Groff Architects (pseudonym) was founded in 2001 by architect Benjamin Groff, who earned his architecture degree at one of the top five schools in the country. The firm grew steadily since then, though that growth was temporarily derailed during the Great Recession. Over time, the firm found its niche in NYC residential projects for properties ranging in value from $1m to $10m.
In 2019, Benjamin was in his early 60s and thinking about his future. Although he was not in a rush to retire, he wanted to devote more of his time to real estate investing and other passions. He loved the practice of architectural design, but had grown wary of managing client’s expectations and dealing with the daily problems that inevitably arise. He was willing to work for several more years, but ideally fewer hours per week. In addition, Benjamin needed to ensure he could afford to retire in Manhattan.
Groff Architects achieved a relatively flat level of owner’s discretionary earnings of approximately $400,000 from 2017 through 2019. During this same period, revenue rose slightly from $1.6m to $1.8m, but rising salaries for its 14-person staff prevented profits from growing. In a full-time job, the owner could expect a compensation package worth approximately $200,000. His business was clearly successful.