Closing a Firm - Architecture/Landscape Architecture/Engineering

Hello! I don’t actually know anything about your question, but do have a child that might be interested in going into your field, so your post caught my eye. Congratulations on successfully being your own boss! Would you recommend that route to young people coming up? She’s still in high school, but has been interviewing people in the field to try and help determine which path she’d like to start on

Howdy, I was (or still am to some degree) in a similar situation and can at least provide my high-level thoughts. I stepped away from my one-employee (myself) civil engineering consulting company about 18-months ago. I only had one client and had a few months of coordination with them to have all my project obligations off-loaded to my "successor" consultant.

I would recommend consulting with small business attorney to confirm "proper" steps, but mine generally advised to keep my LLC open/up-to-date, and maintain an extended reporting period on my professional liability policy to have some coverage for projects that ended recently or were in review/construction. My ERP policy is through ASCE (as were my policies prior to stepping away), and I'd bet there's options from wherever you've had your policies to-date. The ERP policy isn't cheap (it's basically an extension of your current professional liability over the next ~1-3 years, but you no longer have business revenue to pay for it), so I actually reduced my professional liability coverage limit (since I was no longer bound by the 'high' limit of my client contract), then started the ERP on the reduced coverage limit. Like most other insurances, I consider it a necessary evil to sleep a little better at night.

Congrats on the retirement and new adventures! Happy to discuss more, if that'd be helpful.