From One Retreat to a Roadmap
One PFBA retreat changed how the Lloyds saw their business—and sparked a plan for succession and legacy.
Member Family Success Story
The Lloyd Family
Member Family Success Story
The Lloyd Family
Family Business Snapshot
Lloyd Companies grew from a small family-run property management business into a leading full-service real estate firm offering development, construction, property management, and hospitality services across the Midwest. Built on family values and relationships, the company now manages over 10,000 apartment units and some of the region’s most notable developments.
Business: Lloyd Companies, Inc.
Industry: Real estate management, development, construction
Founded: 1972
Generations: 2nd generation family-owned
Employees: 500+
From Curiosity to Commitment
The Lloyd family first connected with Prairie Family Business Association (PFBA) over 25 years ago when Pat Lloyd heard about it from a fellow business leader. At the time, they didn’t see themselves as a “family business”— just a company that supported the household.
What began as a few PFBA events grew into a meaningful connection, especially as more family members joined the business. PFBA became a trusted resource for learning how to work together and planning for the future.
Turning Point: A Family Business Retreat
Attending PFBA’s Family Business Retreat became a catalyst for planning their future as a true family business. It brought multiple generations together and created space to face tough questions.
“There were four of us there, and the facilitator asked: If your dad weren’t here, what would happen to the company?”
That moment changed everything. The retreat helped them define shared values, structure succession planning, and align around a longterm vision. It also shifted Christie’s (G2) role from part-time involvement to leading estate planning, governance, and succession strategy for the family’s future.
Looking Ahead to G3
Lloyd Companies has successfully transitioned from G1 to G2—but their PFBA connection continues to shape what’s next. The third generation may or may not join the business, but they’ll still be owners—and stewards of the family’s values.
PFBA remains a steady touchpoint for learning and growth through peer groups, Board School, webinars, and the Annual Conference.
Paying it Forward
Today, the Lloyd family is more than a participant—they’re a partner in helping other families thrive. One of their Sioux Falls properties now hosts PFBA’s Annual Family Business Conference, welcoming over 500 business family members from across the country.
“We love hearing from other business families. Sometimes you think you’re the only one struggling. Then you hear their stories— and realize how many of us are facing the same things.”
That shared experience keeps the Lloyds coming back. Their commitment to PFBA—and to the broader family business community—is a reflection of the same values that built their business: connection, learning, and legacy.
Legacy in Motion
Label
1972
Lloyd Companies founded by Craig and Pat Lloyd in Sioux Falls
2020-01-01
Mid 1990's
Pat Lloyd (G1) attends first PFBA events, seeking insight and connection.
2021-01-01
1990
Lloyd family attends their first PFBA Family Business Retreat. Christie Lloyd Ernst (G2) joins the PFBA Advisory Board.
2021-01-01
2009
Christie transitions from President role to lead succession and estate planning. Pat and Christie join PFBA Affinity Peer Groups.
2021-01-01
2012
Lloyd Companies forms an Advisory Board.
2021-01-01
2014
Lloyd Companies named PFBA Vicki Clarke Family Business of the Year award winner.
2021-01-01
2016
Craig Lloyd (G1) retires and nephew, Chris Thorkelson (G2), named CEO. The Advisory Board transitions into a Board of Directors.
2021-01-01
2022
PFBA and Lloyd Companies co-host a webinar on succession for other business families.
2021-01-01
2023
Lloyd family receives PFBA’s inaugural Lifetime Achievement Award. PFBA creates the Lloyd All In Award to honor exceptional
commitment to family business, community, and PFBA.
2021-01-01
2025
The Canopy Hotel at the Steel District, a mixed-use redevelopment project led by Lloyd Companies, is host to the largest PFBA Conference in its 33-year history.
PFBA Involvement
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Sparked honest succession conversations
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Created structure and accountability
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Ongoing support and shared learning
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Multi-generational engagement
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Networking & legacy-building support
Member Insights
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Start early.
Even if your kids are young, start thinking about what it would look like if they joined the family business.
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Prepare future owners.
Even if they don’t join the business – prepare them to be thoughtful stewards of your business and its values.
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Take advantage of everything PFBA offers.
Everyone wants to see you succeed.
Your story could be next.
Our community exists to help families like yours plan, grow, and sustain success for generations to come. Explore the benefits of PFBA membership and see how our programs, connections, and expert resources can help your family thrive.