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ON THE MOVE WESTWOOD ANNOUNCES NEW SHAREHOLDERS Westwood Professional Services Inc. , an award-winning, multi-disciplined surveying and engineering firm providing services for national commercial and residential develop- ment, wind and solar energy, electric transmis- sion, and oil and gas pipeline development is proud to announce the advancement of three associates to shareholding positions. West- wood’s new shareholders include: Richard Hovas , PE – Hovas is the residential market leader, a professional civil engineer, and senior project manager in Westwood’sDallas- Fort Worth office. Hovas was the president of Tipton Engineering before it was acquired by Westwood. His 35 years of professional engineering, project management, entrepre- neurial and executive leadership experience has earned him great respect from his clients. Hovas contribution can be seen in his work on hundreds of complex residential projects and subdivisions throughout the Metroplex. Hovas has greatly contributed to the growth of West- wood’s residential business throughout North Texas. Kevin Larabee – Larabee is Westwood’s vice president of human resources. He joined West- wood in 2012 and has helped to nearly double

the size of Westwood’s business through ef- fective recruiting, staffing, and employee de- velopment. Larabee supports Westwood’s long-term vision and business objectives with a focus on identifying, nurturing, and retaining key talent. His strategic direction and positive employee engagement has helped the firm win multiple awards for top workplaces in 2015. Mallory Lindgren – Lindgren has played a sig- nificant role in the growth of Westwood’s wind and solar energy business. In her role as direc- tor of strategy for the markets, she is diligent in supporting industry organizations, conduct- ing market analyses, and monitoring policies. Lindgren’s focus on client satisfaction, com- bined with her expertise and knowledge of the business, has made her a leading project manager on Westwood’s national power gen- eration team. T.Y. LIN INTERNATIONAL HIRES THOMAS R. PERRY, P.E., AS DIRECTOR OF BUSINESS DEVELOPMENT T.Y. Lin International , a globally recognized full-service infrastructure consulting firm, an- nounces that Thomas R. Perry , P.E., has joined the firm as director of business devel- opment – Mid Atlantic. Based in the firm’s Al- exandria, Virginia office, Perry comes to TYLI with more than 20 years of experience in the

infrastructure industry in all phases of develop- ment, from planning to project delivery, client and pursuit management, structural and civil engineering, project management, and pro- gram management. His broad range of ex- pertise includes work in the bridges, highways and streets, rail and transit, facilities, and tele- communications market sectors. In his new role, Perry reports to Robert Radley, P.E., TYLI senior vice president and East region director. “T.Y. Lin International has targeted the Mid Atlantic states for aggressive growth. The addition of Thomas is a key component of that growth plan,” said Radley. “His skill sets and local relationships will be instrumental in diversifying our service offerings beyond the Surface Transportation projects upon which our firm has built its brand in the Mid Atlantic. Under Thomas’ business development leadership, T.Y. Lin International will become a full-service firm in the Mid Atlantic, adding lines of business such as transit and rail, aviation, and facilities. Similar to surface transportation, we will offer design, program management, and CM/CI expertise in all of our expanded service areas.”

ANDREA BENNETT, from page 9

❚ ❚ Firms with less than 25 employees ❚ ❚ Firms founded in the past 16 years ❚ ❚ Firms based in the South Central United States ❚ ❚ Firms with moderate growth rates ❚ ❚ Firms that performed the valuation for the purposes of a sale/merger ❚ ❚ Firms that employed a consultant or accountant to perform the valuation, which was conducted via an appraisal in 2014 ❚ ❚ Firms that project flat net service revenues; profits; and ex- penses before interest, taxes, depreciation, and amortization for the next fiscal year ❚ ❚ Firms that project a growing backlog in the next fiscal year ❚ ❚ Firms with a controlling interest Does your firm fit any – or all – of these categories? If so, chances are its total invested capital per employee is pretty high. But, you can’t know for sure until you conduct a valuation, or at least apply the formulas in the Valuation Survey to your firm to obtain a general idea. If you have any questions about the 2016 Valuation Survey or any of Zweig Group’s research publications, visit zweiggroup.com/surveys.php or email me at abennett@ zweiggroup.com. If you want to learn more about firm valuation, contact Tracey Eaves, Zweig Group’s valuation consultant, at teaves@zweiggroup.com. ANDREA BENNETT is Zweig Group’s research and publications manager. Contact her at abennett@zweiggroup.com.

addition to its own Z-values, which measure total invested capital and equity values. Among the statistics that readers will find most interesting are comparisons of the TIC value per employee. Because A/E/P and environmental consulting firms sell staffers’ time, it is generally accepted that people are firms’ most valuable assets. Just as some firms generate more revenue per employee than others, some are more valuable than others in proportion to their staff sizes. The median TIC value per employee for firms overall has steadily increased since 2006 to an all-time high of $65,498 in 2016. But the Valuation Survey goes even farther, breaking this statistic – and all of the statistics it presents – out by firms’ types; staff sizes; years founded; headquarters’ region; growth rates; reasons for valuation; who conducted the valuation, when, and by what means; net service revenue, profit, EBITDA, and backlog projections; and minority versus controlling interests. For example, the 2016 Valuation Survey shows the highest average TIC values per employee for: ❚ ❚ Single-discipline engineering firms “Does your firm fit any – or all – of these categories? If so, chances are its total invested capital per employee is pretty high.”

THE ZWEIG LETTER February 29, 2016, ISSUE 1141

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