Selling, merging, or closing your practice? Here’s what you need to know
Processes and factors to consider when choosing a course of action
Privately owned architecture firms considering internal ownership transitions face numerous hurdles in today’s consolidating, competitive environment. Financial considerations, firm culture and professional careers must all be taken into account in deciding upon the most suitable course of action.
The alternatives of an internal program, an external sale or merger, or the closure of the practice mean the final decision will not only affect the financial return to the owners. It will also have an impact on the continuation of employment for the staff and, ultimately, the firm’s culture and control.
There is no single 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.