Learning from Other’s Experiences: Sioux Falls Legacy and Award Program

 

I hear it every time we host a family business program…”I can’t believe they (the family presenting) are going through the same struggles our family business is trying to deal with.”

Learning from other’s experiences is one of the best educational tools available.  And within our organization, we have a phenomenal group of founders, senior leaders, transitioning leaders and next generation family members who are willing to share their experiences with the goal of helping other family businesses through some of the same struggles while sharing tools and best practices to help them reach their goals.

I think some of the best ideas from the Lloyds were:

• “To guarantee that your legacy will be short-lived, make sure to leave succession planning in the hands of the next generation.”  Craig’s willingness to share how difficult planning ownership transition for him has been hit home for a lot of those in the audience. 
• Christmas, Holidays and Birthday gatherings are NOT the appropriate times to discuss financials of the family business!  The Lloyds have done a remarkable job at professionalizing their family business meetings, evolving from the kitchen table to a family business council.
• “Family members assume everything and discuss nothing.  The most successful family businesses make more written agreements than oral agreements.”  The formal documents that have been developed to deal with family employment, decision making, owners values are great samples for others to use to begin discussing their own family business documents.
• Ownership issues:   Asking difficult questions of G2 and of Craig and Pat, to really understanding what being an owner means and what risks and responsibilities go with that.  All too often, family businesses are passed onto the next generation, having no serious discussions with G2 about what it means to “own” the business. 
• “Training” Craig to communicate differently, to “ask” questions of G2 instead of “giving orders” is a valuable lesson for all senior generation leaders!

Hats off to the Egger family of Egger Steel for their well deserved recognition as the first recipient of the Boyd Hopkins, Sr. Excellence in Family Business Award.  Steve and Burke did an excellent job of defining some of the key challenges as they tackled transitioning from 2^nd to 3^rd generation. 

Once again, I think Burke struck a chord with most in the audience when he shared some of the generational differences, views on the “status quo” and how to operate a business, and his desire to continue this family legacy to the next generation.

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