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Industry Focus. Powerful Results.

FMI History

The story of Fails Management Institute (FMI) begins with Dr. Emol "Doc" Fails, a beloved N.C. 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.

FMI History

1950s

Asset 3
1953

Dr. Emol "Doc" Fails begins assisting former NC State students and small businesses with taxes and accounting services in Raleigh, North Carolina.

1956

Doc formalizes his efforts into Fails & Shepherd Accountants, which also houses the offices for Heating and Air Conditioning Research and Development Association.

1959

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.

1956

Doc formalizes his efforts into Fails & Shepherd Accountants, which also houses the offices for Heating and Air Conditioning Research and Development Association.

Asset 3
1953

Dr. Emol "Doc" Fails begins assisting former NC State students and small businesses with taxes and accounting services in Raleigh, North Carolina.

1959

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.

1960s

1960

A new department is created to expand service offerings, Fails & Shepherd Consultants.

Asset 2
1963

Fails & Associates is organized.

Asset 4
1965

Fails & Associates opens a second office in Tampa, Florida.

1966

Fails & Shepherd Accountants end accounting services; Doc buys out his partner and dissolves the Fails & Shepherd firm.

1968

Fails Management Institute is formed.

1960

A new department is created to expand service offerings, Fails & Shepherd Consultants.

Asset 4
1965

Fails & Associates opens a second office in Tampa, Florida.

1968

Fails Management Institute is formed.

Asset 2
1963

Fails & Associates is organized.

1966

Fails & Shepherd Accountants end accounting services; Doc buys out his partner and dissolves the Fails & Shepherd firm.

1970s

1971

Fails Management Institute begins conducting studies and offering educational programs for customers in a variety of industry areas.

1973

Floyd McCall becomes CEO.

Asset 3
1978

Fails celebrates 25 years in business.

1979

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.

1973

Floyd McCall becomes CEO.

1979

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.

1971

Fails Management Institute begins conducting studies and offering educational programs for customers in a variety of industry areas.

Asset 3
1978

Fails celebrates 25 years in business.

1980s

1980

Chip Andrews becomes CEO.

1980

Fails Management Institute President Floyd McCall establishes Concord Management Systems, Inc., a software company for the construction industry.

Asset 4
1981

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.

1986

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.

1988

An executive committee is established. Branding changes the firm’s name to FMI Management Consultants.

1980

Fails Management Institute President Floyd McCall establishes Concord Management Systems, Inc., a software company for the construction industry.

1986

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.

1980

Chip Andrews becomes CEO.

Asset 4
1981

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.

1988

An executive committee is established. Branding changes the firm’s name to FMI Management Consultants.

1990s

1991

The firm’s name is officially changed to FMI Corporation.

Asset 5
1995

FMI’s website, FMINet.com, is launched.

1996

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.

1998

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.

1991

The firm’s name is officially changed to FMI Corporation.

1996

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.

Asset 5
1995

FMI’s website, FMINet.com, is launched.

1998

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.

2000s

2002

Hugh Rice becomes CEO.

2003

Hank Harris becomes CEO.

Asset 6
2003

The first FMI Quarterly is published. FMI celebrates 50 years in business.

Asset 7
2007

FMI purchases Analytical Consulting, a Phoenix-based firm specializing in executive compensation research and consulting service for the engineering and construction industries.

2008

FMI acquires Advanced Management Institute (AMI), a firm from Napa, California, specializing in leadership development, training, and consulting services for architecture and engineering organizations.

2016

Chris Daum becomes CEO.

2002

Hugh Rice becomes CEO.

Asset 6
2003

The first FMI Quarterly is published. FMI celebrates 50 years in business.

2008

FMI acquires Advanced Management Institute (AMI), a firm from Napa, California, specializing in leadership development, training, and consulting services for architecture and engineering organizations.

2003

Hank Harris becomes CEO.

Asset 7
2007

FMI purchases Analytical Consulting, a Phoenix-based firm specializing in executive compensation research and consulting service for the engineering and construction industries.

2016

Chris Daum becomes CEO.