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.
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Patrick Kelly AIA
President
Kelly Architectural Services, Inc.
Zanesville OH
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Original Message:
Sent: 03-19-2018 17:44
From: Thomas Bank
Subject: Succession Planning, or how to prepare for a worst-case event
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
Original Message:
Sent: 03-17-2018 02:04
From: Joel Niemi
Subject: Succession Planning, or how to prepare for a worst-case event
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.