Episode Description: What if maintaining family harmony could be the key to your business's success across generations? Join us as we bring you an engaging conversation with Stephanie Larscheid, Executive Director of the Prairie Family Business Association, who knows family businesses from the inside out, having grown up on a family farm herself. Stephanie shares her unique insights into the world of family-run enterprises, highlighting the crucial role of communication and community. Discover how tools like live case studies and peer groups provide a confidential platform for families to tackle both triumphs and challenges, fostering a robust support system for thriving businesses.Ever wondered how Employee Stock Ownership Plans (ESOPs) could reshape the future of your family business? Our exploration into the strategic use of ESOPs reveals how they preserve ownership while offering benefits to employees, even in third and fourth-generation businesses. With Stephanie's guidance, we unravel the importance of innovation, adaptability, and the valuable insights peer groups provide in these complex environments. Learn how the Prairie Family Business Association plays a pivotal role in succession planning and governance, ensuring family businesses have the resources they need to navigate multi-generational challenges.Strengths assessments, a board of advisors, and a Chief Family Officer—these are not just buzzwords but strategic assets for family businesses aiming for longevity. Stephanie reveals how leveraging these tools can offer diverse perspectives and strategic guidance, filling any expertise gaps within the team. Regular family meetings, facilitated by an impartial third party, can keep discussions productive and inclusive, while fostering stronger family bonds. As the Prairie Family Business Association extends its reach through virtual meetings and upcoming conferences, it continues to build a vibrant community, empowering family businesses nationwide to thrive and succeed.Prairie Family Business Association | www.fambus.orgRegister for the 2025 Family Business Conference in Sioux Falls, SDApril 30, 2025 - May 1, 2025https://fambus.org/2025conference/Highlights:(00:01) Navigating Family Business Dynamics(11:52) Exploring ESOPs and Family Business Strategies(22:13) Family Business Strengths and Boards(27:47) Effective Family Business CommunicationAbout Stephanie Larscheid:Stephanie has served as Executive Director of Prairie Family Business Association for nearly a decade. She has a proven record of building relationships with members and developing programs that add value to family businesses. Stephanie earned her undergraduate degree from Iowa State University Ivy College of Business and a MBA from the University of South Dakota Beacom School of Business.Connect with Stephanie Larscheid: https://www.linkedin.com/in/slarscheid/Connect with Dr. Donna:LinkedIn: https://www.drdonnamarino.com/Learn more about Dr. Donna’s Executive Coaching:Get your copy of Dr. Donna’s book, Unleash the Wise Leader in You! on Amazon.Learn more about Leadership & Team Trainings for Family BusinessesFind out if our Women’s Leadership Group is right for you.Podcast Category:Business: ManagementBusiness: CareersPodcast Artist Name: Dr. Donna MarinoShow Email: [email protected] Website URL: https://www.drdonnamarino.com/

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