TZL 1350

BUSINESS NEWS WARE MALCOMB ANNOUNCES CONSTRUCTION IS COMPLETE ON LOLOI RUGS SHOWROOM AND DISTRIBUTION CENTER IN ATLANTA Ware Malcomb , an award-winning international design firm, announced construction is complete on a new office, showroom and distribution center for Loloi Rugs located at 840 Cassville White Road in Cartersville, Georgia. Ware Malcomb provided architecture and interior design services for the project. Loloi Rugs is a leading textile brand that designs and crafts distinctive rugs, pillows, and throws for the thoughtfully layered home. Family-owned and led since 2004, Loloi Rugs has been quickly expanding its team of hundreds of employees, investing in multiple distribution facilities, and introducing thousands of new products for its retailers and designers worldwide. The company’s newest facility in Atlanta is a build-to-suit 646,380 square foot building incorporating a distribution center, warehouse, office space and product showroom. The

single-story, 32-foot clear height building utilizes concrete tilt wall construction and storefront glazing. Ware Malcomb also provided interior design services for 10,000 square feet of interior office space and a 5,000 square foot product showroom. The interior office environment was designed with a modern, open feel. The offices on the exterior of the floorplate have large windows and glass walls to maximize natural light exposure for the space. The showroom highlights new products and allows current and prospective clients to visit year-round. “This new, innovative facility for Loloi Rugs will enable this dynamic company to fulfil its potential for continued rapid growth,” said Jason Dooley, Regional Director of Ware Malcomb’s Atlanta office. “Our design addressed the company’s logistical needs as a warehouse and distribution center, but also captured their distinct brand and aesthetic throughout its offices and showroom. The result is a facility that enhances every aspect of their business.”

The general contractor for the project is Alston Construction. Established in 1972, Ware Malcomb is an international design firm providing planning, architecture, interior design, branding, civil engineeringandbuildingmeasurement services to commercial real estate and corporate clients. With office locations throughout the United States, Canada, and Mexico, the firm specializes in the design of commercial office, corporate, industrial, science and technology, healthcare, retail, auto, public/educational facilities and renovation projects. Ware Malcomb is recognized as a Hot Firm and Best Firm To Work For by Zweig Group. Founded in 1986, Panattoni Development Company, Inc. is one of the largest privately held, full-service development companies in the world. Panattoni is headquartered in Newport Beach, California, and operates from 24 offices in the United States, Canada and Europe.

JUSTIN RAMIREZ, from page 3

❚ ❚ The rights and responsibilities of the members and managers to the LLC and to each other ❚ ❚ Specific decisions that require a vote by the members, managers, or both ❚ ❚ The process for adding and removing a member ❚ ❚ The process for electing and removing a manager ❚ ❚ The timing of distributions and any restrictions imposed on those distributions ❚ ❚ The allocation of profits and losses ❚ ❚ Restrictions on the assignment, transfer, or encumbrance of membership interest ❚ ❚ Specific criteria that an individual must satisfy to become a member or manager ❚ ❚ Specific events that will cause a member or manager to no longer be a member – usually accompanied by language permitting the firm to purchase the member’s interest at a discounted price The decisions documented in your firm’s operating agreement to lessen the impact of an owner’s retirement on a firm’s business operations should be the result of working with an attorney, a certified public accountant, and most importantly, a trusted advisor with extensive knowledge of and experience in the AEC industry. If done correctly, retirement and its benefits can be just as certain as death and taxes. JUSTIN RAMIREZ is an ownership transition advisor at Zweig Group. Contact him at jramirez@zweiggroup.com.

and future owners. In its simplest form, the operating agreement is commonly referred to as the “heart and soul of an LLC,” because it governs the members’ relationships to each other and to the LLC, the activities of the LLC, and the overall rights and duties of members and managers. “Most AEC firm owners fail to realize that retirement can be just as detrimentally impactful on their firm’s ability to continue normal operations as death or taxes if it is not properly planned for well in advance.” Depending on which state your firm is headquartered in, a written operating agreement may not have been required in order for your firm to be organized as an LLC. However, it is always wise to have a written operating agreement to maintain limited liability protection for members and managers. Of similar importance, a carefully drafted operating agreement can also provide clarity and resolution in the midst of a disagreement between members as to a particular decision requiring a vote of approval by LLC members or managers. Some of the most common topics covered in an AEC firm’s operating agreement include: ❚ ❚ The management of the LLC (member- or manager- managed?) ❚ ❚ Confidentiality and non-compete obligations

OWNERSHIP TRANSITION IN THE AEC INDUSTRY WEBINAR Zweig Group’s new Ownership Transition in the AEC Industry Webinar covers a range of topics, giving attendees a new view of ownership transition and how an effective plan can be put into place. Whether attendees are young, up and coming professionals or principals looking at their impending transition, this webinar gives everyone an introspective view of their career.

THE ZWEIG LETTER JUNE 22, 2020, ISSUE 1350

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