Selling, Merging, Or Closing Your Practice?
By George E. Christodoulo, PC
Privately owned architecture firms in today’s consolidating, competitive environment face numerous hurdles when considering traditional internal ownership transition and leadership succession programs. Financial considerations, firm culture and professional careers must all be considered in deciding upon the most suitable course of action. The alternatives of an internal program, an external sale or merger, or the winding up and closure of the practice, mean the final decision will not only affect financial return to the owners, but the continuation of employment for staff, and ultimately, the firm culture and firm control.
While there is no right answer since the decision varies by firm and owner circumstances and priorities, this paper outlines the many critical factors to consider and the appropriate steps and processes to be undertaken when determining the best course of action for transitioning firm ownership.