Ridgeway Real Estate

Background

When Ridgeway contacted us, they were a successful, small real estate company. They earned income through small ownership interests in real estate, construction, property management, and leasing. The company was hoping to get more into development and had just landed a significant development project - renovating a downtown center.

Ridgeway is run by 2nd generation business owners. The owners were extremely knowledgeable about real estate and wanted to accelerate growth. They recognized that one of their weaknesses was lack of professional management experience - both principals spent most of their career at Ridgeway.

Project Overview

A2X was brought in to:

  • provide professional management experience
  • put together a plan for growth
  • implement a performance management system
  • help further define their vision and goals
  • change plan or organization to meet the refined vision and goals
A2X was contracted for 8 months. Our criterion for success included:
  • completion of a situational analysis that provided a summary of employees' view of working at Ridgeway and clients and partners views of working with Ridgeway
  • an alignment of responsibilities between the principals
  • assembly of a top management team that communicates regularly
  • mission, vision and values
  • implementing a metrics program
  • establishing objectives and a tracking system
  • revenue and sales goals

Metrics were tied to each criterion so we could evaluate success. Ridgeway and A2X met monthly to review progress. Payment was tied to achieving the agreed upon goals.

The Process

Senior management and A2X, working collaboratively, launched a growth initiative. The steps in the initiative were:

  • survey staff to understand their view of working at Ridgeway
  • present findings to principals, and then senior managers
  • implement programs to address key findings
  • establish senior management team to implement growth plan
  • establish company objectives including mission, vision and values
  • create objectives for staff
  • translate strategy to action via performance management
  • Improve teamwork through a variety of programs including negotiation, emotional intelligence, and Meyers Briggs
  • Monitor and evaluate performance, and improve!
  • Connect performance to compensation
  • Communicate!
The Results
  • The company reorganized around the most lucrative part of the business: development.
  • Within development the company transitioned from reactive, to strategic. Preliminary results have been positive in terms of market reaction.
  • Through the scorecard and objectives, management and staff were aligned in terms of focus.
  • Teamwork improved substantively.
  • Business value increased. Initial results show a decrease in expense, gained through improvements in operational efficiency. Lead indictors of increased revenue are positive.
  • The company gained skill in excellence and performance management that continues to benefit them.