I realize these may be somewhat private questions and I'm not sure if anyone is willing to answer but if you are, and would prefer not to do it publicly, you can email me at NESurveyor at the ol' gmail.com
We may have an interesting opportunity to join an engineering firm/client a bit larger than us that wishes to expand into surveying (there are four partners currently in that firm). I've analyzed the business pros and cons as well as the legal aspects quite a bit but that's not what I am asking about.
I'm wondering how you set up your partnership agreements? Things like what percent do you own in relation to the percent you bring in? Do you take a higher percent of survey projects vs. engineering projects? How do you treat multi-disciplined projects vs. Survey or Engineering projects only? Any other notes on how these agreements are set up?
Also to be clear, we have an attorney working with us and may be seeking a professional consultant to advise on this as well. I'm just looking for advice/info from people in the industry.
Thanks in advance.
I was just brought on as a partner with 4 PEs from a former job. In my particular case, it's been ideal. These guys gave me straight 20% with the following stipulations: I don't have to bird dog any work nor do any books. Helps that they're absolute monsters at getting work- I do my estimates, they are my defacto clients. I have free reign to do what I do best, and am left alone on semantics so long as I deliver the agreed work on time.
After 4 months I'm already booked up for the next 3, and sent out 80k worth of proposals yesterday.
Ask the partners if the survey department would be a profit center. Be cautious
that the engineers think the surveyors will work for nothing. They are hiring a
survey department because they think it will bring business.
The majority of development projects will see the land surveyor on the project
first. The surveyor can make a profit and then the developer can talk to the
engineers in your company.
I'm no partnership guru but I have seen instances where it has worked out spectacularly for one engineering firm and was a down right disaster for another of a very similar caliber. My novice opinion of the difference between the two firms was one of attitude. The firm that thrived in this partnership, the LS was highly valued as partner in the firm and actively involved in decision making and projects from the ground floor. The second and not so successful, they literally kept the surveyors in the basement and the prevailing attitude of the engineers there was that the surveyors were a necessary evil but one or more rungs down the ladder of worth and treated them thusly so. The latter took his entire staff and left. The first continues to thrive to this day.
Just because I'm paranoid, doesn't mean they aren't out to get me.
I prefer to have all of a little than a little of the all.
More than one partner would seem like I imagine having more than one wife would be.