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The firm’s pivot toward lighthouses came out of necessity. Specializing in the construction of radial brick chimneys, otherwise known as smokestacks, work started to dry up as the market changed. Rather than fold, the firm, its ranks filled with expert brick masons, turned its attention to the relocation and preservation of lighthouses. “We were doing it before it got popular,” says Joe Jakubik, head of International Chimney’s historic preservation divi- sion. Jakubik was part of the team that undertook one of the more celebrated jobs in the lighthouse industry – the 2015 removal of the Gay Head Light from an eroding cliff. Owned by the city of Aquinnah on Martha’s Vineyard, which gained the GSA conveyance in 2014, the lighthouse is a symbol of civic pride. At 350 tons and 60 feet of height, the 1855 light- house is also a monument to 19th century brick masonry. The focus of a NOVA documentary, its $3-million relocation garnered local, state and national attention. “The last few years have been very nice for us. It’s been pretty steady.” “It’s impressive if you know the terrain,” says Jakubik, refer- ring to the high cliff where Gay Head is located. A few decades into the market, International Chimney en- joys a solid reputation, which, in turn, has translated into plenty of work. And in a country bounded by oceans on two sides and by the world’s largest gulf on a third, the light- house market, at least for the firms interested in that line of work, appears healthy. “The last few years have been very nice for us,” Jakubik says. “It’s been pretty steady.” a deal that isn’t perceived as a “turn-around” attempt. Strategic buyers can bring an open mind to the table and can get excited about how the firms may be able to work together. But they should not be expected to fill in all the pieces themselves. Instead, buyers should be ready to answer what they do exceptionally well, how they can take that model and apply it to other companies, and why the employees and clients of the seller would be happy to be part of the buyer’s enterprise. Leaders of both firms need to talk constantly, respond immediately, and remember throughout the process the “big idea” that got them talking in the first place. That “big idea” – the overarching value proposition that drove the decision to pursue M&A – can be a link that binds firms when the negotiation gets tough. JAMIE CLAIRE KISER is Zweig Group’s director of M&A services. Contact her at jkiser@zweiggroup.com. “Leaders of both firms need to talk constantly, respond immediately, and remember throughout the process the ‘big idea’ that got them talking in the first place.”

JAMIE CLAIRE KISER, from page 5

One of the first questions that potential buyers ask us when we contact them on behalf of sellers is the motivation for the sale. Buyers want to understand what the seller wants – is it a retirement strategy? A growth play? Is the seller tired of the day-to-day of running the business? Do we need “big firm” resources to go from average to spectacular? The answer to this question is an important one, and one that potential buyers will assume an answer to before the first conversation. Managing the answer to that question requires some introspection, and often some coaching from a consultant or trusted advisor as well. Regardless of the firm’s current performance, unless the potential buyer can get excited about the future of the firm and the ability to add value to the buyer’s clients, employees, and capacities, you will be hard pressed to close “That ‘big idea’ – the overarching value proposition that drove the decision to pursue M&A – can be a link that binds firms when the negotiation gets tough.”

LIGHTHOUSES, from page 7

in an adjacent oil house. The downtown Boston skyline is visible from Graves, and the rocky outcrop on which it is built is frequently visited by seals. The Graves project has necessitated the assembly of an all-star team of experts: architect John Chapman, structural engineer John Wathne, and marine engineer Scott Manchester. The Graves project has necessitated the assembly of an all- star team of experts: architect John Chapman, structural engineer John Wathne, and marine engineer Scott Man- chester. While life in a lighthouse might seem claustropho- bic, Waller says the interior is quite comfortable, comple- ments of his designer.

“He figured out how to carve that thing up,” Waller says.

And while the renovation has been arduous and costly, Waller has no regrets. “We have our little piece of heaven and we’re happy with it,” he says. A firm that has found a world of opportunity within the in- dustry is the International Chimney Corp. out of Buffalo, New York. The company has moved five lighthouses, and has restored another 14. Oftentimes working with Expert House Movers out of Maryland, International Chimney has contracted with groups across the Eastern Seaboard begin- ning in the 1980s.

THE ZWEIG LETTER August 8, 2016, ISSUE 1163

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