Family businesses now can hear directly from other family businesses with the launch of a podcast. Produced by Prairie Family Business Association and hosted by executive director Stephanie Larscheid, the first three episodes of “Family Business Connection” launched this week. Stephanie Larscheid, executive director of Prairie Family Business Association, and Kyle Bender, executive vice president of Falcon Plastics The first episodes feature: Growing into leadership: Jenn Barlund and Kyle Bender of Falcon Plastics. How key nonfamily leaders impact succession: Jake Quasney and Becky Word of L ..read more

SIOUX FALLS, S.D. – At the 32nd Annual Family Business Conference, held April 17 and 18, the Prairie Family Business Association (PFBA) presented the following awards to three family businesses from the Upper Midwest: The Lloyd All In Award: VanLiere family of Industrial Machine & Engineering (Brookings, S.D.) The Lloyd All In Award was presented for the second time this year. The Lloyd All In Award was created in honor of Craig and Pat Lloyd’s Lifetime Achievement Award, presented to the couple in 2023. The award is given to a family who goes “all in” on their family business and PFB ..read more

The success of a generational transition is not, as one might expect, an outcome of meticulous succession planning. Decades of research have shown that there are three key elements to a successful succession. “Most businesses don’t fail because they can’t solve the business problems. They usually fail because of a lack of alignment on the family side of things,” said Andrew Keyt, founder and CEO of Generation6, a firm that helps address family enterprise challenges. He points to initial research from Joe Astrachan, which found “there wasn’t any correlation between successful planning and succe ..read more

There’s likely not a better way to sample family business than this. The third annual Taste of Family Business is open to the public this year, allowing the event to grow beyond attendees at the Prairie Family Business Association Annual Conference. “This is a meaningful gathering where our family business members are able to experience the wonderful products the producers in our region are raising and growing,” said Mason Van Essen, business development manager for the Prairie Family Business Association. The energy in the room is intense, said Tim Meagher, chief operating officer of Vanguard ..read more

For three generations, the Hollenbeck family has raised cattle on a ranch in Corson County. But when it came time to consider the next generation, decisions kept being put on hold. “Probably 10 years ago, we talked with an attorney, and we knew we really should set something up because we want to be able to pass this on, but we never went very far with it,” said Mary Hollenbeck, who found her match both in her husband, Don, and in the chance to get back on a ranch when they married 46 years ago. “My dad grew up on a ranch east of Sturgis in the 1920s and 1930s when they didn’t have mechanize ..read more

If it hasn’t happened in your family business yet, someone eventually is bound to play the role of Fredo. The fictional member of the Corleone family in “The Godfather” is seen as the weakest of his brothers, an embarrassment to the family and a proverbial weak link. “I’ve seen Fredos in the best of families – families you’d think would be immune to it, but nobody is immune to it,” said Kimberly Eddleston, founder and editor of FamilyBusiness.org and the Schulze Distinguished Professor of Entrepreneurship and Montoni Research Fellow at Northeastern University in Boston. Eddleston will be a fea ..read more

Willie Robertson, the dynamic and affable CEO of Duck Commander, is not just a television personality — he’s a living success story. From humble beginnings in the Louisiana bayou to becoming a household name through the smash-hit reality TV show “Duck Dynasty,” Robertson’s journey is an inspiring testament to the power of his faith in God, hard work, perseverance and staying true to one’s roots. Robertson will share his family business success story this spring in Sioux Falls at the 32nd Annual Family Business Conference hosted by Prairie Family Business Association. The conference April 17-1 ..read more

“It’s hard to read the label on your own bottle.” If you and your family business can relate to that thought from a fellow CEO, a workshop coming up will help you gain an enhanced perspective that will help accelerate your business goals. Conducted by Six-Point Creative, the workshop From Stuck to Sustainable: Three Steps to Actionable Acceleration will be from 1 to 5 p.m. April 16 in conjunction with the Prairie Family Business Association Annual Conference. “This is going to be a hands-on, immersive experience from specialists in strategy,” said Stephanie Larscheid, executive director of th ..read more

For family and ag businesses, communication, adversity and conflict can be inherent struggles – but also manageable ones. Siblings Megan Hammond, Jackson Hegerfeld and Amanda Lauer have lived it both in their own family businesses and as they help others. The third-generation family business leaders help lead both Brookings-based BankStar Financial and Advantage Land Co. As land brokers, auctioneers and business lenders, they’ve seen plenty of situations where communication and planning could help avoid family conflict. “Every family situation is different, but one common theme in ag families ..read more

The 2023 winner of the Boyd Hopkins Sr. Excellence in Family Business Award is the Roddel family of Auto Body Specialties. For 20 years, the Prairie Family Business Association—an outreach center of the Beacom School of Business at the University of South Dakota—has presented the award to a Sioux Falls-area family business.  Prior to the Dec. 4 award dinner, Jeff Scherschligt of family business, Pendar Properties, hosted a legacy tour of the newly opened Bancorp Building at Cherapa Place including the new headquarters of PFBA Visionary Sponsor, Eide Bailly LLP. In 1950, Auto Body Specialt ..read more