The search for an Association Management Company (AMC) can seem overwhelming. But, luckily, there are things you can to help you choose an AMC that’s right for you. Let’s identify the 4 main questions to ask to help you find an AMC that best suits your organization’s goals and growth, both now and into the future.
- Is this AMC a subject matter expert in my organization’s field?
- Do the services offered by this AMC support my organization’s goals and growth?
- How involved with this AMC be with my organization?
- What systems are in place in this AMC to assist my organization with automating processes?
Consider each of these questions in detail:
1. Is this AMC a subject matter expert in my organization’s field?
Look for an AMC whose staff is comprised of experts in focused areas rather than a group of generalists. You don’t want the same person who is processing your application to be the individual writing your copy. Be sure that the AMC has expertise in your specific area of focus, whether it’s healthcare, legal, professional services, or something else. The ability to obtain focused expertise in your AMC is key to your organization’s growth and success.
2. What are the diverse services offered by this AMC?
An AMC can offer a variety of services, including, but certainly not limited to:
As you prepare for the selection process of an AMC, be sure to identify and understand what services your organization will need. Is there one or more or their services that stand out to you? How do they support their services? Checking their references regarding their specific services is also helpful.
3. How involved will this AMC be with my organization?
As you conduct your search, be sure to clearly understand what ongoing involvement the AMC plans to have with your organization. At a minimum, there should be regular strategic check-ins with senior leadership. A service agreement with your AMC will clearly detail the levels of service as well as the AMC staff availability for the term of the relationship.
4. What is the cost of hiring an AMC for my organization?
The cost to retain an AMC can vary based on the type of relationship. A full-service relationship, which would include management, accounting services, meeting planning, membership growth activities, as well as administrative items such as newsletter/web publication, should have a minimum annual budget of $50-$75K planned. Some factors can affect pricing, including:
- Association membership size
- Government or public relations services
- Conference planning
- Additional services for individual members
- Insurance programs and offerings
For smaller associations, fee structures can be less by selecting a la carte services based on specific needs. This is up to the AMC if they choose to offer such an option. Asking the question upfront is the best approach if this applies to your association.
Stansfeld Can Provide Direction, Contact Us to Learn More
If your organization is looking to engage an AMC, we can help you prepare and answer all your questions. While this process can seem daunting, we’re here to help and provide guidance to make this a simpler and effective endeavor. Contact us today!