204 - TZL - M&A with Jamie Claire Kiser

things that they're doing together, it's really cool to me to see. That's what we hope for winning companies together.

Randy Wilburn [28:44] Well, I would imagine that stories like that are kind of what gets you up every morning, because you're like, well, what's next? Can we do this again, you know, wash, rinse and repeat.

Jamie Claire Kiser [28:53] What gets me up every morning is deal closings, but what warms my heart at the end of the day?

Randy Wilburn [29:00] Oh, man, that's funny. Well, Jamie, Claire, this has been great. I do want to ask you this because I mean, again, nobody knows what the future holds for us and there are a lot of unknowns. There's a lot of money that's about to food the market from the infrastructure program, I hope, and that's going to impact the design industry quite a bit, and we'll see if it is the accelerant that people think it will be and I'm speaking of the infrastructure money that's going to hit the marketplace. But I'm curious to know, what are your thoughts on the M&A landscape over the next few years? Are you bullish about things? Are you kind of just reserving comments, because you're not quite sure what direction things are going to go? How do you feel about the next two to three years? I don't even want to look beyond that. Jamie Claire Kiser [29:45] Yeah, well I mean, certainly in the next two to three years, absolutely this space is going to have to continue. When we look at the industry forecasts and long-term trends, it's much more driven by market data than demographics and I really want people to focus on the fact that I mean, the statistic you shared about the ownership concentration and the Asian group of owners within our industry. There's going to be just literally a need, no matter what the market looks like, whether we say that the valuation stays where they're at or change at all, for folks to offoad their ownership period. You just have to accept that as a fact of our space. And that coupled with the fact that it's tough to bring people in, and the outlook for folks entering your industry in the next few years isn't great, either. This is going to have to be a talent strategy but it's also potentially an ownership concentration strategy response too. I guess, a concentration of ownership and an aging group of owners. And I think that what we'll see in the next few years, because it's hard to fnd companies in our space, right, because there's a lot of transactions going on. They're consolidating companies that are pretty quick. The next thing that's going to happen is

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