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BUSINESS NEWS RUSSELL AND DAWSON COMPLETES HOLIDAY INN EXPRESS HOTEL PROJECT FOR JAMSAN HOTEL MANAGEMENT Russell andDawson – oneof the longest-serving architecture, engineering, and construction firm in the history of Connecticut – announced completion of remodeling and rebranding of a five story 63,358-square-foot with 132 rooms Holiday Inn Express hotel at Chelmsford, Massachusetts which officially opened in July. The hotel is owned by Lexington, Massachusetts, based Jamsan Hotel Management who owns and operates more than 60 hotels in the New England region. Russell and Dawson was selected to provide architecture and engineering services and Boston Trade International for the interior design and procurement of FF&E.

“We are thankful to Jamsan Hotel Management for continuing to put their trust in our expertise. This hotel project was a unique transformation project for us where we not only repurposed the exterior but made significant changes such as addition of indoor swimming pool, new heating and mechanical systems, décor, porte cochere, and life safety upgrades,” said Chirag Thaker, president of Russell and Dawson. “Russell and Dawson has been our A/E firm for the many hotel projects of ours. This was a bit challenging project where we wanted to remodel and rebrand this hotel from an existing Radisson hotel building by splitting the connected buildings into two different hotel brands. We are pleased with the work Russell and Dawson has done to capture our vision for the hotel and they completed as per the

schedule, budget, and brand specifications,” said Ashok Patel, VP of development of Jamsan Hotel Management. Russell and Dawson has three other ongoing hospitality projects for Jamsan Hotel Management, including a remodel and rebrand for the 19-year-old Element Hotel in Chelmsford, Massachusetts; a redesign and rebrand of the Aloft hotel built in 1969 in Worcester, Massachusetts; and converting a 1912 shoe factory into the upscale Boston Hotel in East Boston, Massachusetts. Russell and Dawson is a client-first AEC services firm based out of Hartford, Connecticut. Since 1965, Russell and Dawson has completed more than 10,000 projects across various sectors in the northeast states.

CONFERENCE CALL, from page 7

mate your revenue stream. We now employ strong financial practices that allow us to appropriately predict cash flow through the use of weekly dashboard reports that show ex- actly where we are with accounts receivable, billables, work in process, and more. “For us, organic growth provides the best opportunities. It’s those strategic hires – rainmakers if you will – that make a difference to the bottom line. Acquisitions do play an important role, but a lot depends on access to capital and the internal strategic growth plan.” TZL: While M&A is always an option, there’s something to be said about organic growth. What are your thoughts on why and how to grow a firm? DB: We’ve only done one acquisition. It was a division of a small firm in Connecticut that had architectural engi- neers who did transportation engineering. For us, organic growth provides the best opportunities. It’s those strategic hires – rainmakers if you will – that make a difference to the bottom line. Acquisitions do play an important role, but a lot depends on access to capital and the internal strategic growth plan. TZL: Do you use historical performance data or metrics to establish project billable hours and how does the type of contract play into determining the project budget? DB: Yes. It provides a good benchmark or baseline for future projects. Based on the job, we can scale up or down. TZL: What’s your prediction for 2018? DB: We’re planning to end the year on a positive note. 2017 was a break-even year for us due to things like delayed con- tracts and a slowdown in the wireless communications in- dustry. Last quarter we booked as much work in three months as is typical for us in six to eight months.

in if there’s a problem. As a result, entrepreneurship is valued. TZL: In the next couple of years, what A/E segments will heat up, and which ones will cool down? DB: Transportation and infrastructure will continue to be strong. With or without federal support, states are recog- nizing they need to focus on these areas and will figure out a way to pay for it. Healthcare and renewable energy mar- kets are also high-growth areas. Retail is cooling and oil and gas seem somewhat flat, but perhaps making a comeback. TZL: Measuring the effectiveness of marketing is diffi- cult to do using hard metrics for ROI. How do you evalu- ate the success/failure of your firm’s marketing efforts when results could take months, or even years, to mate- rialize? Do you track any metrics to guide your market- ing plan? DB: We track hit rates between cost centers. Our main met- ric is looking at the number of proposals and then tracking their success. “We have a flat management structure. There’s minimal micromanagement. People run their profit centers like micro businesses. We step in if there’s a problem. As a result, entrepreneurship is valued.” TZL: They say failure is a great teacher. What’s the big- gest lesson you’ve had to learn the hard way? DB: Many years ago, during the dot-com bubble, we had lots of work in the wireless communication sector. When the bubble burst, we didn’t have good financial manage- ment practices in place. Our shareholders’ equity was nega- tive and we were out of compliance with our bank covenants and had our credit revoked. Basically, we overestimated our revenue stream. Lesson learned: Don’t over or underesti-

THE ZWEIG LETTER September 17, 2018, ISSUE 1264

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