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Succession Planning, or how to prepare for a worst-case event

  • 1.  Succession Planning, or how to prepare for a worst-case event

    Posted 03-17-2018 02:05
    Let's say I was walking down the street, a happy sole practitioner with no employees, and was struck by the proverbial bus.

    What should I have done to make it easier for my estate, or to manage things if I'm fortunate enough to only have a long time in recovery?

    Everything from notifying clients to getting bills out for what I hadn't billed to transferring documents over to someone that I might have pre-arranged with to take things over.

    --
    best regards,
    Joel Niemi
    - Architect
    425.422.4276
    jniemiarchitect@gmail.com
    http://www.linkedin.com/in/jniemiarchitect
    Call for Nominations


  • 2.  RE: Succession Planning, or how to prepare for a worst-case event

    Posted 03-19-2018 17:44
    I've had similar thoughts at times, but have never acted on them. Having an agreement in place with another small firm Architect would be a starting point. Someone who could take over project and hopefully see them to completion. Having an agreement with an Attorney and Accountant to take care of dissolution of the business would be the next steps.

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    Thomas Bank AIA
    Principal Architect
    Simply Stated Architecture, P.C.
    Lemoyne PA
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    Call for Nominations


  • 3.  RE: Succession Planning, or how to prepare for a worst-case event

    Posted 04-16-2018 13:29
    In addition to other items mentioned, I also carry a "Key Man" life insurance policy to help pay for professional expenses to transition business operations to another architect or to allow it to simply close when projects are properly handled.

    ------------------------------
    Patrick Kelly AIA
    President
    Kelly Architectural Services, Inc.
    Zanesville OH
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    Call for Nominations