an interior designer who is thinking about selling her business
woman thinking while drinking coffee

As the world evolves, so do our interests. And sometimes, how we start out in our careers is not how we finish. Naturally, there are just some aspects of our careers that we love… and some that we love less! If you find yourself needing a change—be it small or large—you may consider merging or selling your business outright.

There are many reasons why other A&D professionals would want to purchase your firm (client base, staff, location) and there are also a variety of resons why you might want to sell or merge (retirement, economies of scale, new disciplines).

roads merging, to symbolize merging your interior design firm with another firm or design business

By merging firms, you can save money by combining certain roles, and even by combining locations. You also could have larger buying power, because being bigger might also mean being more profitable. Done properly, a merger can benefit both parties. By combining offices and sharing expenses, you reduce overhead and lower your fiscal liability. Joining forces can diversify your service offerings and make the resulting, rejuvenated firm more attractive to potential clients, especially if you partner-up with an individual or team whose talents, strengths, and skills complement yours.

two interior designers discussing a business merger and joining forces

Mergers can be tricky and should be entered into carefully. There are matters of financing and revenue sharing, staffing, firm culture, branding, and leadership to be worked out, with the appropriate due diligence conducted in good faith by both parties. And, of course, as in any successful partnership, personalities need to be compatible. This step―albeit exciting and potentially profitable―requires an expert. That’s where my team and I come in.

an expert on interior design business advice to point you in the right direction; photo of a compass pointing in the right direction

I’ve made a career of connecting people and businesses, and, as the foremost authority on design management, have helped hundreds of leading interior design studios and architecture firms streamline their daily operations; expand their reach; acquire their desired clients; gain more media exposure; and increase their revenue. If you’ve got the urge to merge, reaching out to me should absolutely be your first step. I’m here to guide you through the process and as always, welcome you to reach out so we can get the conversation started!

Along with reducing your financial worries, a merger could launch a whole different phase of your design career―one that brings new opportunities, new challenges, and new growth.

a sprout coming out of the ground symbolizing planting a new seed, a new business plan for your interior design business

Beautiful things lie ahead, and I look forward to showing you the way.

-Lloyd Princeton

When it comes to job retention, promotions, and raises, who will it be: the onsite employee, the remote worker, or the hybrid staff member? Read on and decide for yourself.

It’s not earth-shattering news that in the post-pandemic landscape, employees who got a taste for working remotely are apt to want to keep it that way. Let’s face it… remote employment has its perks. No one is (literally) looking over your shoulder. You can remain makeup-less and in your pajamas all workday long if you so choose (providing there’s no Zoom meeting, that is.) You could even alternate from diverting your attention from your laptop to your lap dog at will.

But there is a flip side, one that might make the difference between keeping your job versus having to find a new one. Because some of the benefits remote workers enjoy—such as no commute, saving money on lunches, and not having to deal with coworkers blabbing about their fantasy teams—appear to come at a cost.

According to employment data provider Live Data Technologies, a recent article states that people who worked five days per week at home were 35% more likely to be laid off last year compared to employees who came into the office. The stats further show remote workers seeing promotions 31% less frequently than office workers. And just under 4% of remote employees received position upgrades last year while 5.6% of hybrid or in-person workers advanced, according to the data. Experts attribute the trend to a lack of personal connection with managers, who tend to cut remote workers first when payrolls are trimmed.

As the leading recruiter to the interior design and architecture industry, I’ve observed that many candidates still think they can/should work remotely. However, our clients tend to feel differently. Most are not in favor of having remote employees, and the vast majority prefer having their staff onsite five days a week. The reality is, working virtually never really became a “thing” in our industry. According to most of the top interior design firms I communicate with daily, their teams returned to the office as soon as they were able to post-Covid.

True, there are some firms that fully embraced this lifestyle and indeed, it is a lifestyle. But most of our clients would rather their design teams collaborate in person—whether its brainstorming on a car ride to a jobsite, being able to walk into the library and grab a sample to present at a meeting, or otherwise. In the design business, a lot of creativity happens spontaneously… not just at dedicated meeting times and days in the office.

Now, the “best of both worlds” scenario of hybrid work leaves something for design business owners to seriously consider. Another article, this one by Cory Smith at The National Desk, explains that the trend (and preference) towards hybrid employment isn’t going away, meaning companies will need to get more intentional with long-term strategies. To paraphrase: Communication, collaboration, culture, and creativity happen less organically with hybrid workers, so companies need to be more intentional and adapt to managing a team in a hybrid work environment. In his article, Smith quotes Ben Wigert, the director of research and strategy for workplace management at Gallup, as follows:

“The future of the office has arrived for the foreseeable future, and it is hybrid,” he said. “I think the big focal point and hopefully change for 2024 is organizations are going to have to get more serious about crafting a long-term hybrid strategy and supporting (hybrid workers) in the right ways.”

In this dynamic market, it will be interesting to see who retains their job, who gets promoted, and who gets let go.

Will it be the remote worker or the onsite staff member? Or will it be hybrid employee who prevails?

Time will tell.

-Lloyd Princeton

(links to referenced articles):

https://wpde.com/news/nation-world/remote-workers-receive-fewer-promotions-than-in-person-colleagues-report-says-employment-pandemic-hybrid-work-from-home-wfh-live-data-technologies

https://thenationaldesk.com/news/americas-news-now/hybrid-work-record-job-stress-key-issues-for-employees-in-2024-gallup-workers-employers-employment-offices-remote-capable-engagement-burnout-trust-leadership#

girl sitting outdoors working remotely

Designers tell me they are busier than they have been in years. That’s great news! But when you get super busy really fast that can put a strain on your operations and your team. Since it’s anyone’s guess how long this boom is going to last, you may not be ready to bring on more staff or, given how tight the job market is right now, you may not be able to find the right talent even if you wanted to. Another option is to tap into the network of virtual services.

