summer 2016 retrospective inside this issue...familiar with the firm’s corporate resume, clients,...

Retrospective Inside this issue:

InsIdeRs’ Q&A 1

OUTsIde VOICes 5

pUblIC TRAdIng meTRICs 7

m&A ACTIVITy 8

ROg + pARTneRs seleCT TRAnsACTIOns 10

A/e sTUdy 11

OwneRshIp TRAnsITIOn sTRATegIes semInAR 12

gROwTh & OwneRshIp sTRATegIes COnFeRenCe 13

COnTACTs 14

Changing Of The guard – Q&a wiTh newly MinTed a/e CeOs

sUmmeR 2016

RUSK O’BRIEN GIDO + PARTNERS, LLC

rOg: Briefly tell us your recent background up to being named CEO.

as many industry CeOs begin to step aside and evaluate a successor, the need for fresh, visionary executives who can lead a/e and environmental consult-ing organizations through uncertain times is as critical as ever. Beyond just setting strategic and operational directives, today’s CeOs are asked to do so much more – from assessing client and project demands, evaluating potential acquisitions, building a leadership team and structure, to shaping a firm’s cul-ture, and, of course, all while keeping an eye on the bottom line!

we recently connected with 4 new CeOs – walt rabe of schnabel engineer-ing, dave hayes of BsC group, doug Jaeger of ulteig, and Mike hutchinson of geoengineers – to ask them about their backgrounds, leadership style, what crucial issues they tackled early on, communication approach, and advice for others who someday might assume the CeO role.

walt: schnabel has been in business for 60 years and has only had 3 CeO’s in that timeframe. Rec-ognizing a need to transition leadership of the firm, a detailed development and transition program was undertaken over the past several years that included an external consultant specializing in high stakes transitions. This program helped to further develop and strengthen some soft skills while I was managing the largest operational unit of the firm. having served on the board of directors for several years before the transition process was immensely helpful in developing a better understanding of the depth of obligation and responsibly that goes hand in hand with being a CeO. (...continued on next page)

Walt Rabe Dave Hayes Doug Jaeger Mike Hutchinson

RUSK O’BRIEN GIDO + PARTNERS, LLC 2

Retrospective I sUmmeR 2016

Changing Of The guard

dave: I had been a principal of the firm for more than 20 years with various di-visional and corporate responsibilities, had been on the senior leadership team for several years and executive Vice president for two years. so I was already very familiar with the firm’s corporate resume, clients, services, and industry opportu-nities. I was also familiar with most corporate functions and the capabilities of the various managers which made the transition relatively painless.

doug: Over the past 25 years, I have held multiple leadership roles in the energy and technical service industries. I am fortunate to have served some strong com-panies, including Honeywell, Exelon and Xcel Energy. Early on, my responsibilities spanned a variety of functional areas including sales, marketing, product develop-ment, operations and project management. These led to Vice President and Presi-dent positions overseeing businesses, as well as board memberships at a range of organizations, which most recently included the North American Electric Reliabil-ity Corporation. My diverse experience, combined with a great deal of mentoring along the way, positioned me well for my role as President and CEO of Ulteig.

Mike: my background has always been built around the clients and the people. I have had numerous roles at GeoEngineers – Office Manager, Market Sector Lead-er, Business Unit Leader. However, the role always comes down to three simple things – make good choices, do the right thing and take care of one another. This is the foundation for everything I have done. I have never went beyond geologist on by business card and still put the CeO card in the back.

rOg: Briefly tell us your recent back-ground up to being named CEO.

rOg: How would you describe your leadership style?

walt: I am a “roll your sleeves up” kind of person and take the approach that I will not ask anyone to do something that I am not willing to do myself. It is my strong belief that I need to be very approachable and, as such, I make an effort to stop and spend time with as many employees as possible whenever I visit our offices. I emphasize to leadership and other employees the importance of generating contagious enthusiasm around the firm and the value we provide to our clients.

