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Small Project Design Forum at AIA24

  • 1.  RE advance advice on closing a firm

    Posted 06-24-2015 04:48 PM
    I want to plan ahead on what is involved in closing a small firm.  Any advice?  It seems wise to have a plan in place in case of unknowns for a small firm transition.
    thanks for your thoughts
    Sarah

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    Sarah Nettleton AIA
    Sarah Nettleton Architects
    Minneapolis MN
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  • 2.  RE: RE advance advice on closing a firm

    Posted 06-25-2015 06:36 PM
    I am not sure how to respond to your question...but, the local University Archives have told me that they would like all my tracings, drawings, sketches, and files on any of our Historic building projects.  WE have worked on many National Register buildings.

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    Nelson B. Nave AIA
    Owner
    Nelson Breech Nave, AIA Architect
    Kalamazoo MI
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    Original Message


  • 3.  RE: RE advance advice on closing a firm

    Posted 06-25-2015 08:50 PM
    Ms. Nettleton ---
    Hello

    My company is strictly sole-practitioner, corporation, so termination / liquidation would be as simple as can be.  But that's for my wife, or my estate, to do.  I plan to "die drawing".  So, see Suggestions, item 1, below.

    BUT ---
    My Professional Liability Insurance folks have  mentioned something called a "tail":
    1.     I'm assuming it applies if you stop cold on providing services.
    2.     It keeps carrying insurance on work you've done.
    3.     Declining premium each year.
    4.     Carry as long as your local statute of limitations?
    5.     What if, you dead-stop "retire", then do small house add'n for a friend, 2 yrs. later?

    Suggestions ---
    1.     Simplify your business structure as much as possible, now.
    2.     Decide if you will "dead-stop" retire (rare in Architects).
    3.     Consult with insurance folks about the "tail" (or whatever its name is).

    Best of luck.
    Thanks ---
    Bill

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    William Devlin AIA
    William J. Devlin, AIA, Inc.
    Springfield MA
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    Original Message