While the concept of hiring help with whom you interact only virtually might be something you feel wary of, I would encourage you to reconsider that mindset. Post-pandemic, a significant portion of the workforce continues to operate remotely. As a seasoned recruiter to the luxury interior design and architecture industries, I understand the challenge of finding “good help”. Yet, in the new world where we now reside, good help can (and often does) come in the form of that individual on the other end of your phone calls and emails, in addition to your live and in-the-flesh teams you interact with daily in the studio or office where you conduct your daily operations.

people working together making interior design selections

Need further convincing? Think of it this way: It’s not unlike traditional outsourcing where you may have periodically engaged the services of a freelancer to help with a project. Enlisting a virtual design assistant is comparable to hiring a temp who works remotely. They are available to perform a range of services on a regular basis for as long as you need them. These are design professionals who have chosen to assist various designers rather than commit to working for a single firm They are experienced in CAD, SketchUp and other design software, producing 2D and 3D renderings and drawings, and in creating client presentations. Some can even assist with developing marketing materials.

interior design floor plan space planning computer generated floor plan
CAD drawing with elevations architecture interior

On the operations side, there are virtual assistants who are knowledgeable in product specifying and order management, design office management software, and billing. And of course, there are the standard business office service providers, such as bookkeepers, accountants, and human resource managers.

You can search for virtual assistants via the internet, contact an agency that represents them, or ask for recommendations through your professional network. The important thing is to get the help you need to maintain your firm’s quality of service and to prevent burnout. Virtual help is available, so might as well use it!

 

outdoor space with heat lamp
front home facade fall

With more brisk weather already moving into many parts of the country and the official start of winter just a couple of months away, NOW is the perfect time to remind clients that they need to prepare their homes for the chilly days ahead. Who knows your clients homes better than you do? And what better way to touch base with them than to provide them with some friendly counsel?

As a visit to your local pharmacy will surely remind you: flu season is already here. Similarly, ads you see on TV or the internet are prompting you to realize that the holiday season is rapidly approaching. So, it’s not just time for your flu shot (if you choose to get one) but to also give your clients’ homes an infusion of warmth―be it preparing the home for the chill of winter or beautifying it for the season of entertaining and family gatherings that’s just around the bend.

winter table setting

Some things to remind your clients of are replacing filters for their furnaces, air filters, humidifiers, water purifiers, and refrigerators. Setting aside some pantry space and stocking up on hand sanitizer, wipes, facial tissues, OTC medications, and other necessities for cold and flu season. Dedicating space for indoor fitness activities. Alas, if they don’t have a fireplace, outdoor heating appliances, are short on cabinet space, or haven’t incorporated a home gym… well, all the better for you, the designer. You are needed!

home gym
outdoor space with heat lamp

Having adequate lighting with the proper luminescence and hue is especially important during the winter months to offset the long hours without exposure to sunlight. With many people still working from at home, proper task lighting―preferably with different settings for different types of tasks―is critical. And are your clients’ kitchen areas ready for supplemental meal prep? Their dining rooms ready for extra guests? Bars stocked and equipped for forthcoming festivities? If the answer is no, this is your moment to get busy and reap the benefits.

modern kitchen with island
industrial chic waterfall bar black and white marble

I’m sure you can think of many other measures your clients can take to make their homes safer, more comfortable, and more inviting during the coming months. Make a list and put together a friendly email or e-newsletter reminding them to get their home ready for winter. Of course, also let them know you’re available to advise and assist them with any upgrades, improvements, or preparations for the holidays they may be considering.

warming feet in socks by fireplace
smiling middle age couple looking at computer

Aging is no longer relegated to seniors, at least not when it comes to home remodeling. For decades designers and remodelers have been told to prepare for the “silver tsunami” as aging baby boomers realize they need to modify their homes to make them more safe, functional, and accessible as they get older. It appears that wave may finally have crested. But it’s not merely seniors who are requesting such changes; it’s mid-lifers and even some younger adults, too.

strong man pushing open big wall

When it comes to project planning and budget, design is, at times, treated as a third wheel. This is especially—although not exclusively—true for commercial projects, no matter the size. At times, the interior designer is brought in after most of the decisions have already been made, and then she or he must do their best with whatever’s been allotted. In the end, it’s the business and the client that get shortchanged.

small space design solutions fingers indicating small

small space design solutions fingers indicating small

Whether or not you have new projects underway or on the horizon, there could be an opportunity to revitalize some of your older ones. With home prices soaring and homeowner’s insurance premiums skyrocketing, the movement we saw during the pandemic―where clients were looking to repurpose existing spaces and/or put on additions―persists.

How about a quick check-in call with your former clients? Maybe there are grown children who’ve moved back home and as a result, an extra guest room is needed. An individual who once went into the office every day might now be working remotely and is ready to convert a whole room… or a portion of one… into a workspace. Perhaps there are less restaurant outings and more meals being enjoyed at home, necessitating a butler’s pantry or kitchen extension to make way for that supplemental food prep and/or storage. Go ahead and throw out a few ideas; you never know which ones will stick.

A former living space becomes an attractive, efficient office environmnent.
What homeowner wouldn’t benefit from a brand new butler’s pantry?
A spacious closet could double as a workspace with some innovative thinking on your part.

Worst case scenario: your clients assure you they’re “all good”, but at least you’re back on their radar and their wheels are turning. However, in the best case, you’ve got a new revenue stream and if one thing leads to another, the residential project you thought was over and done has now become resurrected. So, don’t let the chance to drum up new business with an old client pass you by.