Easy access to crucial business information for design professionals
The majority of architecture and design firms employ fewer than ten people. As with any small business, the owner/principal of these firms must make plans for all of the eventual transitions that will impact the practice and any or all of the people therein. This book in the Professional Practice Essentials Series offers comprehensive advice on the subject, specifically tailored to the practicing design professional. Here, a noted consultant who specializes in architecture firm management addresses a host of vital transition issues, including growth, expansion, management changes, internal transitions, mergers, acquisitions, liquidations, retirements, and much, much more. 208 pp.
Architect's Essentials of Ownership Transition - Table of Contents:
- Foreword
- Acknowledgments
- Part 1: Introduction
- What Is Ownership Transition?
- Why Is Ownership Transition Necessary?
- Part 2: Ownership Transition Options
- Internal Transfer
- Bring in a Leader
- Merger
- Acquisition
- Employee Stock Ownership Plan (ESOP)
- Liquidation
- Part 3: Determining Candidate Selection Criteria and Communicating
Founders Expectations
- What Do Owners Contribute to Firms?
- Candidate Selection Criteria
- Communicating Expectations to New Owners
- Part 4: Valuing the Firm: How Much Is It Worth?
- What Is Value?
- How Is Value Determined?
- Components of Valuation
- Purposes of Valuation: How Valuation Is Used in the Ownership
Transition Process
- Determining Value
- Methods of Determining Value
- Extenuating Circumstances and Exceptions
- Part 5: Making the Purchase Affordable: Ownership Transfer Mechanisms
- After-tax Transaction for Stock
- After-tax Stock Purchase Plus Compensation Exchange Method
- Deferred Compensation Method
- Owner Transfer for Partnership or Limited Liability Companies
- Zero-based Transfer
- Part 6: Designing the Ownership Transition Program
- Part 7: Getting the Ownership Transition Program Started
- Assembling the Team
- Laying the Foundation
- Designing the Program
- Evaluating Candidates
- Establishing a Rate of Transition
- Deciding on the Terms
- Documenting the Program
- Next Steps
- Part 8: Documenting the Ownership Transition Program
- Offering Memorandum
- Stock Purchase Agreement
- Secured Promissory Note
- Security Agreement
- Stockholder Agreement
- Indemnification Agreement
- Deferred Compensation Agreement
- Employment Agreement
- Why Is Spousal Consent Required for Some Program Documents?
- Ownership Transition Documents for Organizations Other Than
Corporations: Partnerships and Limited Liability Companies
- Part 9: Choosing the Form of Entity
- Partnership
- General Corporation
- Professional Corporation
- Limited Liability Company
- Part 10: Developing Leadership in the Firm
- What Are Leaders?
- What Attributes Do Leaders Have?
- Process of Leadership Development
- Leadership and Management
- Part 11: Preparing for Future Transition
- Why Prepare for Future Transition?
- Glossary
- Bibliography
- Index
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