dave: I try to be inclusive and transparent and encourage an environment that promotes collaboration and teamwork. I can get into the weeds if necessary but I tend towards giving people a lot of rope to handle their responsibilities while let-ting them know that there is support if they need it, and that I expect them to ask for support rather than make decisions they are not fully comfortable with. while I provide wide latitude in allowing managers to run their divisions or practice areas, I also address issues or conflict through direct discussion, providing feedback, guidance, and clarifying expectations. I strive to lead with a blend of humor, high expectations, and personal involvement.

doug: I am visionary, collaborative and outcome-based. As a business builder, my fundamental approach to success has been to get people aligned and forward-focused. I promote innovation and advancement, driving divergent thinking and implementing systems and metrics to assure results.

Mike: Curious, Compassionate and Innocent. I want to maintain a degree of won-der all around and help people grow to become the best individuals they can become. This has been built on the concepts of Mastery, Grit and Empathy and being a servant to the organization. If you are not helping – you could just be an autocratic leader and that can produce benefits in the short term, be careful.(...continued on page 3)




rOg: As a relatively new CEO what have you been focused on? Were there any organizational issues needing improvement or immediate attention?

walt: The firm was organizationally sound and very financially stable at the transi-tion time and required only some minor shuffling of a few senior management roles. My focus in the first six months to date has been to gain a more in-depth understanding of the culture of our firm and identify how we can leverage that culture to better position ourselves for strategic growth.

dave: First is promoting a “one-company” approach to projects to strengthen the firm’s ability to bring the best resources to all BSC clients. So creating opportunities for more face-to-face meetings between staff has been important, and simplify-ing use of technology has really helped. Second is growth of staff numbers and revenue. Thankfully our markets (Transportation, Land Development and Energy/Utilities) have all been very strong in our geography and this has allowed us to grow by about 15% in the past year. Finally, is improving our internal processes. Along with our new CFO and another principal I have been especially focused on im-provements to our accounting and project management systems. We also moved the firm’s headquarters and capitalized on improving technology, easily-available casual training, employee engagement, and creating an environment where we can host more client / industry meetings. BSC identified specific leadership training re-quirements and have invested in targeted as well as more broad-range training.

doug: I have told our team that Ulteig is a strong company with smart people who can achieve a great future through a collaborative effort. I shared that, while there was much good to celebrate about our company, there were also areas that needed to change. I then offered my personal vision for the company: 1) to make Ulteig among the “best places to work”; 2) to position Ulteig as the go-to Engineering Services Company for our clients, with the overwhelming majority of them willing to refer us to others; 3) to be recognized among the top 150 engi-neering Firms nationally, serving our key Lifeline Sectors™ of power, transporta-tion, water and oil and gas; and 4) to perform in the top 25% of our peer group from a financial perspective. I am pleased that we have already made measurable progress toward these components of my vision.

Mike: The former CEO did a wonderful job. However, there are always differenc-es. I am a bit more open with my words and transparency is very important to me. I believe in showing my vulnerabilities to help build a psychologically safe place for individuals. There were also a few accountability topics (based on my values) that needed attention. Addressing those issues developed into a few departures, but we moved on and we are becoming stronger culturally because of this.

rOg: Leadership transitions can sometimes be unsettling. What’s been your message for your firm’s clients, employees and shareholders?

walt: My message has been that the heart and soul of our firm is our people and a change in leadership does not change who we are as a firm. We have deeply rooted core values and culture that drive both our service to our clients as well as our employee morale. Recently we have been continuously emphasizing a “one-firm” message internally to unify our diverse service areas.

dave: I have been fortunate in that ours was a well-planned and gradual transi-tion, with support from our previous CEO and CFO prior to and following the changeover. where our previous CeO had strong client relationships he brought other principals and/or myself into those relationships well in advance. so the overall message to clients was that “you are in good hands - business as usual”. shareholders had been informed about 2 years in advance of the transition. Our transitions coincided with bsC’s 50th anniversary year and we took advantage of(...continued on page 4)




rOg: Leadership transitions can sometimes be unsettling. What’s been your message for your firm’s clients, employees and shareholders?

