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In this session of The Engineering Career Coach Podcast, I interview Jonathan Voelkel who details questions you must ask yourself if you want to become a partner in engineering firm.
“Ambition is the path to success. Persistence is the vehicle you arrive in.” – Bill Bradley
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, in all facets of mergers & acquisitions, valuation, ownership transition planning, equity incentive compensation, and ESOP advisory. Jonathan received his Bachelor of Arts (BA) degree in Economics from Johns Hopkins University.
In the Take Action Today segment of the show, I give you one specific question you have to ask yourself on ownership.
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.
Resources and links mentioned in this session include:
The Engineering Mastermind – A Community for Engineers
Millenials: Please don’t Fail to Launch
Sponsor for this session:
PPI2Pass Review Courses for FE, PE, and SE Exams
Do you see yourself as a future partner in your engineering firm?
We would love to hear any questions you might have or stories you might share about your experience with or research into the world of partnership in the engineering industry.
Please leave your comments, feedback or questions in the section below.
To your success,
Anthony Fasano, PE, LEED AP
Engineering Management Institute
Author of Engineer Your Own Success