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ON THE MOVE JEFF LEWIS NAMED SHIVE-HATTERY CHICAGO & NW INDIANA VP & OFFICE DIRECTOR Shive- Hattery announced that Jeff Lewis will succeed Spero Valavanis as vice president and office director of the Chicago and Valparaiso design offices. He will transition from his role as Chicago team leader. Shive-Hattery is a 400-person architecture and engineering firm with offices in Bloomington, Chicago, and Quad Cities, Illinois; Cedar Rapids and Des Moines, Iowa; and Valparaiso, Indiana. Valavanis will remain with the architecture and engineering design firm to focus on master facility planning and design for his long-term relationship clients. “Spero has always been passionate about elevating design and nurturing the development of staff,” said President Jim Lee. “We are supportive and appreciative of his efforts to help us continue our mission of building communities.”
Lewis started with Design Organization in 1998 and continued on with Shive-Hattery in 2012 when Design Organization became a part of the firm. Since becoming a part of Shive-Hattery, Lewis has served as a Chicago Team Leader. “Jeff’s approach is built upon 20 years of design and leadership experience along with a strong sense of community service and partnership,” says Valavanis. “He is focused on creating an environment to support collaborative and creative thinking and providing growth and opportunities for our team. Jeff looks forward to many more years in the both the Illinois and Indiana areas.” “I’m honored to have this opportunity to grow my role while providing continued service for our clients, employees and communities,” said Lewis. “Spero and I are dedicated to a seamless transition.” Lewis is an active member of the community and will continue to be as he transitions into
his new role. Some of his current and past involvement include: ❚ ❚ Project Neighbors Board of Directors, Chairman ❚ ❚ Valparaiso Parks Foundation Board of Directors ❚ ❚ ValpoNEXT Board of Directors ❚ ❚ Concordia College New York Presidential Advisory Council ❚ ❚ Former Taltree ArboretumBoard of Directors ❚ ❚ Former Valparaiso Chamber of Commerce Board of Directors Lewis received his bachelor’s degree in architecture and environmental design from Ball State University. He has been licensed as register architect in Arizona, California, Colorado, Delaware, Florida, Illinois, Iowa, Indiana, Maine, Nebraska, North Carolina, New Jersey, New Mexico, New York, Pennsylvania, Utah, and Washington.
ADVANTAGES AND DISADVANTAGES OF BROAD AND TARGETED SALE APPROACHES
BROAD
TARGETED
❚ ❚ Heightens competitive advantage ❚ ❚ Maximizes probability of achieving maximum sale price ❚ ❚ Helps to ensure that all likely bidders are approached ❚ ❚ Limits potential buyers’ negotiating leverage ❚ ❚ Difficult to preserve confidentiality ❚ ❚ Highest business disruption risk ❚ ❚ Some prospective buyers decline participation in broad auctions ❚ ❚ Unsuccessful outcome can create perception of undesirable asset
❚ ❚ Higher likelihood of preserving confidentiality ❚ ❚ Reduces business disruption ❚ ❚ Reduces the potential of a failed sale ❚ ❚ Maintains perception of competitive dynamics ❚ ❚ Potentially excludes non-obvious, but credible buyers ❚ ❚ Potential to leave “money on the table” if certain buyers excluded ❚ ❚ Lesser degree of competition ❚ ❚ May afford buyers more leverage in negotiations
ADVANTAGES
DISADVANTAGES
targeted sale process. In hiring an advisor to facilitate a sale mandate, it’s important to choose an M&A advisor with a vast network/database of qualified, pre-screened active buyers. NOAH HUNT is director of M&A advisory services at Zweig Group. Contact him at nhunt@zweiggroup.com “Once the decision to sell your firm has been made, hire an M&A advisor. Your sell-side advisor will seek to achieve an optional mix of value maximization, speed of execution, and certainty of execution among other deal-specific objectives.”
NOAH HUNT, from page 3
2)Targeted sale approach. A targeted approach focuses on a few clearly defined pre-screened buyers that have been identi- fied as having a strong strategic fit and/or interest, as well as the financial capacity, to execute an acquisition. This process is more conducive to not only maintaining confidentiality but also minimizing potential business disruption for the selling firm. At the same time, this process runs the risk of “leaving money on the table” by excluding a potential buyer that may be willing to pay a higher purchase price. If you’re mostly indifferent toward confidentiality, timing, and potential business disruption, your advisor may consider running a broad sale process. Alternatively, if speed, confidentiality, a particular transaction structure, and/or cultural fit are a priority, the advisor will run a
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THE ZWEIG LETTER June 10, 2019, ISSUE 1300
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