Riding the Waves: Family Business Resilience Through Crisis and Celebration

Family Traditions: Labor Day Memories

Growing up in our family, most of our holiday memories revolved around the rhythms of farm life and the unique markers of small-town Iowa. Unlike other families who might gather for a big barbecue or take in a Labor Day parade, our celebrations were often simple—or sometimes, absent altogether. Tom was the first to admit he didn't remember anything special about Labor Day growing up; it was just another day on the farm, with school typically starting right after.

For my part, I remembered the school year starting in late August, forgoing any big holiday events. Shirley and Kim had similar recollections—Kim pointed out that with parents working retail, Labor Day just meant another workday. Sure, there was the notable exception of McCausland’s town festival, with its community bingo stand, fried chicken dinners, trail rides, and the legendary gift of a silver dollar from Uncle Bill. But for the most part, these kinds of community-wide gatherings were rare for us before the age of twelve. Looking back, we sometimes joke that we were “deprived,” but in reality, those quiet holidays were the backdrop for lessons that would come in handy when real challenges hit.

Navigating Financial Storms: Lessons from Crisis

Every few decades brings its own test for small business owners. In our latest episode, we dove deep into the challenging times we've faced: the early ‘80s farm crisis, the 2008 recession, and the Covid-19 pandemic. Each of these periods forced us to re-evaluate not just our spending and business models, but our adaptability and outlook.

Take the ‘80s farm recession—sharply rising interest rates were something I never thought possible as a teenager. Yet there we were, watching loans soar to levels nobody could have imagined (locking in at 15% was considered a small victory compared to 16% to 21%!). Even adjusting to those numbers required a flexible mindset and a determination to cut deeply into unnecessary expenses.

Fast-forward to the 2008 crash: opening a new hotel as a recession hit felt like a punch to the gut, but it forced us to take a hard look at management, hiring decisions, and every single dollar going in or out. We had to get painfully honest about what was working, what wasn’t, and tighten our belts accordingly—often going back to basics and relying on “common sense” above all.

The Unprecedented Challenge of Covid-19

Of all the crises, the onset of Covid-19 was perhaps the most surreal and fast-moving. Kim captured it best: from a booming Dairy Queen spring to losing 70% of sales nearly overnight, the emotional rollercoaster was intense. Every day brought new rules and challenges—shifting from self-serve sodas to contactless delivery and trying to keep our drive-thru lines moving.

Here, the most important lessons were in communication and flexibility. We reached out to vendors, negotiated with banks for payment delays, and adjusted staffing on the fly. Fortunately, our teams stepped up; no one wanted time off, and our staff became creative in keeping operations humming under ever-changing regulations. Those first couple of months were chaotic, but being upfront and honest with everyone—believing in the collective effort—carried us through.

Perspective and Takeaways for Family Business Survival

What ties these memories and crises together is the realization that resilience isn’t about never feeling fear or uncertainty; it’s about moving forward anyway and learning as you go. Our approach, across every storm, was to face reality head-on: cut all non-essential spending, communicate openly with partners, and stay nimble as situations changed.

Maybe we didn’t have flashy Labor Day traditions, but those quiet, unremarkable holidays prepared us to endure harder times with patience and perspective. If there’s one takeaway, it’s to remember that crises will come and go, but community, courage, and adaptability are what keep family businesses alive for the next generation.

If you’ve got your own business stories, memories, or questions, drop us a note at [email protected]. Let’s keep learning from one another—because every family business has a story of resilience worth telling. Make sure to listen to the full podcast episode here.