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O P I N I O N
Countdown acquisition
If you want your closing to go smoothly – before, during, and after the deal – make sure you take these six critical steps.
T here is a lot of acquisition activity in the AEC industry these days, and with each deal, several obstacles need to be overcome before closing. These typically include: conducting preliminary research and narrowing in on potential firms; making introductions and preliminary discussions; getting the acquisition closed; and integrating the teams once the deal is done.
Bryan Powell GUEST SPEAKER
All aspects of an acquisition are equally important, though in my experience, success comes down to the due diligence and details involved in closing the deal. After a firm has been identified, introductions have been made, and the ball is rolling, having the right people involved and aligned to specific goals will make for a successful acquisition. It all begins by assembling the right team: ❚ ❚ Create a core team of consultants. We pull in experts from outside of the company, which include attorneys, accountants, and professional M&A con- sultants. It is important to include professionals who have previous M&A experience and know what to expect. The right consultants will understand how to protect the interests of both firms throughout the process.
In addition to gathering a team experienced in M&A, make sure that their expertise is AEC in- dustry-specific. When dealing with architecture or engineering firms, the process for valuation, deal structure, etc., varies widely from other industries, so having an understanding of those nuances will be important to the success of the deal. ❚ ❚ Involve your corporate service leaders. At West- wood, “corporate service leaders” are our team mem- bers in charge of HR, finance, IT, brand and com- munications, legal, and other corporate functions. Each plays a critical role in the negotiating process. Getting them on board early is important. Their specific fields of expertise are invaluable, not only in getting the acquisition closed, but in the post- closing integration. The more they understand, the
See BRYAN POWELL, page 10
THE ZWEIG LETTER September 24, 2018, ISSUE 1265
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