Creating a plan to transition family business leadership is one thing – executing it is another. What does retirement really look like? Should you use a board of directors? And how should it be structured? Do you still have an office? While you might feel alone in trying to figure this out, the issues faced […]
The end of the year is a great time for taking stock of your business and looking toward the future – especially if you’re a family business. That often takes the form of a family meeting. And while they can be extremely useful, they also can present challenges unless you take strategic steps along the
Family business meetings: What to do, what to avoid Read More »
Put simply, the hotel business sells the commodity of time. Nights in a room. Event days. Weeklong stays. “We can’t sell lost time,” said Paul Hegg, CEO of Sioux Falls-based Hegg Cos. “In our business, lost time equals lost revenue.” In 2020, time – and revenue – have been lost for good at hotels worldwide.
Family hotel company: ‘We’re just trying to be creative in any way’ Read More »
We’ve all had our challenges in 2020, but few industries have had to adjust as much as the restaurant business. Across South Dakota, family-owned and -operated dining establishments are centers of community – and they can use your help to end the year on a high note. “So many family businesses put their heart and
Five ways you can support local dining this holiday season Read More »
At one point, no day seemed predictable. They were laying off people. They were busier than they could handle. They didn’t have enough work to go around. They had so much work they ran 24 hours a day, seven days a week. Brookings-based Falcon Plastics’ business is driven by the demands of other businesses –
Next generation at family manufacturer learns on the job during disruptive year Read More »
At 73, Van Fishback has been around his family’s bank since he was a teenager. He began full time in 1972 and now serves as board chair of Fishback Financial Corp., the holding company of First Bank & Trust, a role that finds him stopping in the bank most days while balancing his time serving
Fourth-generation bank embraces flexibility, family’s values during pandemic Read More »
The oldest family-owned business in Watertown has a history of overcoming challenging times. Since 1911, appliance company Dugan Sales & Service has navigated two world wars, the Spanish flu pandemic, the Great Depression, the Great Recession and now COVID. For Jeremy and Erin McBurney, fourth-generation owners, 2020 will be especially memorable. It was their first
Family-owned appliance retailer enters next generation during historic year Read More »
If any year called for resiliency, this is it. But that’s been the theme of the last several years for Dickinson, N.D., which has navigated the boom of an oil-driven economy and has banded together to grow its business base and community even as the market changed. Best practices in Dickinson combined with input from
Attend a virtual winery introduction at the J. Lohr Vineyards & Wines, learn the family’s success story and even partake in a virtual wine tasting at the upcoming Prairie Family Business Association annual conference. Since 1974, Jerry Lohr and the Lohr family have been leaders in the California wine industry. Jerry Lohr was born and
The Steffes family knew it was time to start working on transitioning ownership of its business, Steffes Corp., to the third generation. But the family had concerns: how to cash flow it, minimize tax and prepare the next generation. It all seemed complex. Then, the Steffes family connected with Schwan Financial Group, an Aberdeen-based second-generation
Family firm helps family businesses navigate transitions, planning Read More »