March 22, 2023
Growing up, my father was fond of sharing various quips and quotes. Some were motivational, others just corny, and I’m confident most of them went in one of my ears and out the other. But one that always stuck with me was the famous Maya Angelou line, “People will forget what you said, people will forget what you did, but people will never forget how you made them feel.” A poignant citation for aspirational self-improvement, it also speaks to the vital legacy we all want to leave with people and organizations. And as A/E Baby Boomers accelerate into retirement, many leaders and owners have been pondering that question today.
A massive and entrepreneurial generation that kicked off their A/E careers during the 1970s and 80s is now entering the sunset of their profession. Actuarial figures estimate 10,000 Boomers reach 65 every day, and millions more will be retiring by 2030. And yes, some will continue to work, consult, or dabble in the industry, either for continued fulfillment or financial reasons. However, their departures will continue to have major ramifications for organizations everywhere.
Boomers have generated billions in design revenue and trillions of construction in place over the last 40 years, reshaping the nation’s building, environmental, and infrastructure landscape. They have gone through expansions and recessions along with evolutions in project delivery, technological advancements, workforce changes, and business fads. Iconic A/E firms were formed during this period, and a wave of venerable leaders came of age to guide organizations of all sizes and disciplines.
We’ve had the privilege of working with countless leaders and owners on growth and exit strategy engagements. Often nostalgic and reflective, Boomers are mindful of how their acts and initiatives will endure. Having attained their professional and financial objectives, below are some of the meaningful legacy achievements that have left them with pride and closure.
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Ultimately, what’s a legacy, and how do you define it? Valuing what you care most about? What you wish to share or leave behind? How you make others feel? A dedicated generation that has transformed the A/E industry is about to find out.
Steve Gido specializes in corporate financial advisory services with a focus on mergers and acquisitions. Steve has assisted architecture, engineering, environmental consulting and construction firms of all sizes across North America achieve their growth or liquidity goals through successful mergers & acquisitions. Steve has over 15 years of investment banking experience and holds the chartered financial analyst (CFA) designation from the CFA Institute.
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