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Lloyd Companies Awarded As Family Business Of The Year

March 20, 2014, 9:55 PM by Jared Ransom

Lloyd Companies Awarded As Family Business Of The Year
SIOUX FALLS, SD -

For 22 years, the Prairie Family Business Association has recognized the area's top family-run businesses, a section of the business world that continues to grow and succeed.

"Family businesses are doing very well. They outlast the non-family business structure, but they have a more difficult time passing it to the next generation," Beth Adamson said.

That struggle is why celebrating family business success is their top priority, and this year they are toasting the work of Lloyd Companies.

"It's kind of like someone said today, you're kind of giving an heirloom and how you make that heirloom grow. Hopefully the next generation can do the same things that we've done with it," Craig Lloyd said.

One of the indicators of success in family businesses is how they're able to pass the business from one generation to the next, and their succession plan is one of the big reasons they're being recognized as the organization's family business of the year.

"Not everything in business is based on dollars and cents, and you're not able to do that in large corporations sometimes because you have stockholders you have to answer to," Lloyd said.

After accepting their award, Lloyd made it a point to say what every other family business owner is thinking, that change can be the hardest thing they do.

"It's tough to pass the baby, especially when you've nurtured it like Pat and I have, and I know a lot of other families feel the same way, but what a great future we have," Lloyd said.

It is a future that is focused on a family bond more than a financial bond.

"I like that. I like the idea to get it down to the personal level and not worrying about the other part," Lloyd said.

Lloyd says he's excited to see what the rest of the family does to help the business continue to grow and succeed into the future.

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