When the Great Recession hit in 2008, I was five years into my career at Lloyd Companies, the full-service real estate firm founded by my aunt and uncle, Pat and Craig Lloyd, in Sioux Falls, South Dakota in 1972. As 2008 approached, we were coming off of our best years ever, having evolved to offer development, real estate, construction, and property management.

But the Great Recession would force a reckoning for our company and prompt us to make significant changes—changes that would ultimately allow us to survive through the recent pandemic as well. There’s no doubt in my mind that navigating that intense period strengthened our business, helping to ensure the long-term sustainability of our company.