this Agreement shall, nevertheless, remain in full
         force and effect.

7.       Amendment. The Change in Control Agreement and this Amendment may be
         amended or modified only by a written instrument executed by the
         Company and the Executive.

8.       Governing Law. This Amendment shall be governed in all respects by the
         law of the State of Ohio.


         IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.

                                            BALDWIN PIANO & ORGAN COMPANY


                                            By: /s/ William Connell
                                               ---------------------------

                                            Printed Name: William Connell
                                                         -----------------

                                            Title: Director
                                                  ------------------------


                                            EXECUTIVE

                                                /s/ Karen L. Hendricks
                                               ---------------------------
                                                    KAREN L. HENDRICKS