dave: ... the activities and communications around that benchmark to inform cli-ents and employees of the changes in the firm.

doug: When I arrived at Ulteig 16 months ago, it was quite apparent that we had a strong team with a clear desire to serve clients. My objective was to build on that by doing three things: 1) Create a clear vision and strategy for our future that every-one in the company could embrace ; 2) Organize the business around that strategy to most effectively serve our clients far into the future; and 3) Get the organization excited about what we could achieve together. To accomplish this, I met every em-ployee in the company through a series of listening sessions and routinely visited with clients and industry partners. It’s a simple formula, but It’s amazing what you can learn when you just listen.

Mike: I am here to listen. This is our opportunity to improve and see things differ-ently. There will be change, but we need to stand back and let the natural cauldron of change take place while focusing on the fundamentals for a bit. Through this change there will be new opportunities for people to rise up and take their careers to the next level.

rOg: What advice would you give other individuals who might be assuming a CEO role?

walt: dive right in. It does not matter how cold or deep the water is because you have no choice. You will figure out how to adapt once you hit the water.

dave: Engage the previous CEO as a resource, as they phase into their retirement. If possible have a gradual transition so that when the actual day comes you are already performing many of the functions of the CeO. don’t underestimate or under process the anxiety that some people experience with any change – be willing to spend time one-on-one with those people to explain what is happening. The job of CEO is one of leadership, developing and implementing strategic vision, and ensuring profitability. The world moves very quickly and you can’t do it all alone - it takes a team.

doug: It is important to immediately establish open lines of communication with employees, clients, board members, business partners and other industry players. As part of that process, I would ask each of these groups five simple questions: 1) what do we do better than others that absolutely must remain? 2) what absolutely must change? 3) What are you most hopeful that I might do? 4) What are you most concerned that I might do? 5) What advice do you have for me? From there, I would advise a new CEO to develop a clear 100-day plan, share it with your team and board, and begin to execute immediately.

Mike: Get healthy and practice good habits. Under times of stress, we go to old habits and you are getting ready for perpetual stress. make sure you are eating healthy, exercising and finding time to meditate.



why yOur PrOPOsals aren’T winning MOre wOrK

By Mel lester

Closing the sale in the A/e industry almost always comes down to submitting a proposal. sometimes that’s merely a formality because of an existing client relationship. Other times you essentially win the job during the sales effort before your proposal is submitted. But in most cases, your proposal serves a critical role in the client’s selection process.

Given its importance in bringing in new work, you’d think most firms would have mastered the craft of proposal writing. Yet few have. I’ve reviewed hundreds of proposals from engineering, architectural, and environmental firms over the years, and it’s remarkable how similar they are in most respects. Unfortunately, the majority of those similarities are shortcomings that contribute to missed opportunities and lower win rates.

Following are some of the most common deficiencies I’ve observed. See how many of them apply to your firm’s proposals:

Lacks client focus. The client, not your firm, should be the centerpiece of your proposal. Above all, you want to demonstrate an understanding of the client’s concerns, needs, and priorities; what solution is best for the client’s situation (and why); how you’re going to deliver that solution in a timely, economical, and responsive manner; and what the expected outcomes will be.Most proposals, of course, betray this advice. And clients promote the problem with their misguided RFPs. They suggest that qualifications will be the primary factor in selecting the successful firm. Do you believe that? Clients ultimately make their deci-sions based on comfort, familiarity, chemistry, and confidence that the proposing firm really understands their needs and can effectively solve their problems. They still expect you to comply with the RFP, but they take notice when you shift the focus of your proposals to them.

