Podcast
Questions and Answers
Which of the following is a key asset to the architectural firm in succession planning?
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?
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?
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?
What is the recommended timeline for the strategic management of succession planning?
Which of the following best describes the concept of Goodwill in a business?
Which of the following best describes the concept of Goodwill in a business?
What is the core goal of a succession plan in architectural practice?
What is the core goal of a succession plan in architectural practice?
In what types of architectural practices has succession planning historically been a concern?
In what types of architectural practices has succession planning historically been a concern?
Which of the following is NOT a succession planning option described in the text?
Which of the following is NOT a succession planning option described in the text?
According to the text, what is a common practice when a firm is sold to an architect outside the practice?
According to the text, what is a common practice when a firm is sold to an architect outside the practice?
What is the primary reason for unsuccessful mergers according to the text?
What is the primary reason for unsuccessful mergers according to the text?
What is the recommended approach for informing clients of succession changes according to Art Gensler?
What is the recommended approach for informing clients of succession changes according to Art Gensler?
