In this episode, we’re joined by both Rick and Sarah Hustead of Wall Drug, a family-owned and operated family business headquartered in Wall, South Dakota. Famous for their free ice water billboards around the world, Rick and Sarah describe how the family expanded the drug store into a landmark roadside attraction through Rick’s grandmother’s advertising suggestion during the Great Depression. 

They also discuss how they’ve managed the business for nearly 100 years across four generations, the importance of asking the next generation to be a part of the family business, and what being “the steward” of Wall Drug looks like for the future. 

Family Business Checkup - Want to learn what key areas your family business should focus on next? Take the Family Business Checkup! After answering several prompts, the Family Business Checkup will give you scores on the key indicators of family business success and point you in the right direction for what you should focus on next. The Checkup is free and available here: www.fambus.org/resources 

2025 Conference - Join PFBA for an action-packed two-days full of family business inspiration and motivation that’ll transform your thinking around communication, succession, relationships, and the future of your family business at the 2025 Annual Family Business Conference, including the Taste of Family Business event Tim mentions in this episode. Now at the Steel District – Canopy by Hilton in Sioux Falls, South Dakota, you’ll want to register for your tickets at the lowest price of the year. Learn more and register: www.fambus.org/2025conference  

Season One of the Family Business Connection features stories from all kinds of family business leaders that guide family businesses to thrive for generations. 

Thank you to this episode’s sponsor, Pro Resources!  

We welcome Parker Jones, Business Development Manager and third-generation family member of Maguire, a Sioux Falls-based water storage solutions leader with over a century of expertise in water tank and tower construction and maintenance.

Parker discusses Maguire’s family employment policy, which fosters intentionality and clarity in developing a lasting business legacy through a shared mission rather than pursuing a quick profit through the sale of the business. We also talk about Maguire’s commitment to innovation through their goal to launch a new business every year under the Maguire umbrella.  

Affinity Peer Group – Parker described the pivotal role her Affinity Peer Group has played in helping her develop as a family business leader. APGs are small, highly confidential discussion groups that meet regularly, allowing members to share experiences and learn from each other. Through confidential discussion led by trained facilitators, you can hear how other family businesses have tackled challenges including family employment policies and growing the business through innovation. Learn more about APGs and how you could benefit from joining your peers: fambus.org/APG 

Family Business Checkup - Want to learn what key areas your family business should focus on next? Take the Family Business Checkup! After answering several prompts, the Family Business Checkup will give you scores on the key indicators of family business success and point you in the right direction for what you should focus on next. The Checkup is free and available here: www.fambus.org/resources

2025 Conference - Join PFBA for an action-packed two-days full of family business inspiration and motivation that’ll transform your thinking around communication, succession, relationships, and the future of your family business at the 2025 Annual Family Business Conference, including the Taste of Family Business event Tim mentions in this episode. Now at the Steel District – Canopy by Hilton in Sioux Falls, South Dakota, you’ll want to register for your tickets at the lowest price of the year. Learn more and register: www.fambus.org/2025conference  

Season One of the Family Business Connection will be 11 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations. 

Thank you to this episode’s sponsor, Insperity!  

We welcome T.J. Russell, the chairman and fourth-generation owner of Cloverdale Foods. The Mandan, North Dakota-based food company creates high-quality, flavorful meat products that include bacon, sausage, deli meats, and snacks. 

In our conversation, we talked about how the 110-year-old company reached the Century Club and what lessons and philosophies have been handed down through generations. We also discuss how Cloverdale formed an advisory board in 2023 as well as what it takes to have a high-functioning executive team made up of both family and non-family key leaders.

Want to learn what key areas your family business should focus on next? Take the Family Business Checkup! After answering several prompts, the Family Business Checkup will give you scores on the key indicators of family business success and point you in the right direction for what you should focus on next. The Checkup is free and available here: www.fambus.org/resources

Join PFBA for an action-packed two-days full of family business inspiration and motivation that’ll transform your thinking around communication, succession, relationships, and the future of your family business at the 2025 Annual Family Business Conference, including the Taste of Family Business event Tim mentions in this episode. Now at the Steel District – Canopy by Hilton in Sioux Falls, South Dakota, you’ll want to register for your tickets at the lowest price of the year. Learn more and register: www.fambus.org/2025conference

Do you know what one of our highest rated programs is? Live Case Studies! In a Live Case Study, your family will work with a team of professional advisors who have expertise working with family businesses to analyze your family business and provide you with a roadmap for the future of your business tailored to each of your family members. Participation in a Live Case Study is a no cost benefit of membership to Prairie Family Business Association. Learn more about the Live Case Study process and read how they’ve impacted other family businesses: www.fambus.org/live-case-study

Family Business Connection will be 10 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations.

