The following is a summary of Episode 81 of The Engineering Career Coach (TECC) Podcast. I will summarize the main points in this post; however, you can also listen to the show through the player below, the website, or by subscribing on iTunes.
Jonathan Voelkel joined Rusk O’Brien Gido (ROG) in 2011. With over ten years of corporate financial advisory experience, he has worked with more than one-hundred architecture, engineering, and environmental consulting firms across the U.S. and abroad.
Listen to this session and find out how you can move towards being a partner in engineering firm:
Questions millenials should ask their engineering companies:
- What does ownership mean in my firm? – Know the implications to finances, benefits, etc.
- What is going to be expected of me as an owner? – Understand what will be your ownership responsibilities and/or expectations.
- What is it going to cost me and how am I going to pay for it? – Know how your firm values its shares and find out how you can pay for the cost of ownership like payroll, paycheck deduction, loan, etc.
Some key points shared by Jonathan in this episode on partnership/ownership:
- It is important for firms to focus on ownership succession for the future of the company.
- Firms should communicate ownership opportunities to the millenials or younger engineers who are potential owners early on in order to retain key people.
- Ownership might not be for everyone.
- Know the financial ramification to become an owner e.g. shares to be purchased, the need for down payment for shares, etc.
- If you are interested in becoming a partner, express that interest to the company by inquiring about the firm’s culture on ownership. This will also provide them with a gauge of who is interested in becoming an owner.
- If you want to become a partner, there will be a financial investment involved.
- Returns on investment in terms of dividend payments when you become an owner are higher than publicly traded stocks or real estate.
- You have to understand what the company’s culture is on their definition of ownership.
Do you see yourself as a future partner in your engineering firm?
Anthony Fasano, PE, author of Engineer Your Own Success, found success as an engineer at a very early age and now writes and podcasts to help other engineers do the same. Visit Anthony’s website at EngineeringCareerCoach.com to access all of the free engineering career resources he has created to help engineers succeed.