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Discussion Recap
The AIA Colorado Business of Architecture Knowledge Committee hosted an engaging roundtable discussion exploring one of the most consequential decisions a firm owner can face: how and when to transition ownership.
The conversation featured three architecture leaders who recently navigated mergers or acquisitions of their firms:
Each shared candid insights into the realities of selling, merging, or transitioning a firm, from early preparation and valuation to culture, leadership, and integration challenges.
Key Takeaways
Across all three stories, the most important factor in choosing a partner firm was cultural alignment.
While valuation and financial structure are critical, the panelists emphasized that merging firms is ultimately about people and shared values.
One of the first steps for John Ward’s firm was flying to Atlanta to spend several days with Cooper Carry’s partners, not just in meetings, but over dinners and informal conversations.
As Ward put it, the goal was simple: “You have to understand who you’re marrying.”
John Bencich described turning down an early acquisition offer from a highly respected firm because the conversations felt too transactional and lacked transparency.
A recurring theme was the difficulty of operating a mid-sized architecture practice.
Firms that are very small can remain nimble and profitable, while large firms benefit from scale and resources. But firms in the middle often face unique pressures.
Bencich summarized the dilemma:
This challenge ultimately motivated both Bencich and Turner to pursue mergers that would provide greater capacity and market reach.
For Bill Turner’s firm, the push toward merger came directly from clients.
Clients consistently told his team: “We love working with you, but if you want bigger projects, we worry about your bandwidth.”
Joining Hord Coplan Macht allowed his firm to access the resources and scale needed to pursue larger work, while still maintaining their specialized healthcare expertise.
Within months of the merger, the team was already seeing larger projects and expanded opportunities.
Despite the complexity of mergers and acquisitions, the valuation methods described were relatively straightforward.
Most deals focused on:
While firms sometimes discuss intangible value such as goodwill, panelists noted that valuation ultimately comes down to financial performance and sustainability.
As Turner described it: “Our valuation was simple: three-year average revenue. That was it.”
Regardless of whether a firm transitions internally or through a merger, panelists emphasized that investing in employees is essential.
Potential buyers look closely at a firm’s leadership pipeline, not just its current partners.
Ward noted that acquiring firms evaluate the next generation carefully: “They’re already looking at the bench. They’re looking at the generation after you.”
Panelists encouraged firm leaders to begin developing talent early and consistently.
Several participants noted that internal ownership transitions often fail because firms start too late.
Developing leaders who are ready to take ownership requires years of intentional mentoring, leadership development, and trust building.
Bencich shared that even after elevating new partners, it took significant time for leadership teams to align and operate effectively.
Many of the panelists practiced high levels of financial transparency within their firms.
They shared metrics such as:
According to Turner and Bencich, this transparency helped employees better understand the realities of running a firm and often improved overall profitability and engagement.
Stories and Memorable Moments
Bill Turner described the early stages of a merger as similar to dating.
Before discussing finances, firms spend months meeting leadership teams, exploring chemistry, and asking difficult questions about culture, values, and long-term goals.
His firm spent nearly a year building relationships before moving toward a final agreement.
Bencich shared a story about rejecting an acquisition offer because the process felt too transactional.
The acquiring firm refused to allow conversations with previously acquired firms, which raised concerns about transparency.
That experience reinforced how important trust and openness are during merger negotiations.
John Ward described a challenge that many firms underestimate: post-merger integration.
Although the merger with Cooper Carry was successful, he noted that the firms did not invest enough effort in integrating cultures and operations.
He observed that some firms now dedicate entire teams to integration, sometimes spending two years focused solely on bringing organizations together.
Ward also reflected on how selling a firm changes one’s perspective.
With his three-year contract nearing completion, he acknowledged that his mindset has shifted significantly: “It’s amazing how your mindset changes as you get closer to that date.”
This highlights the emotional and psychological dimension of ownership transition.
Considering a Merger or Acquisition
The panelists offered several pieces of advice for firm leaders thinking about future transitions:
Understand your business
Invest heavily in your people
Start preparing early
Focus on relationships
Be transparent
Business of Architecture Knowledge Committee
Members of this committee help to organize events and learning opportunities around the business side of architecture. Topics might include marketing, HR and legal, when to hire, practice structure and organization, contracts/contract negotiation, remote work, and more.
For 2026, the committee is hosting a series of roundtables and all members are invited to attend and participate either in person or virtually.
RSVP for events at AIA Colorado’s event page.