Casey's Success Story
A family business rich in history and rooted in strong values, the 3rd and 4th generation Casey family members were honored with the 2005 Prairie Family Business Award at the annual conference in Rapid City, South Dakota. Sharon Casey served as one of the founding advisory board members for the organization. Sharon credits her involvement with the programs the Prairie Family Business Association has offered over the past years with helping her family begin the process of succession planning and working through some difficult issues. Click hereto read the entire interview with 3rd generation owners Sharon and Terry Casey and their son, Christian.
The Casey Family Interview
Beth: Tell us a little about the History of Casey Drug.
Sharon and Terry: Casey Drug and Jewelry was founded in 1992 by Terry’s Grandfather Joseph Casey. Joseph started his pharmacy business in Lead in 1896. Calamity Jane was a frequent customer to the store while he was there. In 1906 he had the opportunity to purchase his own drugstore in Vivian, SD. But in 1922 as things were declining in Vivian, Joseph heard of a drug store for sale in Chamberlain. Being a typical family owned business, the entire family worked a lot of hours. Each of Joseph’s eight children worked in the store. Each of the 4 sons’ took their turn in the store while the other brothers studied pharmacy. When Joseph died in 1952, his son Mark continued to run the store in Chamberlain while his brother Delos started a new drugstore in Madison, SD. Delo’s son Terry was the beginning of the third generation of pharmacists as he started working summers for his Uncle Mark behind the soda fountain.
Christian: I understand my Great Grandfather was an excellent businessman and father. He was very kind and gentle.
Beth: What changes did your generation make regarding family involvement with the business?
Sharon and Terry: As third generation owners, our 4 children have the experience of “growing up in the business”. They all began by stocking shelves, sweeping sidewalks, shoveling snow, tending the soda fountain, and later working in the restaurant. Christian is the only 4th generation to have a day-to-day involvement with the business while the other children participate on the family council.
Christian: I bring knowledge of culinary Arts and restaurant management to the business. In our family management meetings, I bring input as to what the customers want.
Beth: Do the three of you deal with different issues than the previous generations did?
Sharon and Terry: In 1978, we decided to expand the pharmacy and jewelry operation to another location close to the Interstate. Wd had decided this piece of undeveloped property was a perfect place for a second location that could also accommodate our vision of a family styled restaurant with reasonable prices and homemade food. 1979 brought high gas prices and high interest rates which directly affected our new business. The projections we had worked so hard to compile went “out the window,” leaving us with long work hours, doing much of the work ourselves, in order to get ahead. All that hard work paid off when three years ago we were able to completely pay off all our debt.
Christian: Many of the issues are the same with the exception of running the restaurant.
Beth: How is the 4th generation preparing for future leadership of the family business?
Sharon and Terry: We have kept the 4th generation involved in a family council.
Christian: We are looking ahead as I am the only family member from the 4th generation involved on a day to day basis. We have an excellent long term key employee that may be interested in a future partnership.
Beth: As one of the founders of the FBI, what benefits has your family business reaped from your involvement with the organization?
Sharon and Terry: SDFBA has been the catalyst for our estate planning and succession planning and moving forward with those issues. As the children grew older and prepared to embark upon their own lives, we realized our family business was entering a new stage. Our active participation in the Prairie Family Business Association has assisted us in entering this new transition.
Christian: Increased profits, new business through new friends we’ve met through the organization. We’ve brought issues up at family business meetings that are introduced through the organization.
Beth: What are some of the values the Casey family brings to the table for the next generation of leaders?
Sharon and Terry: Hard work and honesty. We’ve all worked at making this business successful. Now the 5th generation of grandchildren returns each summer to supply manpower for the busiest part of the season. Our family values remain our priority. Water sports, fishing, skiing, travel, hunting, camping and cooking are all things the whole family participates in together. The lessons learned are priceless! Our children have learned that you must provide great customer service and “walk the talk”! Now we watch with joy as our children carry on these values in their own families.
Christian: Hard work, perseverance, honesty and faith.