There’s no unifying story. The best proposals have a story to tell, a central narrative that weaves all proposal elements into one cohesive message. The basic storyline involves linking the client’s concerns, needs, and aspirations with what your firm specifically has to offer. Yet most proposals are a paint-by-numbers response to the RFP—and little else. They are often pre-pared by multiple writers who have made too little effort to define a common thread among their individual contributions. The results come off as piecemeal and unfocused.

Is a difficult read. proposals have certainly gotten better looking than when I started writing and studying them back in the 1980s. The advent of professional marketers, digital technology, and on-demand color printing have made a huge difference in their appearance. but I’m not sure they’ve come all that far in the critical area of functionality. They are still not that well writ-ten, are difficult to skim (even though we all know that’s how clients will review them), and often aren’t very easy to navigate.

A user-friendly proposal is the key differentiator that no one talks about. It means a proposal that’s characterized by clear writing, ample headings, effective graphics, and an intuitive organization. This not only makes it easier for the client to review, but facilitates better communication of your message.

Doesn’t have an executive summary. I know, the RFP didn’t ask for one. But if you put one in your proposal, it’s highly likely that it will be read. And if it’s a good one, it can help you win. An executive summary captures the essence of your proposal in a few pages. It’s usually read first (where it should appear in your proposal, of course). This allows you to put your strong client-oriented message front and center, regardless of how the RFP instructs you to order your response.

Is more tactical than strategic. describing how you’re going to help the client is the most important part of your proposal. Yet in most proposals I’ve read, this is the weakest section. If you weren’t talking with the client before the RFP came out, it’s usually evident here. The scope of work reads like a recycled write-up from another proposal with a few details changed (be-cause, well, that’s what it typically is).

But even when the A/E firm knows the project well, the work description often fails to demonstrate it. A common reason for this is providing a scope without adequately defining the project background, objectives, and approach. In other words, it’s tactics without strategy. Strategy involves linking needs and solutions, understanding the bigger picture, and connecting to business-driven goals. The scope of work is a contract issue; project insight and strategy wins the day with proposals.

Is overly conservative. Another reason that proposals fail to demonstrate project insight is that submitting firms are often(...continued on page 6)



why yOur PrOPOsals aren’T winning MOre wOrK

reluctant to share what they know. There are two primary reasons for this, both unwarranted in my opinion. The first is fear that proposal contents could be shared with competitors: That great strategy you could have proposed might have been implemented by the successful firm the client was going to hire anyway. That may happen on occasion, but I remain uncon-vinced that the threat is worth reducing your chances of winning by holding back your best stuff.

The second reason is the natural reluctance of many technical professionals, engineers in particular, to share ideas without ad-equate backup. “I don’t think we want to offer that option in our proposal,” I’ve been told several times, “because we don’t have enough information to know for sure.” Why not offer it as a possibility, then? Clients value your insights, even your educated guesses, when sorting through potential solutions to their problem.

Don’t be afraid to include the occasional tease in your proposal. The tease—sharing just enough information to create inter-est—has long been an effective marketing and communication technique. It doesn’t commit your firm to anything, but it just might help get you to the shortlist.

Shouldn’t have been submitted in the first place. many proposals fail for reasons other than content and design. you lacked a relationship with the client, there was an entrenched incumbent, there was an unresolved problem you had with the client—any number of factors that should have resulted in a “no go” decision. You knew your proposal was a long shot, but thought it was worth a try nonetheless.

Unfortunately, whatever improbable chance of winning you might have had was undermined by the shortcomings mentioned above—failings that were unavoidable given your poor positioning when the RFP came out. Remember, every hour spent on a likely loser is an hour that could have been invested more wisely elsewhere. That’s why it’s best to limit your proposals to those you have a reasonable chance of winning and can commit to doing them the right way.

Mel Lester (aka BizEdge) is a management consultant, trainer, and contrarian strategist helping A/E firms improve business performance and build competitive advantage. He has over 40 years of diverse experience as both consultant and manager in our industry. As a proposal specialist, he has compiled a 75% win rate over the last two decades. Mel is a popular speaker and writer, addressing a range of management and leadership issues.

