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The story of Fails Management Institute (FMI) begins with Dr. Emol "Doc" Fails, a beloved NC State University accounting professor who simply began assisting small businesses and former students with taxes and accounting services in 1953. His part-time efforts were formalized into an operation that steadily grew into the leading management consulting and investment banking firm dedicated to the ever-growing construction, engineering, and built industries across North America.
Doc formalizes his efforts into Fails & Shepherd Accountants, which also houses the offices for Heating and Air Conditioning Research and Development Association.
Dr. Emol "Doc" Fails begins assisting former NC State students and small businesses with taxes and accounting services in Raleigh, North Carolina.
Fails & Shepherd produces the first industry study conducted with a heating and air conditioning association. This pioneering thought leadership helped to double the firm’s income.
A new department is created to expand service offerings, Fails & Shepherd Consultants.
Fails & Associates opens a second office in Tampa, Florida.
Fails Management Institute is formed.
Fails & Associates is organized.
Fails & Shepherd Accountants end accounting services; Doc buys out his partner and dissolves the Fails & Shepherd firm.
Floyd McCall becomes CEO.
Fails & Associates is reorganized under the incorporation of Fails Management Institute. Together, the firm is able to offer a spectrum of services: consulting, education, printing and publication.
Fails Management Institute begins conducting studies and offering educational programs for customers in a variety of industry areas.
Fails celebrates 25 years in business.
Fails Management Institute President Floyd McCall establishes Concord Management Systems, Inc., a software company for the construction industry.
Event sponsorship and incentive planning efforts are formalized into a division within Fails Management Institute as FMI Incentive Travel. This group is dedicated to serving clients’ logistics needs for corporate meetings and industry expositions.
Chip Andrews becomes CEO.
Dr. Emol “Doc” Fails officially retires. A grand surprise party is thrown for Doc in Washington, D.C., where he receives an award of special merit from the Association of General Contractors (AGC) and a gift from Fails Management Institute—a spiffy new Cadillac. Fails & Associates of Tampa formally merges with Fails Management Institute.
An executive committee is established. Branding changes the firm’s name to FMI Management Consultants.
The firm’s name is officially changed to FMI Corporation.
Doc passes away on July 31, and a memorial scholarship in his name is established at NC State University, where the history of Doc Fails and FMI began. FMI establishes an Engineering and Architecture (E & A) group, offering a dedicated team to serve these specific industry sectors.
FMI’s website, FMINet.com, is launched.
FMI grows to 130 employees. FMI Capital advises several successful rollups, helping to establish its role as a capable and intelligence resource for M&A.
Hugh Rice becomes CEO.
The first FMI Quarterly is published. FMI celebrates 50 years in business.
FMI acquires Advanced Management Institute (AMI), a firm from Napa, California, specializing in leadership development, training, and consulting services for architecture and engineering organizations.
Hank Harris becomes CEO.
FMI purchases Analytical Consulting, a Phoenix-based firm specializing in executive compensation research and consulting service for the engineering and construction industries.
Chris Daum becomes CEO.