TECH AND INNOVATION: Your AI Strategy is Probably Flawed!
So many AEC firm leaders (rightfully so) are talking about AI these days. But, for many of these firm leaders, the desire is to get in front of the opportunity with an AI strategy…and that's the wrong way of looking at it. Just having an “AI strategy” is like scrambling to develop an “internet strategy” 30 years ago. Instead, start with a close look at your strategic plan to identify specific friction points where AI may be able to provide a solution. For example, if leadership transition is a primary priority, then knowledge management might be an area where AI provides a solution. Without operational and strategic goals driving them, AI investments can quickly become expensive tools in search of a problem. If you’re serious about leveraging AI and emerging tech—not just talking about it- AEC INNOVATE proves the value is real, and the playbook is ready.
CORPORATE GOVERNANCE: To Get More from Your Board, Go Outside.
Want to shake up your AEC firm's Board of Directors meetings and make them more productive? Bring on an outside director. Outside directors bring curiosity, accountability, and a contrarian perspective that might be just what you need. What makes a great outside director? Look for someone who knows your industry, who isn’t afraid to speak their opinion, and who loves to ask “why?” or, better yet “why not?”. In most cases, a three-year term is best to give ample runway to get acclimated and add value. You can even start with a non-voting advisory role to reduce risk.
OWNERSHIP TRANSITION: Those Who Bring in the Most Work Often Hold the Most Power.
Forget what your AEC firm's ownership structure looks like or what your job titles say. The ones who are bringing in the most work are the ones who really hold the most power within the firm. They are the ones who will have the most significant impact with an unexpected departure. So, what should you do? For starters, don't sleep on business development skills (and results) as a criteria for ownership. Get the proven strategies for building an ownership transition plan that works at PSMJ’s Legacy by Design: AEC Ownership and Succession Strategies Workshop.
JUST DROPPED: THE LATEST EPISODE OF THE AEC GROWTHCAST!
TALENT OPTIMIZATION: Stop Selling Stability and Start Selling Change.
Most firm leaders think entry-level professionals want the same “job security” pitch that appealed to them. Wrong! What excites them is innovation, new challenges, and a chance to reinvent how work gets done. Promise them constant change, not a safe chair in a cubicle. Promise them the opportunity to have a meaningful impact on the community, not baking the same cake every day. Get the latest insight on recruiting, compensation, and becoming a destination employer at PSMJ’s AEC TalentMAX coming to Austin, TX in May!
MERGERS AND ACQUISITIONS: Some of the Best Acquisitions Aren’t Actively Looking to Sell Their Firm
For AEC firms growing through acquisition, finding the “right” target is a lot of work. It's even more work when you're only considering firms that are actively for sale. The fact is that some of the best acquisition targets are busy right now doing what they do best. They aren’t actively looking for a buyer. But, if the right buyer comes along with a clear and compelling message about how you can help them to get where they want to go, then magic happens. The downside? It requires patience. Things might move a little slower in the process because they haven’t gotten all of the information already together that you typically see with an active seller. To speed up the process, it's helps to have a well-connected intermediary scouting targets and putting out feelers on your behalf. Schedule a no-obligation call with PSMJ's M&A Advisory team to see how they can connect you with the perfect target.
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