When you want to keep the Family Business in the Family.
Come to us to make your Succession easy and timely.
You own a family business. You plan to pass it on to a daughter, a son, or several adult children. If one or more of these thoughts are on your mind, please contact Rita to help with your succession plans.
- I have been trying to exit for several years on my own. It is not working as planned. I would hate to sell but I might have to.
- I am already in the throes of succession; it has got to be easier than this.
- What should I know?
- What are the common pitfalls? (I think I’ve been through some of them!)
- How can I make the transition easier, faster, better, or more successful?
- I am exiting next year. I am ready to hand over my business.
- I have 10 years or less before the hand-off. Should I be planning something in 2023?
- Our succession is going along just fine. I want to keep it that way.
- What do succession advisors know that I don’t?
Rita keeps SUCCESS in SUCCESSion planning
“I had the pleasure of working with Rita to help scale our business. From the very beginning, she was incredibly helpful and knowledgeable. She took the time to understand our business goals and objectives, and provided us with a comprehensive plan to help us reach them.
Rita was always available to answer any questions we had, and provided us with valuable insights. She also gave us resources and tools that enabled me to make informed decisions about how to best grow our business.
Working alongside my father and through my continuous transition into ownership, we were able to scale exponentially. However, I am most thankful to Rita for allowing us to work on our business while still having enough time to enjoy all the hard work. We have always struggled with achieving a balance between personal and work life, and with Rita, we have been able to balance everything like never before.”
—P.V., Milford, MA
Rita Coco, the owner of Rita Coco Consulting is a small business coach and consultant who specializes in successful delegation planning and implementation. She has helped small business owners successfully pass the torch to the next generation with more ease and joy than when these owners tried a DIY approach to the transition.
There are several reasons why succession doesn’t happen or does happen but the owner is still part of the business for more years than they wish, or is successful but still taking way too long.
One reason is that as small business owners we act out common succession myths that are just not true. These mythical premises get in our way because we base our succession decisions on these commonly held and shared beliefs.
Another reason is that there are pitfalls that should be avoided. As owners, we get only one opportunity to experience succession and that is when we are exiting. In our haste to transfer the business, we can easily run into these pitfalls that stymie our success.
A major reason for a daunting succession? We didn’t complete our succession planning. Let’s say an owner chose a daughter to be a successor. Her daughter started in the business as a teenager and has many years of experience as an employee or even a manager. That is part of the plan that is working. What is not working and why successions are not completely implemented is that the succession strategy did not include an implementation period in which the daughter is the sole owner. Even when the founder puts the daughter into the ownership position, the founder is not sure how to build her daughter’s ownership muscle. There will naturally be succession blind spots for all family owners; blind spots being succession procedures that we don’t even know that we don’t know!
With Rita as your advisor, you will,
- Know when to begin the succession journey
- Learn the best succession practices
- Incorporate these practices into your present planning
- Adjust your current succession implementation to build on these best practices.
Rita ensures that you will have access to transformation processes that will make your succession plan a true and timely success!
Here is some help to get you started!
DISCOVER the DELTA between where you are and where you want to be.
Here are the succession principles that Rita employs. Perhaps you can discover one or two changes you can make to increase your success.
Call Rita for more information. Her first one-hour is FREE!
RCC 10 SUCCESSion Principles
- Put TIME on your side.
- DIY succession is like operating on yourself. Leave it to the experts.
- Don’t confuse your child with your successor.
- Don’t blame your successor, instead look for what is broken in your company.
- If you think you have taught your successor everything they need to know, you haven’t.
- If your successor thinks they know everything they need to know, they don’t.
- Delegate rather than abdicate.
- Be open to a succession outcome that succeeds better than your succession plan.
- Succession is a company transition. Don’t limit it to family only.
- Selling is not a Plan B to a failed succession. Commit to the succession.
Sure, these actions sound good, but putting them into practice is what you need. You are ready to hear how Rita can help. Email Rita to set up a FREE call or Zoom meeting. Together we can achieve these outcomes for your succession success.
- Rediscover your common pains and desires regarding succession
- Uncover Succession Pitfalls and make quick Corrective Actions
- Discover what you can change, add, or delete to enhance your succession plans and implementation
We know that family succession is near and dear to you. Your successors are important and we want them to succeed.
I work with families and owners who are in succession and have all the pain and desires we mentioned here.
I invite you to set up a FREE 30-minute Zoom or phone call to chat about what is top-of-mind.