Following the postponement of the Benchmarking 2020 event, originally scheduled for March 25, ACEC New York, in collaboration with Anchin, created an updated virtual program, “Benchmarking and the Industry Evolution,” looking at prior collected data through the lens of current events and the outlook for the coming year.
This program took place over three days in three 90-minute sessions (see agenda below).
Experts in finances, risk management, firm management and economics provided a broad perspective of how engineering and related professional design firms can best thrive in this new environment, temporarily or permanently. This three-part program allowed owners and managers to learn about opportunities and challenges that will be with us for the foreseeable future.
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AGENDA
11:30 AM – 1:00 PM
Session 1; The New Reality/ Overview
How should design firms be operating in the new environment? What does the data show and how is it changing? Experts looked at regional and national trends from specific design industry issues to broad economic overviews.
11:30 AM – 1:00 PM
Session 2: Financial and Risk Management
How are firms and their advisors looking at the broad and critical nature of risk? How are they managing finances, contracts, clients and cash flow. What legal considerations need to be considered with guarantees, obligations and insurable risks (the do’s and don’ts/shoulds and should-nots). Does the COVID-19 environment present new risks that need to be addressed?
11:30 AM – 1:00 PM
Session 3: Transition and Ownership
Firms will continue to grow and shrink, merge, acquire and be acquired. New owners will emerge from the ranks of employees. What does the future look like? How do I recognize opportunities within and outside of the firm? What are firms planning for the foreseeable future in M & A, internal transitions, and identifying the next generation of leaders?