When the rubber hits the road, what do you do? Ted Risdall describes what he and his wife, Jennifer, did to transition ownership of their family owned business, Risdall Marketing Group (RMG), from its founder, John Risdall. This year is the first year John Risdall is not in the office every day since founding RMG in 1972. “Where’s my buddy?” says Ted.

John and Ted gave a talk at the University of St. Thomas’ Family Business Center in 2014. In preparation for the talk, Ted put together the Top 10 lessons he learned in succession planning. Five years later with the transition of ownership now complete, Ted shares his updated list. We start with #10 and go backwards.

#10 Succession is HARD. Anybody who says differently is kidding themselves and lying to everyone else.

#9 It’s a LONG process. My father and I joke that we have just completed our 21st year of transition planning. Even after 21 years it is tough, confusing, and incremental. Your emotions get messed up.

#8 The toughest succession is when the founder or previous generation wants to stay active and have a say.

#7 There is no school for this situation. Just like the teenage years – you can read about it, talk about it, have classes on it, but until you live through it – by yourself – that is the only way you will get it and begin getting through it.

To get the entire list just click the download button and listen to the list in Ted’s own words. DOWNLOAD

One other thing, Ted refers to a digital eco system in our conversation. A digital eco system is a fundamental way to understand the digital world and how you and your organization function within it. There are four main aspects to consider in a digital eco system: device, network, content, and application. To maximize the digital eco system include all four elements. To learn more, click HERE.

WeMentor Self-Leadership Activation Exercises

After listening, do the following WeMentor Self-Leadership Exercises:

1. Gratitude: take time to let each person you work with know what you appreciate about them and your work together. If you have family members in your business, notice the positive things they do in your work environment and what they do for the business.
2. Take a risk each day this week to emotionally stretch yourself. Like having a heart conversation with someone who needs to know how you feel. Or, initiate a conversation to improve a relationship with a co-worker or partner or executive team member.
3. Self-Compassion: say three kind words to yourself throughout the day. Keep it going.

Self-Leadership Mentoring Help

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Ted collects Walt Disney’s Donald Duck cartoon characters. The characters and the storylines typify family business ownership.

Risdall Marketing Group, LLC is a modern marketing agency founded in 1972. It is known as one of the most integrated interactive advertising and marketing agencies in Minnesota.

They establish strong connections at each stage of the customer journey. By applying human-centric thinking, you design effective customer engagement strategies, blending technologies and data to create connections and content that disrupt, capture attention, and prompt action.

In a 2018 Twin Cities Biz Journal interview Ted said, “John started and built an amazing agency, and we’ve turbo charged it into a growth engine for entrepreneurial companies. He’s been my mentor on how to build a successful agency by organizing around clients’ business needs.”  

Creativity Unleashed          Technology Applied           Marketing Transformed

Ted and Jennifer Risdall with their sons: Maximilian (now 20 years old) and Alexander (now 17 years old). The picture on the right is me at Risdall Marketing Group in Roseville, MN.

Ted Risdall’s Top 10 Lessons Learned in Succession Planning    Episode 192  Risdall Marketing Group