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Questions and Answers

Which of the following is a key asset to the architectural firm in succession planning?

The firm's accounting records

The internal talent pool (correct)

The cash resources of new shareholders

The firm's strategic planning process

What is a common concern regarding staff education programs in succession planning?

Limited number of staff advancing within the firm

Low return on investment for training

Lack of funding for education programs

Potential competition from trained employees (correct)

What is the subjective asset that needs to be considered in the valuation of the architectural practice?

The firm's strategic planning process

Goodwill (correct)

The internal talent pool

The cash resources of new shareholders

What is the recommended timeline for the strategic management of succession planning?

10 years Signup and view all the answers

Which of the following best describes the concept of Goodwill in a business?

The amount by which the value of a business exceeds the sum of its net identifiable assets Signup and view all the answers

What is the core goal of a succession plan in architectural practice?

To ensure the ongoing success of the practice Signup and view all the answers

In what types of architectural practices has succession planning historically been a concern?

Sole proprietorships and partnerships Signup and view all the answers

Which of the following is NOT a succession planning option described in the text?

Internal Transition Signup and view all the answers

According to the text, what is a common practice when a firm is sold to an architect outside the practice?

The founding architect is retained as an advisor or consultant Signup and view all the answers

What is the primary reason for unsuccessful mergers according to the text?

Poor fit between the firms Signup and view all the answers

What is the recommended approach for informing clients of succession changes according to Art Gensler?

Quietly inform clients personally Signup and view all the answers