You can reach Mel at [email protected] or 540-268-2300. His website www.ae-resource.com has a wealth of insight and information for A/E firm leaders and business developers.



PuBliC Trading MeTriCs

At Rusk O’Brien Gido + Partners, we continuously monitor the activity of a select group of publicly traded firms in the A/E/C industry. The following table shows the trading activity and operating results of these firms over the latest six month period (January 1, 2016 through June 30, 2016).

Select Company Data ($ in millions, except per share data)

The following chart depicts a market capitalization weighted index of the above companies versus the s&p 500 over the latest six-month-period (January 1, 2016 through June 30, 2016).

PriCe aT 6/30/2016

% Of 26-weeK high

MarKeT Value

Of eQuiTy

enTerPrise Value

lTMreVenue

lTMeBiTda

reVenue grOwTh

eBiTda grOwTh

eBiTda Margin

eV/lTM reVenue

eV/lTM eBiTda

eV/nTM

eBiTdaAeCOm Technology Corporation $31.77 94% $4,928,512 $8,937,245 $17,952,162 $1,057,223 -0.2% 3.6% 5.9% 0.5 8.5 6.7

Chicago bridge & Iron Co nV $34.63 85% $3,663,335 $5,070,479 $12,471,492 $1,207,854 -3.5% -6.1% 9.7% 0.4 4.2 5.6

Ecology & Environment, Inc. $10.02 91% $43,001 $46,504 $114,966 $6,467 -9.3% 0.0% 5.6% 0.4 7.2 n/A

EMCOR Group, Inc. $49.18 100% $3,017,445 $2,939,237 $6,874,509 $362,959 2.3% 0.2% 5.3% 0.4 8.1 0.0

Exponent, Inc. $58.41 103% $1,591,030 $1,435,983 $315,695 $76,246 0.9% 1.7% 24.2% 4.5 18.8 19.7

FlUOR Corporation $49.28 89% $6,941,827 $6,900,356 $17,989,288 $1,059,807 -0.7% -5.0% 5.9% 0.4 6.5 7.4

Hill International, Inc. $4.07 88% $210,509 $335,027 $725,246 $47,379 0.6% -0.6% 6.5% 0.5 7.1 7.9

Jacobs engineering group Inc. $49.81 94% $6,034,133 $6,070,094 $11,654,192 $439,769 -3.8% -26.1% 3.8% 0.5 13.8 8.1

NV5 Holdings, Inc. $28.44 95% $230,618 $231,667 $170,407 $19,311 10.2% 12.5% 11.3% 1.4 12.0 0.0

Stantec, Inc. $24.23 91% $2,286,297 $2,734,267 $2,926,905 $295,793 1.7% -2.7% 10.1% 0.9 9.2 0.0

TRC Companies, Inc. $6.32 69% $195,200 $290,638 $600,419 $12,111 9.9% -63.7% 2.0% 0.5 24.0 n/A

Tetra Tech, Inc. $30.75 98% $1,830,455 $2,083,885 $2,341,594 $130,652 1.8% -0.9% 5.6% 0.9 15.9 8.7

Versar, Inc. $1.08 36% $10,637 $15,549 $185,070 $3,276 15.8% -51.6% 1.8% 0.1 4.7 n/A

Willdan Group, Inc. $10.62 96% $87,551 $89,086 $168,985 $12,047 25.1% 25.5% 7.1% 0.5 7.4 0.0

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M&a aCTiViTy

According to the Rusk O’Brien Gido + Partners M&A activity database, there have been 117 industry transactions between January 1, 2016 and June 30, 2016. Below are statistics comparing M&A activity along with a list of select transactions.

