Industry Speaks™ Founder and A3K Consulting Principal Karen Compton, CPSM, contributed a chapter to the just-released 15th Edition of Architect’s Handbook of Professional Practice. Compton covers the topic of “Networking and Business Development.”
Authored by The AIA with industry leaders as contributors, this comprehensive guide is the profession's standard on practice issues. The content has been significantly revised to reflect the changing nature of the business of architecture related to the impact of integrated practice.
Available for pre-order November 14, 2013; shipping begins the week of November 18. The book is also available in electronic pdf format. See the AIA webpage for details and order information.
Showing posts with label Architect's Handbook of Professional Practice. Show all posts
Showing posts with label Architect's Handbook of Professional Practice. Show all posts
Thursday, November 14, 2013
Thursday, June 6, 2013
Mistake: No Partnership Agreement
“We never had a partnership agreement.”
My questions is, “Why?” Twenty-five years ago my clients began their firm as two guys who had attended college together. The firm now has 20 employees and the firm owners have no partnership agreement. It is true time flies, but that’s no excuse for not taking the time to manage your small but emerging practice.
Among its many attributes, a partnership agreement defines roles, responsibilities, buy and sell provisions, the acquisition and dispositions of shares, the process of nominating new partners or removing old ones, and voting rights partners. These should be crafted early in a firm’s growth and development or at the onset of a partnership, with a full recognition of the future of the company you’d like to develop. They should not be defined after the fact, in haste, or once a partnership is coming towards its end. At that point, perspectives are often skewed in favor of an individual or circumstance.
Seek and secure wise and informed counsel on this topic. It is much like surgery. While there are “Do-It-Yourself” books on almost any subject, I contend that “Do-It-Yourself” doesn’t work with surgery. Wise counsel can provide you with guidance, direction and support in the development of an appropriate agreement.
Seek resources that will allow you to ask intelligent and informed questions. Here’s one of my favorite resources addressing this topic: the 14th Edition of the Architect’s Handbook of Professional Practice, published by Wiley (15th Ed. due out in November 2013). Industry Speaks™ is also reviewing books on this topic, so stay tuned for other recommended reading sources.
A partnership agreement regulates the life-blood of your firm. It protects your collective assets and provides guiding principles and tenets for partnership. You owe it to yourself, your partner(s) and your staff to have one.
My questions is, “Why?” Twenty-five years ago my clients began their firm as two guys who had attended college together. The firm now has 20 employees and the firm owners have no partnership agreement. It is true time flies, but that’s no excuse for not taking the time to manage your small but emerging practice.
Among its many attributes, a partnership agreement defines roles, responsibilities, buy and sell provisions, the acquisition and dispositions of shares, the process of nominating new partners or removing old ones, and voting rights partners. These should be crafted early in a firm’s growth and development or at the onset of a partnership, with a full recognition of the future of the company you’d like to develop. They should not be defined after the fact, in haste, or once a partnership is coming towards its end. At that point, perspectives are often skewed in favor of an individual or circumstance.
Seek and secure wise and informed counsel on this topic. It is much like surgery. While there are “Do-It-Yourself” books on almost any subject, I contend that “Do-It-Yourself” doesn’t work with surgery. Wise counsel can provide you with guidance, direction and support in the development of an appropriate agreement.
Seek resources that will allow you to ask intelligent and informed questions. Here’s one of my favorite resources addressing this topic: the 14th Edition of the Architect’s Handbook of Professional Practice, published by Wiley (15th Ed. due out in November 2013). Industry Speaks™ is also reviewing books on this topic, so stay tuned for other recommended reading sources.
A partnership agreement regulates the life-blood of your firm. It protects your collective assets and provides guiding principles and tenets for partnership. You owe it to yourself, your partner(s) and your staff to have one.
Karen Compton, CPSM. Karen Compton is principal of A3K Consulting
(Glendale, CA), a business development and strategic planning firm specializing
in the architecture, engineering and construction industries. Ms. Compton is also
the founder of Industry Speaks™, a web-based business-to-business portal that connects AEC firms with experienced consultants, provides peer reviews of consultants, reports on key industry trends, and publishes expert reviews of professional courses and books. Contact her at kcompton@a3kconsulting.com.
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