Five families from across the region traveled to the Paul Nelson Farm on the last weekend of August to experience a weekend of learning.

Featured keynote speaker Mike McGrann delivered sessions on the four pillars of family business success: communication, legacy, succession and becoming an enterprising family. Retreat participants developed codes of conduct, communication expectations, transition plans, succession expectations and explored their legacy as a family and as a business. These activities uncovered valuable information about each other and their respective future business goals.

“The attending families covered more topics and strategies in three days than most families will in the next 365 days,” said Stephanie Larscheid, executive director of Prairie Family Business Association. “This experience was vital for communicating about needs, desires and tactics related to succession planning and the future of each family and their business. The family business retreat is one of the most premier opportunities we offer our members and we are pleased to offer the experience.”

Facilitators from Thompson Law, P.C., The Family Business Consulting Group, Avera Health and JSA Advising, led the families through the three days.

If you are interested in the next family business retreat in 2017 or 2018, email fba@usd.edu.

Prairie Family Business Association was founded in 1993 as a South Dakota Family Business Initiative through the University of South Dakota Beacom School of Business with the mission of enhancing the long-term survival and success of its family business members.