Thank you to this episode’s sponsor, Thompson Law! 

We welcome Tim Meagher, owner and Chief Operating Officer of Vanguard Hospitality, a family business behind some of the most popular restaurants in the Sioux Falls area including Minervas, Grille 26, and Morrie’s Streakhouse. 

In our conversation, we talk about how the COVID pandemic caused massive changes to Vanguard’s food suppliers causing the company to pursue partnerships with local producers, most of which are family owned and operated. Not only does Vanguard prioritize the freshest, most sustainable, and seasonal food, they’re supporting family farms, ranches, and producers. Tim shares his story of how Vanguard navigated massive change that ultimately transformed how their family business secured their food supply by investing in local partners. 

Want to learn what key areas your family business should focus on next? Take the Family Business Checkup! After answering several prompts, the Family Business Checkup will give you scores on the key indicators of family business success and point you in the right direction for what you should focus on next. The Checkup is free and available here: www.fambus.org/resources

Join PFBA for an action-packed two-days full of family business inspiration and motivation that’ll transform your thinking around communication, succession, relationships, and the future of your family business at the 2025 Annual Family Business Conference, including the Taste of Family Business event Tim mentions in this episode. Now at the Steel District – Canopy by Hilton in Sioux Falls, South Dakota, you’ll want to register for your tickets at the lowest price of the year. Learn more and register: www.fambus.org/2025conference

Do you know what one of our highest rated programs is? Live Case Studies! In a Live Case Study, your family will work with a team of professional advisors who have expertise working with family businesses to analyze your family business and provide you with a roadmap for the future of your business tailored to each of your family members. Participation in a Live Case Study is a no cost benefit of membership to Prairie Family Business Association. Learn more about the Live Case Study process and read how they’ve impacted other family businesses: www.fambus.org/live-case-study

Family Business Connection will be 10 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations.

Thank you to this episode’s sponsor, Thompson Law! 

 We welcome Brittney Ray, a fifth-generation owner and chair of E. Ritter & Company, a portfolio of businesses in agriculture, telecommunications, fire and life safety, and information technology services across seven states. In our conversation, we take a deep dive into the Ritter family’s family council from her perspective as a married-in. You’ll hear Brittney describe how she’s navigated being a married-in leading the family council, how they’re building a family culture of respectful conflict, and how they’re casting a vision that ensures the family wants to stay in business with each other for generations to come.  

Want to learn what key areas your family business should focus on next? Take the Family Business Checkup! After answering several prompts, the Family Business Checkup will give you scores on the key indicators of family business success and point you in the right direction for what you should focus on next. The Checkup is free and available here: www.fambus.org/resources

Family Business Connection will be 10 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations.

Thank you to this episode’s sponsor, JPMorgan Chase! 

On our episode ahead of Father’s Day, we welcome Paul Steffes, Founder and Innovation Advisor of Steffes Companies headquartered in Dickinson, North Dakota.

In our conversation, we talk about family and business values and especially integrating innovation into all that Steffes does and stands for. We also discuss what Paul refers to as the OBM Model: Owner/Board/Management and how they all work together with each one’s unified voice. There was a time when Paul thought the next generation would not be able to afford the business and he talked about their family’s solution to that obstacle. 

Want to learn what key areas your family business should focus on next? Take the Family Business Checkup! After answering several prompts, the Family Business Checkup will give you scores on the key indicators of family business success and point you in the right direction for what you should focus on next. The Checkup is free and available here: www.fambus.org/resources 

Want to learn how you can tangibly influence your family business’ culture? Join an Affinity Peer Group! Affinity Peer Groups or APGs are small, highly confidential discussion groups that meet regularly, allowing members to share experiences and learn from each other. Through confidential discussion led by trained facilitators, you can hear how other family businesses have tackled challenges including culture challenges like how to improve employee retention and how the upcoming generations can gain employees’ trust. Learn more about APGs and how you could benefit from joining your peers at https://fambus.org/programs/affinity-peer-groups/ 

Family Business Connection will be 10 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations.

Thank you to this episode’s sponsor, Six Point Creative! 

On our episode ahead of Mother’s Day, we welcome Mary Jo Minor, CEO of Mills Property Management, a property management company in Brookings, South Dakota.

In our conversation, we talk about the similarities and differences between Mary Jo’s Gen1 to Gen2 transition and her current Gen2 to Gen3 transition. We also discuss how she approaches being intentional about leading both her family and her family business through values, work ethic, and how they do business. Lastly, Mary Jo and Stephanie talk about her passion of being the matriarch of her family business.