daTe Buyer seller serViCesJanuary-16 sCsT Talentscale Staffing & Recruiting

January-16 Shawcor, Ltd. Lake Superior Consulting, LLC pipeline engineering

January-16 Maser Consulting, P.A. Triangle Surveying & Mapping, Inc. surveying services

January-16 Treanor Architects, P.A. h+l Architecture health Care Architecture

January-16 Keystone Capital, Inc. Target Engineering Group, Inc. Inspection services

January-16 hardesty & hanover The heimburg group highway and Civil design

January-16 lJA engineering* Carroll & Blackman, Inc. environmental services

February-16 Johnson mirmiran Thompson (JmT)* Bayside Engineering, Inc. Transportation and Traffic Design

February-16 Terracon building exterior solutions building enclosure design

February-16 nV5* Sebesta, Inc. Full service engineering

February-16 Rummel, Klepper & Kahl Tamayo Engineering, LLC Civil engineering and Construction management

February-16 mno-bmadsen Majority stake in WBK Engineering, LLC Civil engineering & environmental Resource

February-16 willdan group Genesys Engineering, P.C. mechanical and electrical engineering

February-16 Apex Companies The source group Technical Consulting & environmental engineering

march-16 barry-wehmiller design group Parker, Messana & Associates, Inc. Industrial Facility engineering

march-16 pbs engineering and Environmental, Inc. hdJ design group Civil Engineering, Planning, Landscape

Architecture and Construction services

march-16 Architects-plus Three square design group Tenant Finish and Group-Up Projects

march-16 Tetra Tech IndUs Corporation Data Analytics, Geospatial Analysis, Secure Infrastructure and software

march-16 esA pCR services Corporation environmental Consulting

march-16 stantec* mwh globalTechnical Engineering, Construction and Consulting services for the water and natural Resources sectors

April-16 Jensen hughes* Aon Fire protection engineering Corporation

Life Safety, Building code and Security Consulting services

April-16 dewberry Preble-Rish, Inc.Engineering, Surveying, Grant Writing Contract Administration and Construction Inspection services

April-16 RespeC north Rim exploration geoscience Consulting and engineering services

April-16 Jacobs The Van Dyke Technology Group, Inc. Cybersecurity

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M&A Transactions Total Number of Transactions

January 2016 - June 2016

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M&A Transactions Size of Target by Employee Count

January 2016 - June 2016

* Buyer has made multiple acquisitions over the latest six-month-period.



M&a aCTiViTy

daTe Buyer seller serViCesApril-16 harrison French AlleVATO Architects Retail development

April-16 ATC Group Services, LLC* sage environmental Consulting environmental Consulting

April-16 wood group mustang Ingenious, Inc. Real Time performance monitoring software

April-16 norman disney & young Sterling Cooper Consultants, Inc. Full service mechanical engineering

April-16 Building & Earth Sciences, Inc. Christian Testing laboratories (CTl) drilling and Coring services

April-16 swCA environmental Consultants New England Environmental, Inc. environmental Consulting

April-16 emg smith-Roberts national survey and land Title services

April-16 parametrix Taylor Engineering, Inc. Civil Engineering Design, Land Surveying, landscape Architecture and land planning

may-16 salas O'brien Minick Engineering, Inc. Mechanical, Electrical and Plumbing engineering Consulting

may-16 KJww engineering Consultants (Imeg) Fes group engineering design for Complex buildings

may-16 perkins + will nelson\nygaard Consulting Associates Full service Transportation

may-16 Olsson Associates Lutjen, Inc.Site & Civil Engineering, Land Planning, Land Surveying, Landscape Architecture and Transportation engineering

may-16 KbR* Wyle, Inc.Systems and Sustainment Engineering, Program and Acquisition Management, Life Science Research, IT, and Testing and Evaluation of Aircraft

may-16 Goodwyn, Mills & Cawood, Inc. Stevenson & Palmer Engineering, IncEngineering Services for Public Infrastructure, wastewater management & Community development

may-16 Babcock & Wilcox Enterprises, Inc. spIg s.p.A dry and wet Cooling solutions for the power generation Industry

may-16 Twining, Inc. Resources Applications, Design & Controls

Plan Review, Inspection, Product Evaluation, Testing, and Listing

may-16 environments for health Architecture (E4H)/Keystone Capital* Ascension group Architects Architecture, Planning and Interior Design

may-16 TTl Drash Consultants, LLC Geotechnical Engineering, Environmental Consulting and Construction materials Testing

