Things to Consider When Building an Association Management Company (AMC)

By Molly Lopez, CAE – President/Owner

The ASAE Building an Association Management Company program was held last month at Mohegan Sun in Uncasville, CT.

I remember the first time I attended this program in 1999, when I bought my association management company. Attending this year as a seasoned program volunteer, I still continue to learn from experienced and new professionals in our industry. That is the great thing about the AMC community; we share great ideas and lessons learned.

The audience was made up of 29 individuals who are thinking about starting an association management company and not sure where to begin, and those who have recently launched an AMC but are struggling to grow or revive their business. It was refreshing to meet the attendees. Their energy was contagious!

An information-packed agenda included practical information on industry standards and best practices, management skills, legal and insurance safeguards, facilities and staff selection and much more. An overview of the program is outlined below:

Getting Started:
Developing a business plan
Which organizational structure is right for your firm, business models
Models for structuring management fees, service charges, client expenses

Effective Operations:
Technology
Staffing
Key operational services
Record keeping
Financial management, accounting, internal controls and reporting
Tax law
Policy and operations manuals
Client/AMC relationships, scope of service, different models, engagement strategies

Key Legal Issues:
Insurance coverage
Confidentiality, disclosure and other professional ethics
Client contracts

Establishing Your Brand:
Developing and executing a marketing plan
Brand management and appealing to target audiences
Diversifying market share and establishing your AMC’s niche
Utilizing social media to promote your AMC

Capturing Business:
Developing request for proposal leads
The RFP process
Preparing proposals and making presentations
Resources

Growth Strategies & Resources:
Transitions and growth
Funding of staff professional development and certifications
Resources

For further information about the program, or if you want me to connect you with key speakers assigned to each content area, please don’t hesitate to email me at aml@aml.org.