April 27, 2026

This piece is sponsored by Prairie Family Business Association.

A longtime leader of Prairie Family Business Association will be honored through a new funding program designed to help family businesses ready to take the next step in their multigenerational journeys.

The organization’s board of directors has announced the “Right Next Step” scholarship, honoring the legacy of Stephanie Larscheid, the former executive director who guided PFBA throughout the past decade of significant growth and success.

The idea for the scholarship came directly from members who wanted to recognize Larscheid in a meaningful way, said Christie Ernst, board chair.

“I was approached by a few PFBA members asking if the board had plans to recognize Stephanie’s contributions over the past decade,” Ernst said. “Each of those conversations led to the same conclusion: It should be something more than a celebration. It should leave a lasting impact on the organization and reflect who Stephanie is and how she served families.”

In exploring how best to do that, the board turned to the PFBA team, which works closely with member businesses.

“They consistently came back to one idea: If we could get every family to the retreat, it would have the greatest impact,” Ernst said.

PFBA’s family business retreat is held every other year and brings families together for two days of guided work with a facilitator focused on long-term planning, communication and generational transition. It also is the organization’s most expensive program, which can make it difficult for some families to attend.

“My own family experienced that firsthand,” Ernst said. “In 2008, at the start of a recession, we made the financial decision to only bring four family members. That retreat ended up being a turning point for our family as it opened my dad’s eyes to how he could build a system that would allow the business that he and my mom built to transition into future generations.”

The new scholarship is designed to help remove that financial barrier, either by offsetting costs across participants or supporting specific families when cost is the limiting factor.

“Stephanie’s impact on the Prairie Family Business Association has been significant,” Ernst said. “She helped grow the organization, expand its reach and strengthen the value it provides to family businesses. She spent her time helping families take meaningful steps forward, so we wanted to create something that continues that work.”

Larscheid found out about the honor at last week’s Prairie Family Business Association Annual Conference.

“I didn’t expect it at all,” she said. “I believe so much in the programs and the outcomes. For the families who have put in the effort, I can see what this has done for them. To know that Prairie Family Business Association wants to keep that happening for other families and to have that be an honor they gave to me was really heartwarming.”

The value for families who attend the retreat is significant, she said.

“They get time alone together to focus on themselves as a family, and they don’t get that very often. So many are owner-operators and have day-to-day roles in the business, so it’s rare to step away a couple days to focus on who they are as a family and how they’re going to create impact among themselves and future generations,” Larscheid said.

“If you ask families who have participated in the retreat what was their inflection point or pivotal moment in their involvement with Prairie Family Business, it was the retreat. It transforms families and propels them into action.”

The next PFBA retreat is scheduled for 2027. Once the endowment supporting the scholarship is established, the PFBA team — with board and University of South Dakota approval — will determine how funds are distributed.

Families will not apply directly for the scholarship. Instead, PFBA staff will identify when financial support could make participation possible.

“This is not something we expect families to apply for directly,” Ernst said. “The intent is for the PFBA team, who work closely with these families, to identify when cost is the limiting factor and be able to step in and help.”

Recipients will need to be PFBA members, though the organization offers tools to make membership accessible and affordable.

“This is really about continuing the kind of impact Stephanie had on the organization,” Ernst said. “She helped a lot of families take meaningful next steps, and this is a way to make sure that continues. It’s also an opportunity for those who have been part of PFBA to contribute to something lasting and to help future families benefit from the same experience.”

To learn more about Prairie Family Business Association or how to get involved, visit prairiefamilybusiness.org.