June-16 bureau Veritas summit Inspection services Fugitive emissions Inspections and Inventory services

June-16 nORR (& U.s. Operations) Environetics Design, Inc. Corporate, Higher Education and Healthcare design

June-16 Jones lang lasalle (Jll) Merritt & Harris, Inc. Construction-Related Consulting services for Real estate lenders and Investors

June-16 Obermiller nelson engineering Foster Jacobs and Johnson engineering Full-service mechanical and electrical design services

June-16 wsp global* schlumberger's industrial water consultancy business water Consulting services

June-16 day & Zimmerman hankins & Anderson Architecture and engineering for secure and mission Critical Facilities

June-16 Transystems Athalye Consulting engineering Services, Inc.

Engineering Design, Comprehensive Construction Inspection and Project management services

June-16 KKR Resource Environmental Solutions, LLC ecological services

June-16 en engineering CNA, Inc. Survey, Civil Engineering, Geotechnical engineering and environmental science

* Buyer has made multiple acquisitions over the latest six-month-period.



rOg + ParTners seleCT TransaCTiOns

Architecture, engineering, and environmental consulting firms across the country turn to ROG + Partners for financial advisory services to help assess value, transform ownership and operations, manage risk, and accelerate results through decisive action. With offices in Boston and Washington, D.C., we provide reliable and objective advice based on a commitment to our clients’ best interests, and pride ourselves on being a trusted advisor to senior management and owners. ROG + Partners possesses thorough knowledge of the A/E industry, which allows for top-quality financial analysis, strategic thinking, management advice, and execution. Our team maintains sustained participation in every engagement, and our firm is comprised of professionals with diverse backgrounds who bring broad experience and perspectives to all clients.

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Enterprise Value / Net Service Revenue

All Firms ESOP Firms

3.00

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Controlling Interest Earnings Multiples vs. Minority Interest Earnings Multiples

Ent. Value / EBITDA

(controlling)

Ent. Value / EBITDA

(minority)

Ent. Value / EBIT (controlling)

Ent. Value / EBIT (minority)

1.0

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The publication allows users to test the validity of their existing stock valuation formulas and third party appraisals by comparing their current stock value to multiples derived from over 200 distinct transactions in the A/e industry!

To order the latest edition released in February 2016, please visit: rog-partners.com/aestudy.

Should you need assistance, please contact Ashley Cristman at 617.274.8051 x507 or [email protected].

The study includes valuation multiples for: • Internal (minority interest) stock transactions

• esOp transactions

• mergers and Acquisitions

m&A data includes pricing as well as data on transaction structure

A/e business Valuation and merger & Acquisition study

valuation multiples for A/ELooking for reliable

and environmental firms?

Ownership Transition Strategies for A/E Firm Leaders:

Register now for this exclusive One-Day Seminar

Ownership planning is fast becoming one of the biggest challenges facing companies in the A/E and environmental consulting industry. Come join principals Ian Rusk and Steve Gido as they share with you how you can take more control of your ownership transition strategies. participants will learn:

• Theprosandconsofvarioustransitionoptions•Howafirm’svaluationwilldifferundervarioustransitionscenarios• Thebasicelementsofa“traditional”internaltransitionplanandtimeline•Howtocreateownershipdemandandinterestfromayoungergeneration• IfanEmployeeStockOwnershipPlanisaviablemodelforyourfirm?• ThecurrentM&Aclimateandtheprocessofsellingyourfirmtoanexternalparty/buyer• Thelatesttrendsinincentivecompensation&syntheticequityprograms• Tipsonidentifyingandgroomingyournextgenerationofleaders• Casestudiesand“lessonslearned”ofA/Efirmsthatselectedvariouspaths

REGISTER NOw FOR $795 — SEATING IS LImITEd! Call 800.543.5259 x4 or visit rog-partners.com and click on “Events” and then “Seminars.”

