Stakeholders in mature architecture and engineering firms nearing retirement are bombarded with ideas from many advisors for the “best” exit option.
Despite the owners’ desire to continue to run their firms as they always have and simply focus on their clients, they need to contemplate several key considerations of a solid and successful exit plan, which include:
1. Creating a strong retirement package for exiting owners;
2. Finding the right buyer—one that has financial strength and expertise to run their specialized firm;
3. Building a solid succession plan for key employees; and
4. Maintaining a “legacy” for the future of their firm. A legacy can be very important to owners of professional service firms as their lifework is embodied in their companies.
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