Hosted by Family Enterprise USA’s President Pat Soldano, Lloyd Companies’ Thorkelson details how COVID Shattered Plans, But Then How Company Rebounded with High Growth
WASHINGTON, DC, September 29, 2023 /24-7PressRelease/ — Despite dashed plans in the hospitality industry, Chris Thorkelson, President and CEO of one of the Midwest’s leading real estate companies, Lloyd Companies, details how the company managed survival and now has more than doubled in size, in a new video on the challenges and successes of family businesses in America.
In the video, Pat Soldano, President of Family Enterprise USA, talks with Thorkelson about the multi-generational family-owned Lloyd, based in Sioux Falls, S.D., its founding in 1972 by Craig and Pat Lloyd, and how today it has 400 employees and operates 13 divisions.
The video is part of series of interviews by Family Enterprise USA’s Soldano where she interviews multi-generational family business leaders about the challenges and successes of the business, including labor and tax issues, harmful legislation and community giving. Family Enterprise USA is an advocate in Washington DC for family businesses across the country.
A critical moment in Lloyd Companies’ recent history, the video details, was when the company was investing $400 million in the hospitality industry. The investment plan was to begin in 2020. Unfortunately, Thorkelson points out, this came right before the COVID pandemic lockdown.
“We had to do some serious pivoting after that, a lot was riding on that investment,” Thorkelson says in the interview. “Of course, no one knew what was coming, and when the lockdown came, those investment funds disappeared,” he said. “It was really tough times.”
Fortunately, the hospitality industry came back, and Lloyd has since doubled its size, he says. Beyond discussing Lloyd Companies, Thorkelson and Soldano delve into crucial matters relevant to family businesses, including next-generation involvement, leadership challenges, tax policies, income tax and capital gains taxes, and various other crucial family business topics. The interview offers valuable insights into the world of family business and the broader issues they encounter.
“Lloyd Companies is another example of a multi-generational family business that has grown and prospered by hard work, kept and paid their employees well, and gives back to the community,” said Soldano. “These videos are designed to tell the stories of America’s biggest employer, the family business,” she said.
To watch the full interview with go to: www.youtube.com/@familyenterpriseusa5848
If you have a family business and a story to tell about your success and/or challenges, go to www.familyenterpriseusa to submit them to us on the Contact page.
About Lloyd Companies
Lloyd Companies was started in 1972 by Craig and Pat Lloyd in Sioux Falls, S.D. to manage apartments. In time, business evolved into Lloyd Companies — a full-service real estate company with people as the foundation. The Lloyds started by extending their family values to the business knowing that growth would follow. The company now offers development, real estate, construction, property management and hospitality services. Currently, it has a portfolio of more than 7,500 apartments and many of the region’s finest developments, offices and retail centers, hotels, and manages 2.5 million in commercial space.
About Family Enterprise USA
Family Enterprise USA promotes multi-generational family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. FEUSA represents and celebrates all sizes, professions and industries of family-owned enterprises and multi-generational employers. FEUSA is a 501.C3 organization. For more information go to www.familyenterpriseusa.com
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