Stephanie Larscheid, Executive Director, Prairie Family Business Association, Discusses Next Generation Leadership Challenges in New Family Enterprise USA Video
Ongoing Series, ‘Family Business Stories,’ Prairie Family Business Association Featured in Video Hosted by Family Enterprise USA’s President Pat Soldano
NextGen family members are increasingly taking on leadership roles in family businesses, but without planning the handover will have its challenges, according to Stephanie Larscheid, Executive Director, Prairie Family Business Association.
The group, based in Sioux Falls, South Dakota, has 260 members and is a 13-state outreach center of the University of South Dakota Beacom School of Business, with a focus on helping its member families plan for the future.
In the video, hosted by Pat Soldano, President of Family Enterprise USA and Policy and Taxation Group, both bi-partisan organizations based here advocating for family businesses, Larscheid discusses the future of family businesses, the importance of next generation leadership, and succession planning.
“The future of family businesses will depend on the ability of family members to work together effectively,” says Larscheid in the video. “We see next generation family members increasingly taking on leadership roles in family businesses and so succession planning is essential for ensuring the long-term success of family businesses,” she says.
The video is part of series entitled, “Family Business Stories,” presented by Family Enterprise USA to help multi-generational family businesses face several challenges in the 21st century, including globalization, technology, and changing demographics, according to Soldano.
“Family businesses have a number of opportunities in the 21st century, including the growth of the global economy and the increasing growth of family-owned businesses,” said Soldano about the series. “If you are a family business owner or leader, I encourage you to watch these videos,” she said. “They are a valuable resource that can help prepare for the future of family businesses.”
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