CVG in ARCHITECT Magazine: Start Planning for Ownership Transition Now
When beginning to think about a future without project deadlines, self-awareness is critical. Look inward and honestly evaluate the degree to which you want to be engaged with your firm when you’re older, review your savings and financial options, and consider your comfort level with sharing leadership and control. “Your ability to mentor emerging leaders on all aspects of running a business will significantly impact the long-term value of your firm,” notes Rena M. Klein, FAIA, a partner at CVG.
Ask yourself three questions:
Do I see the potential of accumulating sufficient retirement savings or investments as I currently practice? Will this be enough to fund my retirement?
Am I ready to share leadership, decision-making, and power with potential successors?
What legacy would I like to leave?
The answer to each of these questions opens up, and closes off, certain possibilities as a founder approaches retirement…