Selling, Merging, Or Closing Your Practice?
An Overview of the Many Processes and Factors to Consider
When Choosing a Course of Action
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 will outline 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.
George E. Christodoulo, PC is a Senior Partner of the Boston-based law firm, Lawson & Weitzen, LLP. He heads a national practice serving design professionals as both buyers and sellers in mergers and acquisitions, intellectual property, internal ownership transition, employment law, firm governance and shareholder matters, and professional liability defense among others. He has completed over 30 internal transition engagements and over 150 sale/merger transaction engagements for design professional firms.