When running a firm, you need a business continuity plan to ensure orderly leadership transition in case one or more key people leave, no matter the reason. Leaders, whether owners or managers, may leave because of retirement, death, a disagreement over strategy, or a job opportunity at another firm. Planning is crucial–and an important part…
Read MoreTopic: Ownership transition
Coping with Inevitable Firm Transitions
Every firm has a life-cycle. Professionals leave firms to practice individually or to join another firm; a firm might dissolve as a business entity or be acquired by or merge with another firm; or, firm owners may retire or be unable to continue providing professional services. These firm transitions require special protection, and they should…
Read MorePrincipal Interest
If you’ve worked hard, been successful, and gained the trust of your superiors, you may at some point in your career receive an invitation to become a principal in your firm. While it may seem like evidence of your overall success, there are upsides and downsides to an ownership role and you should thoroughly understand…
Read MoreBecoming a Firm Principal?
If you’re invited to become a principal in your firm, do you know what that requires? A recent study on internal ownership transition sheds light on how architecture firms are handling the ownership succession process when founding principals near the end of their tenure. If you’re tapped to become a principal in your firm, this…
Read MoreSelling, Merging, or Closing Your Practice
Often overlooked until partners are considering retirement, ownership transition is a vital strategic planning step within a successful architecture firm. A firm owner should consider the firm’s future years in advance of making a transition to sell, merge, or close a firm as each present differing financial and taxation consequences. Firm seller and shareholders must…
Read MoreInsurance Concerns in Mergers and Acquisitions
As architects continue to face economic challenges in the architectural and broader economic community, merger and acquisition activity is again increasing in the design firm world. Unfortunately, concerned more about clients and culture, too many firms wait until the last minute to consult with their insurance advisor. This is a bad mistake that can cost…
Read MoreInsurance Concerns in Mergers and Acquisitions
