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TRANSACT IONS MORRISON-SHIPLEY ENGINEERS ACQUIRED BY HALFF ASSOCIATES, INC. Zweig Group, a full- service AEC management advisory firm, announced its client Morrison-Shipley Engineers has been acquired by Halff Associates, Inc. Morrison-Shipley will do business as Morrison-Shipley Halff. Jamie Claire Kiser, Zweig Group’s managing principal, served as Morrison-Shipley’s lead advisor on the engagement, with support from senior analyst Andrew Chavez. “It was a pleasure to be a part of Morrison Shipley’s advisory team,” Chavez said. “We are excited to see what the two firms will accomplish together in the future through this strategic combination.” Morrison-Shipley is an Arkansas-based multidiscipline civil engineering firm under the leadership of Greg Shipley, John Wary, Brian Maurer, and Travis Brisendine. Morrison- Shipley provides civil engineering, land surveying, BIM, aerial mapping, and 3D laser scanning services to private and public sector clients across the South and Midwest.
“Like Halff, our people are the reason Morrison-Shipley Engineers has existed for 25 years,” Greg Shipley, principal of Morrison- Shipley, said. “It was clear from our earliest discussions Halff’s business is grounded in always doing what is best for their people, and I look forward to watching the great things we will accomplish together.” Halff is an award-winning, employee-owned, multidisciplined professional services firm. For more than 70 years, Halff has provided innovative solutions for clients in Texas and throughout the United States, offering full- service planning, engineering, architecture, landscape architecture, environmental, energy, right of way, and surveying services. Halff has 28 offices in Texas, Arkansas, Oklahoma, Louisiana, and Florida. Morrison-Shipley, which employs more than 50 people, has offices in Fort Smith, Arkansas; Bentonville, Arkansas; and Frisco, Texas. The firm has extensive experience in the public works, residential, aviation, commercial, and industrial/warehouse development sectors.
Zweig Group, three times on the Inc. 500/5000 list, is the leading research, publishing, and consulting resource for the built environment. The firm provides strategy, mergers and acquisitions, business valuation, ownership transition, marketing, business development, market research, financial management, project management, recruiting and executive search services nationwide. Zweig Group also provides a comprehensive suite of products including industry reports and surveys, executive training, and business conferences covering virtually every aspect of AEC firm management. The firm’s mission, Elevate the Industry, has five tenets: promote, diversify, educate, change, and celebrate. Zweig Group’s vision is to facilitate action in pursuit of elevating individuals, firms, and thus the industry. More than a mission, this is a movement to advance the AEC profession, creating a world that celebrates the built environment and recognizes its impact on individuals, communities, and commerce.
BRIAN RICE, from page 3
If the answers to these questions lean toward “no,” your time would be best spent preparing for an external sale or merger with another firm. However, if the answer is “yes,” move forward considering both an internal and external transition. At the end of the day, relative to the value, a significant amount of capital will be required to purchase your firm. On an individual basis, this capital could be invested in your firm, or in other investments. ❚ ❚ Communication is vital. All your staff will not be aware of or understand the implications of an ownership transition. However, your key staff will. Whether your transition is internal or external your staff will be the key to success. Keeping staff informed will maximize the value of the firm. Staff who understand how the ownership transition will benefit their career will likely stay with your firm. At Fleis & VandenBrink, we worked hard to keep staff informed of ownership transition matters and welcomed questions through various methods, including all-staff meetings and one-on-one conversations. Starting early with your ownership transition planning provides ample time to position your staff and firm to maximize your firm’s value. However, if ownership transition has taken a backseat at your firm, the longer you wait to start, the more difficult things will become as you slowly lose the ability to maximize the value of your firm. Don’t be one of those firms that fails to survive beyond their first-generation leaders! Now is the time to take the necessary steps to create long-lasting firms. BRIAN RICE, PE is a principal and the Environmental Services Group manager at Fleis & VandenBrink. He can be reached at brice@fveng. com or LinkedIn.
industry can provide confidence in valuations using advanced valuation methods and current market data. ❚ ❚ Know your cash flow. If you have been profitable in recent years, understand why and work with your accountant to improve margins. If you have not been profitable, find out why and fix what is broken. The more confidence that a buyer, internal or external, has in your company’s ability to produce future profits, the more options you will have when developing your exit strategy. Keep in mind that the likelihood of a successful ownership transition is maximized with solid profits. Future profits are obviously essential for new owners who often finance the purchase of your firm. But additionally, new ownership will need strong working capital to reward staff, maintain quality work environments, and keep up to date with training and equipment. ❚ ❚ Consider internal or external transition. Choosing the best ownership transition strategy will determine your firm’s long-term success. Do you have both internal and external options? ❚ ❚ Does your firm generate enough profits to transfer ownership on a timeline that matches expectations? ❚ ❚ Does current staff have the desire to become owners? ❚ ❚ Can current staff dedicate the time needed to manage the business while also maintaining profits and managing client projects? ❚ ❚ Does your firm have staff to replace project managers that are transitioning into ownership roles? ❚ ❚ Does your potential internal ownership team meet your state’s criteria for minimal ownership levels by design professionals?
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THE ZWEIG LETTER NOVEMBER 15, 2021, ISSUE 1417
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