Financialadvisoryservicesforthearchitecture,engineeringandenvironmentalconsultingindustriesBoston, mA I washington, dC

This annual conference gathers together leaders of successful engineering, environmental consulting and architecture firms throughout the country with the

goal of showcasing the most effective strategies for achieving growth, improving profitability, and building real and sustainable value.

COmE TO LEARN. Your hosts, Rusk O’Brien Gido + Partners, along with their partners, join together to combine decades of experience advising hundreds of architecture, engineering, planning, and environmental consulting firms with incomparable expertise and perspective.

COmE TO NETwORk. This conference will attract principals, CEOs, COOs and CFOs from A/E firms that not only come to hear the experts, but also leverage the combined knowledge and experience of all participants.

COmE TO GROw. Whether your firm has 10 employees or a thousand, you cannot afford to miss the ROg growth & Ownership strategies Conference. Come see why 95% of past attendees rated the past event as “excellent.”

NOVEMBER 2-4, 2016 RITz-CARLTON NAPLES, FLORIDA

come to GROw

come to NETwORk

come to LEARN

CONFERENCE.ROG-pARTNERS.COm

IAN RUSK, ASA, CM&AAmanaging [email protected]: 617.274.8051 x1

MICHAEL O’BRIEN, ASA, CM&AAprincipal [email protected] p: 617.274.8051 x2

STEVE GIDO, CFAprincipal [email protected] p: 617.274.8051 x3

RUss RyAnprincipal [email protected] p: 617.274.8051 x4

JOnAThAn VOelKelAssociate [email protected] p: 617.274.8051 x5

Ashley CRIsTmAnAssociate [email protected] p: 617.274.8051 x507

ned mCCOyFinancial [email protected] p: 617.274.8051 x509

ClAUdIA leOnARdFinancial [email protected] p: 617.274.8051 x506

JAsOn smAllFinancial [email protected] p: 617.274.8051 x508

aBOuT us

rusk O’Brien gido + Partners is led by principals ian rusk, Michael O’Brien, steve gido, and russ ryan. drawing on the team’s combined experience advising hundreds of architecture, engineering, planning, and environ-mental consulting firms around the world, Rusk O’Brien Gido + Partners provides its clients with unparalleled technical expertise, uncommon in-sight, and unique perspective.

COnTACT Us:

RUSK O’BRIEN GIDO + PARTNERS, LLC

Our PhilOsOPhy

we are passionate about what we do and take great pleasure in our clients’ achievements. When you work with Rusk O’Brien Gido + Partners, you will enjoy the personal attention of principals who have a vested interest in your success.

Our exPerienCe & exPerTise

The principals of Rusk O’brien gido + partners have worked together as a co-hesive team for many years. whether it’s building a comprehensive and tacti-cal business plan, conducting a technical business valuation, working through a tough merger negotiation, or navigating a tricky ownership transition, we work as a team to provide the best possible solution for our clients.

Over the past 20 years, the principals of Rusk O’Brien Gido + Partners have worked on business planning, valuation, ownership planning, and M&A en-gagements with approximately 1000 firms in the architecture, engineering, planning, and environmental consulting industries. We’ve worked with firms of fewer than 10 employees and firms with over 10,000 employees, and in locations ranging from the midwest to the middle east.

TO learn MOre, VisiT us aT www.rOg-ParTners.COM

© 2016 Rusk O’brien Gido + Partners, LLC. All Rights Reserved.

summer 2016 retrospective inside this issue...familiar with the firm’s corporate resume, clients,...

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