This week’s Monday Q&A features Stephanie Larscheid, executive director of the Prairie Family Business Association.

Question: Tell us a little about yourself.

Answer: I grew up on our family’s farm outside of Algona, Iowa, where my dad is a third-generation family farmer. My undergraduate degree is from Iowa State University, and I earned my MBA from the Beacom School of Business at the University of South Dakota. My husband, Slade, and I are the parents of Mark, 3, and Samantha, 1. We moved to Sioux Falls five years ago from Chicago. I began my role as executive director of Prairie Family Business Association in 2015.

Q: What’s the best part about your job?

A: The best part of my job is getting to know the family businesses and the advisers who work with them. My job is to help find added value for the families who are our members, and I enjoy the rewarding challenge of providing education, resources and networking gatherings that enhance family businesses in our region. Some of our families have been a part of Prairie Family Business since we were founded 25 years ago, and my goals are to continue the retention of those businesses and the recruitment of new family businesses. One of the most fulfilling parts of my job is when we are able to help a family business successfully execute a transition between generations. It takes years of planning for a transition, and when that transition happens, it is very fulfilling for the family and important to the community where the business resides.

Q: What would you like the community to know about the work that the Prairie Family Business Association does?

A: Prairie Family Business Association works with multi-generational family businesses. Our goal is to help family businesses succeed as they transition from one generation to the next generation. We serve 170 family businesses members and professional adviser members across South Dakota, North Dakota, Minnesota, Iowa and Nebraska. The highlight of our year is our annual family business conference. Our 2017 conference will take place March 30 and 31 in Sioux Falls where we will celebrate our 25th annual conference. More information can be found on our website, fambus.org.

We offer lunch-and-learn webinars six times each year, and we have three host sites in Sioux Falls for these educational offerings. Our members are able to join affinity peer groups, which are small groups of noncompeting peers who meet regularly to discuss the challenges and opportunities within their family and family business. These affinity peer groups are among the highest value we offer our members. Our professional advisers meet in study groups throughout the region. The family business members are able to serve as live case studies for these study groups, which are tremendous opportunities for all parties involved.

Q: What do you think is the best thing, and what is the most challenging thing, about leading a family business?

A: From my perspective, the ability to work alongside your family members as you build, grow and maintain success for a business you are passionate about is the best aspect to a family business. People in the community also enjoy supporting local family businesses. The most challenging aspect about leading a family business is communication. Family meetings and annual meetings are essential components of the family business, and many families neglect putting these communication structures in place. The best family businesses operate just like any other business. They communicate effectively, establish an advisory board or board of directors, conduct annual performance reviews, maintain organizational charts, have job descriptions, track metrics and have a great culture. Through the education and resources of Prairie Family Business, we strive to help family businesses operate more effectively and, in turn, ensure longevity.

Q: What motivates you to be active in your community or profession?

A: Many people aren’t aware of Prairie Family Business or what we offer. Through my involvement in the community, I hope to expose more people to the opportunities, education and resources available for themselves and their families through Prairie Family Business. The more family businesses that are able to successfully transition, the better off our communities and families within our communities will be for years to come.

Q: Do you have a certain service organization or charity you like to support?

A: I serve on the board of directors for the Family Visitation Center and am passionate about this organization. Family Visitation Center’s mission is to impact childhood today for stronger families tomorrow. The staff and volunteers at Family Visitation Center are doing a great job of ensuring children have safe, valuable time with their parents and caretakers. Families and children who feel loved and appreciated create an overall better community for all of us to live in and work. My husband and I also support Augustana athletics, our church and the Prairie Family Business Association endowment fund.

Q: What do you do for fun?

A: I enjoy spending time outside with my family. We have a garden and flowers around our home that I really enjoy. Sporting events are big in our house, and we always have a favorite team and sport we are cheering on, whatever the season. Golf is a sport I grew up playing, and I really enjoy getting out on the golf course. We enjoys walks and jogs when the weather is nice, along with our dog. I also enjoy yoga.

Q: What do you like about living in Sioux Falls?

A: After moving here from Chicago, we were really excited to settle into a community. Sioux Falls is a great community where you can get to know people and people genuinely care about each other. Sioux Falls offers a great quality of life that we appreciate. We enjoy the trails, parks and restaurants in Sioux Falls. The Denny Sanford Premier Center has been a tremendous addition to the community. It’s exciting to be part of a growing and flourishing community.

Q: What can Sioux Falls do to attract more young professionals?

A: Sioux Falls is doing a great job enhancing downtown, which I believe helps attract and retain young professionals. The River Greenway project has done a lot to create progress downtown, and I appreciate that project. There are many sporting events, concerts, cultural activities, an increasing number of outdoor festivals and events, which only enhance all that we have going on in Sioux Falls. I always get excited when there are new restaurant announcements, too.

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See the original article at ArgusLeader.com.