So, you have been invited to become a principal in your firm? Congratulations! Now, what can you expect? Are there lessons learned from other design firms that have successfully gone through internal ownership transition? Yes, there are.
Cameron MacAllister consulting firm completed a benchmark study a few months ago on how architecture firms are handling the ownership succession process involving one or more founders who are near the end of their tenure.
The firms were located all over the U.S. (Northeast, Southeast, Southwest, Midwest, Northwest, West), and ranged in size from 25 to 190. Eight of the participating firms are recipients of AIA National Firm Award. What these firms had most in common was a high-quality design orientation. We call these Design-First Firms.
Avoiding fee disputes
Architecture firms should take the time to establish meaningful fee collection practices so that they can remain financially solvent. Avoiding fee disputes with clients helps maintain positive working relationships while safeguarding the ability to provide services on future projects, including those of existing clients. Timely collection of fees is essential since architecture firms do not…
Do you know? Virtually everything can go wrong!
Welcome to the “new normal” – a seemingly alternate universe where working in an office has become burdensome and employers and employees alike are often at odds as to what a work-life balance looks like. As if the practice of architecture wasn’t complicated enough, our post-pandemic reality challenges firms to adjust to a remote workforce…
