By: Steven Greenapple, SES ESOP Strategies, a Stevens & Lee Company When contemplating a sale of their business, the owners of a Company have several alternatives to consider. They can (1) sell to a financial investor (private equity or family office); (2) sell to a strategic investor (another business who wants to expand into the…
Read MoreTopic: Small firms
Questions from Members – LegaLine in Action!
During AIA Trust Week, one of the webinars shone a spotlight on LegaLine, a legal information hotline specially tailored to respond to the needs of small firms and sole proprietors managing an architectural practice.
Read MoreThe Importance of Employee Benefits for Small Business
For small-business owners, the importance of employee benefits is a significant factor when it comes to attracting and retaining talent. The majority of workers prefer attractive types of employee benefits—like insurance, paid time off, and a retirement plan—more than pay raises. Whether you’re competing for talent or keeping the high performers you already have, small-business…
Read MoreProfessional Liability Safety & Other
Bridging the gap: Navigating the risks and mitigating claims in construction contract administration services
Introduction In recent years, the design industry has experienced a significant disparity in experience levels among the workforce in the field of construction contract administration (CCA) services. With a visible gap between junior staff (1-5 years of experience) and senior staff (10+ years of experience), many firms are finding themselves in a conundrum, compelling less-experienced…
Read MoreNavigating the Risks and Exposures of Artificial Intelligence: Essential Insurance Coverage for AI-Related Claims
Artificial intelligence is transforming industries and streamlining processes at a dizzying pace. There’s a lot we don’t understand about AI, including the risks and exposures inherent in incorporating AI into our businesses and lives.
Read MoreDo you know? Key Factors in Developing an Internal Risk Management Process
From choosing your client to closing a project, your firm can take measured steps towards managing its risk. While unpleasant, the terms “insurance” and “litigation” have taught us how to better protect design firms by minimizing claim potential, or at least to develop stronger defenses if claims cannot be avoided.
Read MoreNever Too Soon to Start
If you’re relatively new to practice, you may think that you can deal with retirement planning much later. But it takes years to accumulate the savings you’ll need for an ideal retirement. It’s well worth spending time now to strategize how you’ll get from here to there – even if retirement is many years in…
Read MoreIncorporating Climate Action into Your Practice for Triple Bottom Line Impact
Architects have an unprecedented opportunity to be part of creating a safer and more sustainable world for generations to come by designing to mitigate greenhouse gas emissions and adapt to changing conditions. AIA’s Climate Action Plan outlines a plan for how firms can address this challenge. Climate action is not only an imperative—it is an opportunity.…
Read MoreSmall Firm Solutions: What to Do About Employee Benefits Post Pandemic
Employee benefits are often defined as compensation paid by an employer to an employee over and above regular salary and wages. Employee benefits come in many shapes and sizes and are an integral part of an overall compensation package offered to employees. Employee benefits are essential in keeping current employees happy and loyal and have…
Read MoreProfessional Liability Insurance: 2022 Trends
The AIA Trust together with the American Council of Engineering Companies (ACEC) and the National Society for Professional Engineers (NSPE) work annually to conduct an insurance carrier review and interview of professional liability trends and risk management issues. Following is a summary of highlights for 2022 in addition to complimentary useful resources made available to…
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