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Letter from the Editor
By David Brent Richards, FAIA
The PM Digest seeks to provide a range of varied opinions and points of view on a topic of interest to those managing practices. This quarter we have considered Ownership Transition. As the baby boomer generation moves into retirement age, many firm owners are looking to transition out of their role in the firm and into retirement. Setting the stage for successful transition can be a long and challenging process.
Articles in this issue of the PM Digest consider several aspects of Ownership Transition. Timothy Hawk, FAIA of WSA Studio shares his personal experience in the challenges of becoming the owner of an existing firm; Hugh Hochberg of the Coxe Group Inc. speaks to the need to identify, develop and retain future leaders and to institute a transition plan early; J. Tim Griffin, P.E., MBA, LEED AP a PSMJ consultant provides insight on ownership transition from the Millennial's point of view.
Stephen Epstein, a strategic advisor with Strogoff Consulting, Inc. shares ideas related to designing an effective leadership development program; Brad Wilson, Senior M&A Consultant with PSMJ Resources considers the challenges of internal transition after the 2008 economic downturn; David S Choen, Esp, ASA provides an overview of value in a shareholder transition and John Bierly, AIA and Clark Davis, FAIA, both of the Cameron MacAllister Group, discuss three alternates for ownership transition including an ESOP.
David Brent Richards, FAIA drichards@rossetti.com |
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Features
Addressing relevance
By Timothy C. Hawk, FAIA, President WSA
Transitioning a firm is challenging, and only one thing can ensure success. Our firm was established at its conception with a vision: a firm rooted in respect for participants, design context, and the professional obligation of the architect.
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Leadership and ownership transition
By Hugh Hochberg, The Coxe Group
Of the many strategic and operational things that get owners' attention, high on the list is evolution of ownership. However, addressing it as an ownership issue dramatically understates and misrepresents the challenge and the opportunity.
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How to get your millennials to buy into firm ownership
By J. Tim Griffin, MBA, PE, LEED AP, Consultant, PSMJ Resources
While current Baby Boomers are looking to retire, front-edge Millennials are now just coming into the heart of their careers where they can really push a business forward. How do Millennials view A/E firm ownership?
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Designing an effective leadership development program
By Stephen Epstein, strategic advisor with Strogoff Consulting, Inc
Leadership is a hot topic and for good reasons: A/E firms are struggling to fill a growing leadership vacuum. An effective leadership development program can help firms fill this vacuum while creating opportunities for all generations.
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The challenge of internal transition in today's A/E arena
By Brad Wilson, Senior M&A Consultant, PSMJ Resources
If you are a firm leader looking to retire, you must do more than consider new or revised terms in your buy-sell agreements. To be successful, you need to start grooming your successors long before you decide to take your exit.
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Staying independent: transitioning to the next generation?
By David S. Cohen, Esq., ASA
Anecdotally, only about one in ten founder(s) are able to transition their ownership to the third generation. If you want to be one of the few to stay independent, here's where the challenges are and how to resolve these items.
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Choosing the best ownership transition strategy
By Clark Davis, FAIA, and John Bierly, AIA, Principal Consultants, Cameron MacAllister Group
Architecture is an intensely personal profession. Most practices are formed around a common passion, and many don't survive beyond their first leaders. If your firm is committed to long-term success, you'll need a plan for the future.
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But Words Will Never Hurt Me - Best Practice 06.01.11
A new AIA Best Practice is available by Thomas S. Townes, AIA, and Andrew J. Carlowicz, Jr.
As Architects, we are guided to focus our attention on the right details and the completeness of our overall design package. As marketers our goal is to promote the abilities and talents of our firms. It is necessary to differentiate ourselves from other firms with the ultimate intent to win a client or a project.
But at what cost? While we may believe that our liability lies only with our performance or standard of care, we must be careful not to cross the line with what we promise the client, even in the words we choose in marketing our firm or pursuing a particular project.
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Find more Best Practices »
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2016 Mini-MBA Program
September 29; AIA South Atlantic Region Conference
PMKC is sponsoring a mini-MBA course in association with the AIA South Atlantic Region at their conference in Savannah, Georgia.
Industry leaders will break down the basics of business and management. We will tackle tough issues that mid-career architects are facing, and you will leave with resources to propel your career forward.
Topics include: career planning, thriving in middle-management, leading better meetings, networking, firm succession strategies, managing teams, and successful influencing leadership. Keynotes speakers are Mark LePage of EntreArchitect and Marica McKeel of MM Studio, NYC.
Learn more »
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2016 Call for Nominations
We are seeking nominations for members to serve on the PMKC leadership group! Members will be required to submit a resume, a letter of interest and a letter of commitment for each committee application. The nomination process closes at 5:00 PM EST on Monday, October 3.
Learn more »
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