Want to learn what key areas your family business should focus on next? Take the Family Business Checkup! After answering several prompts, the Family Business Checkup will give you scores on the key indicators of family business success and point you in the right direction for what you should focus on next. The Checkup is free and available here: www.fambus.org/resources 

Family Business Connection will be 10 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations.

Thank you to this episode’s sponsor, Eide Bailly! 

We welcome Lorie Pope, co-president of Nexus Innovations, a management and technology solutions family business that empowers clients for success through strategic solutions. Though Nexus is an expert of innovation in the everchanging technology industry, in this conversation we hear how they are a champion of culture. 

In our conversation with Lorie, you’ll hear how their technology business is all about relationships. Excellence in technology is the baseline; the defining component of Nexus is their culture. Lorie discusses how the culture trickles down from the owners to the employees, how it’s taken shape as her passion project, and how it effects their succession plan. 

Want to learn how you can tangibly influence your family business’ culture? Join an Affinity Peer Group! Lorie’s son and second generation leader, Jordan Pope, has been part of his group for several years and has helped him grow as a leader and helped Nexus’ culture grow. Affinity Peer Groups or APGs are small, highly confidential discussion groups that meet regularly, allowing members to share experiences and learn from each other. Through confidential discussion led by trained facilitators, you can hear how other family businesses have tackled challenges including culture challenges like how to improve employee retention and how the upcoming generations can gain employees’ trust. Learn more about APGs and how you could benefit from joining your peers:

https://fambus.org/programs/affinity-peer-groups/ 

Family Business Connection will be 10 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations.

Thank you to this episode’s sponsor, EOS Worldwide! 

Jake Quasney and Becky Word of Lloyd Companies join Family Business Connection to discuss their roles as key non-family leaders in a family business. Jake is the Chief Operating Officer and Becky is the Chief of Staff of the Sioux Falls-based real estate company offering development, construction, property management, hospitality, and apartments. 

We hear their unique perspectives relating to how the Lloyd family’s plan for succession evolved over time, including how they incorporated employee input about the future of the company. We also discuss how the Lloyd family first developed their advisory board before it became a fiduciary board and the transformation that process has had on several areas of the company. 

To learn more about Lloyd Companies and their real estate services, you can visit LloydCompanies.com. Owners Craig and Pat Lloyd also received PFBA’s Lifetime Achievement Award in 2023. Read more about the Lloyd family’s story and how they’ve been involved with PFBA: 

https://fambus.org/award/lloyd-companies/ 

After hearing about a family business operating with a board, are you wondering how you can take the next step in developing your own board for your family business? We can help! We offer a program called Board Bootcamp that helps business owners, next generation leaders, and current board members create high-performing boards, advisory teams, or fiduciary units. We also have like-minded individuals in the family business community who are looking to build, maintain, and improve their boards. We’d love to connect you! Read more: 

https://fambus.org/board-bootcamp/ 

Family Business Connection will be 10 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations.

Thank you to this episode’s sponsor, VTH Works! 

In our first ever episode, we welcome both Jenn Barlund and Kyle Bender to Family Business Connection. Jenn is the president and Kyle is an executive vice president of Falcon Plastics, a plastic injection molding company based in Brookings, South Dakota. As Gen3 of Falcon Plastics, you’ll hear Jenn and Kyle’s stories of growing up in the business and how they grew from paper shredders as kids to key leaders today. They discuss the mentorship strategies they used to prepare for their current leadership roles and the importance of communication in a Gen2 to Gen3 transition. Lastly, they Jenn and Kyle touch on what it’s like to work with your cousin and what excites them about the future of Falcon.

With Jenn having her baby recently, we recorded separate conversations with Jenn and Kyle to accommodate their schedules. First, you’ll hear Stephanie's conversation with Jenn followed by her conversation with Kyle. 

We also have an article featuring Falcon Plastics’ experience with PFBA and the programs they’ve found valuable including Affinity Peer Groups: https://youtu.be/ZpkC6_ekduw

Want to learn what key areas your family business should focus on next? Take the Family Business Checkup! After answering several prompts, the Family Business Checkup will give you scores on the key indicators of family business success and point you in the right direction for what you should focus on next. The Checkup is free and available at our website: https://fambus.org/resources/

Family Business Connection will be 10 episodes featuring stories from all kinds of family business leaders that guide the family businesses to thrive for generations.

Thank you to this episode’s sponsor, Schwan Financial Group!