Podcast
Questions and Answers
Which of the following is a key asset to a firm in succession planning?
Which of the following is a key asset to a firm in succession planning?
- Development of the talent pool (correct)
- Selection and transition
- Strategic planning process
- Continuous renewal
How long does the process of transferring leadership within an architectural practice through succession planning typically take?
How long does the process of transferring leadership within an architectural practice through succession planning typically take?
- Up to 15 years
- Up to 5 years
- Up to 10 years (correct)
- Up to 20 years
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 groomed for promotion (correct)
- Lack of interest from staff
- Lack of support from management
- Lack of available training resources
What is the liability for past work in a practice during succession planning?
What is the liability for past work in a practice during succession planning?
What is the subjective asset in the valuation of a practice?
What is the subjective asset in the valuation of a practice?
What is the purpose of contingency planning in succession planning?
What is the purpose of contingency planning in succession planning?
What should buyers and sellers do when reviewing shareholder and partnership agreements in succession planning?
What should buyers and sellers do when reviewing shareholder and partnership agreements in succession planning?
How can the value of a practice be estimated in succession planning?
How can the value of a practice be estimated in succession planning?
What is the recommended action for the retiring principal after ownership transition/retirement in succession planning?
What is the recommended action for the retiring principal after ownership transition/retirement in succession planning?
What is the ideal outcome of a successful succession plan in terms of the firm's ownership?
What is the ideal outcome of a successful succession plan in terms of the firm's ownership?
Which one of the following best describes goodwill in the context of a business?
Which one of the following best describes goodwill in the context of a business?
What is one way to measure goodwill?
What is one way to measure goodwill?
What is succession planning?
What is succession planning?
Historically, which types of practices were most concerned with succession planning?
Historically, which types of practices were most concerned with succession planning?
In larger corporate firms, what is the main goal of a succession plan?
In larger corporate firms, what is the main goal of a succession plan?
What is the core goal of a succession plan?
What is the core goal of a succession plan?
Which of the following is NOT a reason for succession planning?
Which of the following is NOT a reason for succession planning?
What does succession planning aim to transfer to the next generation of leaders?
What does succession planning aim to transfer to the next generation of leaders?
In the context of architectural practice, why is succession planning important?
In the context of architectural practice, why is succession planning important?
What is Appendix A of the chapter about?
What is Appendix A of the chapter about?
Which of the following is NOT one of the options for succession planning described in the text?
Which of the following is NOT one of the options for succession planning described in the text?
According to the text, what is one advantage of selling the practice as a succession planning option?
According to the text, what is one advantage of selling the practice as a succession planning option?
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 timeline for implementing an effective succession plan, according to the text?
What is the recommended timeline for implementing an effective succession plan, according to the text?
What is the best way to predict the future, according to management expert Peter Drucker?
What is the best way to predict the future, according to management expert Peter Drucker?
What is the purpose of mentorship in succession planning, according to the text?
What is the purpose of mentorship in succession planning, according to the text?
What is the recommended starting point for developing a succession plan, according to the text?
What is the recommended starting point for developing a succession plan, according to the text?
What is the success test for succession planning, according to the text?
What is the success test for succession planning, according to the text?
What is the term used in the text to describe a transition that is personally informed to clients and not publicized in the media?
What is the term used in the text to describe a transition that is personally informed to clients and not publicized in the media?
What should architects who choose to retire and dissolve their practice ensure, according to the text?
What should architects who choose to retire and dissolve their practice ensure, according to the text?
