Architectural, Engineering & Construction Firms
The 10-Step Succession Planning Blueprint
Succession Planning and Ownership Transition in a professional service practice are complex topics. They involve creating additional value in a business when often the most valuable item to sell is the brainpower and skillset of the firm partners.
I want to help you retire on your own terms and when you want to. Let me help you receive a parting, worthwhile financial dollar amount that helps feather your retirement nest egg.
Ask Yourself:
What is left when you leave?
Will your clients stay and follow someone else?
Will your employees stay and rise to the occasion?
Do you have demonstrable revenue and profit growth, documented processes, and a brand that lives on without you?
We’re all in the process of succession.
Succession planning is something that should always be an element of your strategic thinking no matter what stage your firm is in. Succession planning is a process of creating a gleaming, well-run practice that is highly attractive to potential internal and/or external buyers. So if you choose to, at any moment in time, you have something valuable to transition. It ensures that all your blood, sweat and tears are not for naught…that you have something valuable to sell to the next owner, besides yourself.
So, where are you now, and what are you moving toward?
Stage 1
Generalist to Market Specialist
Generalist to Market Specialist: Often when we start in business, we say yes to every viable project opportunity believing the more projects of any kind, the better.
But transforming a fledgling firm into a notable market leader is about staking out what market sector you excel in and effectively marketing these specialties in the right ways.
Stage 2
Good to Great
Good to Great: Is your firm humming along with nice clients, decent cash flow, a good team and interesting projects? Well done! I know that getting there is NOT easy. Now you’re ready for “greathood”.
Let’s get your processes written, the right leaders in the right spots on the bus, and a vision and culture that keeps your team engaged and bringing their best selves to their work each and every day.
Stage 3
Ownership Transition
Ownership Transition: Is your retirement a decade or less away? Are you longing for more time with your family, for hobbies and travel between now and then?
Let’s get your firm “showroom ready” so that it is highly attractive to potential internal and/or external buyers.
Open your eyes to everything that repeats because that is an activity ripe for continual process improvement. —Carol Sente
The 10-Step Succession Planning Blueprint
Succession planning for an A/E/C firm typically means preparing for an ownership transition. In reality, we're all in the process of succession, no matter what stage your firm is in. What are you headed toward?
Depending on your needs and goals, this may be a 7-step process, a three-year plan--or something entirely different. We decide that together.
At my previous architectural firm, our succession planning was over a decade long effort because it made working there more meaningful and fun for everyone. As we completed the 10 steps, we:
Attracted and retained better talent.
Designed better buildings.
Built more lasting client relationships.
Left a legacy by creating business value that lasted beyond the current owners.
Wherever you're at today is just fine--we can start there. We can break down these steps into manageable bites that allow you to meet your clients’ deadlines, see results, still go on your vacations, meet your retirement goal and/or fall in love with your organization all over again.
Are you ready for that?
Extensive insight and skillsets to assist our firm.
“I have known Carol professionally for over a decade, and in that time have found myself continually impressed by her dedication and passion for developing various aspects of a business, but also for instilling effective leadership skills. Over the past three years, she has used her extensive insight and skillsets to assist our firm in refining our business model. Whether it be prioritizing both short and long-term goals, encouraging accountability, strengthening how we approach unexpected adversities, or exploring new avenues to enhance our culture and grow our market share, Carol has displayed a focused determination and sincerity in propelling us towards success.”
—Seth D. Michael, S.E. | Principal, McCluskey Engineering Corporation
Confidence to continue our plan for growth in an ever changing landscape.
“Carol Sente’s business and marketing expertise has made an immediate impact to our Business Development and Strategic Planning efforts. Through the course of our work, she has come to fully understand our firm and her solutions are tailored to the unique characteristics of Studio ARQ. Carol’s deep industry insight gives us the perspective and confidence to continue our plan for growth in an ever changing landscape.”
—Cesar Santoy | Principal, Studio ARQ
The Lead Role in Your Firm’s Succession Planning Process
Over my career, I’ve had the good fortune of assuming the lead role in this process twice; once for an internal firm transition when I became one of four original partners buying out my father’s architectural firm from his younger partner. And again for an external firm transition that involved the sale of our firm to a multi-office architectural competitor.
I help my clients with the succession planning part of an ownership transition. I also aid with discussions about when they are emotionally and financially ready for a transition, orchestrate the efforts to build a firm that is attractive to multiple buyers, and partner with and direct them to other consultants that will/may be part of the process, such as: financial planners, a firm valuation expert, personal attorney, personal CPA, and a mergers & acquisition consultant.
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