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O P I N I O N
O ne of the goals of many of us who start businesses is to create something that will outlast us as the founders. Why is that a common goal so many founders have? An enduring firm will be worth much more – through an internal or external sale – than one where some of these issues are not addressed. Build a firm that will outlast its founder(s)
1)An investment mentality. What I am talking about here is the owners are not just looking to get as much money as possible out of the company each year like typical small business owners are. And they are also geared to make the kinds of investments in marketing, people, and systems that it takes to make the firm grow over time. 2)Creation of a brand. Having a strong brand as an A/E firm is possible. And when you do, you will have a never-ending stream of new project opportunities, good people wanting to work for your firm, and higher prices and margins than other competing firms that are less well-known. Of course, doing this takes a consistent and high investment in marketing, as well as consistent performance so the delivery matches up to the implied or stated promise of the brand. 3)Investment in the creation and maintenance of databases. I’m talking about client and potential
There are many reasons. Maybe we like the idea of a business that creates good jobs and provides so many families with the means to live a good life. Maybe we want our clients to have really great services that help make their organizations more successful. Maybe we like the idea of seeing projects get built that improve the quality of life for all. Maybe we know that this is a key to being able to sell our firms and exit at some point with some kind of a payoff for all of our years of toil and sacrifice. And maybe it is a way to achieve a certain degree of immortality. I’m sure there are other reasons. But whatever the reason, creating a business that will carry on and thrive after the founders are gone is a common goal – whether or not it is officially stated in a formal business plan somewhere. So what does it take for an A/E firm to be an enduring enterprise that survives long beyond the tenure of its founders? Here are my thoughts:
Mark Zweig
See MARK ZWEIG, page 10
THE ZWEIG LETTER APRIL 26, 2021, ISSUE 1389
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