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ON THE MOVE TOM FOX JOINS DEWBERRY TO LEAD AQUATIC SERVICES PROGRAM; DEWBERRY WELCOMES SENIOR ASSOCIATE JAMES MACDONELL TO DESIGN-BUILD PRACTICE Dewberry, a privately held professional services firm, has announced that Tom Fox has joined the firm as a senior environmental scientist to launch its aquatic services program. He is based in the firm’s Raleigh, North Carolina, office. Fox has 15 years of experience, primarily in aquatics-related projects, including survey design, transect layouts, map design, data collection and analysis, field investigations, Section 7 consultations, regulatory agency coordination, preparation of biological assessment documents, and coordinating and conducting habitat assessments and surveys for mussels, fish, and aquatic salamanders. “We’re very excited to welcome Tom to our team, as he is only one of a few individuals permitted in North Carolina to conduct surveys for all listed species of freshwater mussels, fish, crayfish, snails, and aquatic salamanders,” says Dewberry Associate and Senior Planner Beth Smyre, PE. Fox earned his master’s degree in fisheries, wildlife, and conservation biology from North Carolina State University (2013), and his
bachelor’s degree in biology from the George Washington University (2006). Fox is a member of the American Fisheries Society, Freshwater Mollusk Conservation Society, and the North Carolina Association of Environmental Professionals. In addition to its announcement about Fox, Dewberry has also announced that James Macdonell has joined the firm as a senior associate and senior project manager in its Raleigh, North Carolina, office. Macdonell has more than 25 years in the construction industry and joins Dewberry’s design-build practice to serve in a project management capacity for public- and private- sector clients across the southeast. Prior to joining the firm, he was a senior vice president for a North Carolina-based general contracting firm, where he managed day-to- day operations, financials, recruitment, project management, and insurers. “I have a background in working with architects and municipalities to deliver construction solutions that meet their needs,” says Macdonell. “Construction and design- build needs across the southeast are growing, and I’m excited to have joined Dewberry and
help serve these clients across the state and region.” Macdonell earned a bachelor’s degree in geology from the University of Alberta (1997). He is a professional geologist with licenses in North Carolina, and Pennsylvania, and a member of the Society of American Military Engineers. Dewberry is a leading, market-facing firm with a proven history of providing professional services to a wide variety of public- and private-sector clients. Recognized for combining unsurpassed commitment to client service with deep subject matter expertise, Dewberry is dedicated to solving clients’ most complex challenges and transforming their communities. Dewberry’s mission is to create responsible and innovative solutions for those who own, operate, and maintain natural and built environments. The firm values lasting relationships, achieving our clients’ visions, and celebrating in their success. Established in 1956, Dewberry is headquartered in Fairfax, Virginia, with more than 50 locations and more than 2,000 professionals nationwide.
MARK ZWEIG, from page 11
forecasts that can require you to throw that rule-of-thumb out the window. Companies that have strategic significance to your firm (meaning that you think your whole firm can perform better if they were part of your company) may see a higher valuation because of it. Employment agreements are also a huge deal and part of the value. There are many factors to consider when setting value beyond some arbitrary “X times EBIT” formula offered up by a jargon-speaking spreadsheet jockey. 7)The price being paid is only one of many variables to consider. The deal structure and how much of it the seller has to finance may be a bigger part of it. There is a lot less risk for you as a buyer if you can get the seller to finance more of your purchase. Their willingness to do that is going to be based on how many other options the sellers have, how badly their owner(s) need cash, and their assessment of the likelihood you will be able to run their business in such a way that you will be able to afford to make your payments to them. So while you will have to do your due diligence on them, they will conversely want to do it on you. 8)It’s all about trust. You have to keep any conversations with a potential seller absolutely confidential. You can do huge damage to their business by letting word get out that they may be selling. “Loose lips sink ships,” applies here! So don’t violate the sellers’ trust by blabbing all over that you are trying to buy them. I could go on here but am out of space. I hope this is helpful to some of you. Let me know your thoughts! MARK ZWEIG is Zweig Group’s chairman and founder. Contact him at mzweig@zweiggroup.com.
such as accounts receivable, tell them so. If you know you would have to get an SBA loan to do the deal, tell them. If you know the seller’s principals would have to stick around for at least a year or two, tell them that is what you are thinking. The sooner you can get to the meat of the discussion, the better. “You have to keep any conversations with a potential seller absolutely confidential. You can do huge damage to their business by letting word get out that they may be selling. ‘Loose lips sink ships,’ applies here!” 5)“Cultural compatibility” (something everyone who does acquisitions talks about) is important, but it isn’t everything. You can have all the compatibility you want and your principals can love their principals but if the deal is so expensive it never pays for itself, you failed. I think a lot of people trying to do these deals forget that. 6)Value is completely subjective. Anything, including a business, is worth whatever someone else is willing to pay for it. So many of the so-called experts want to talk multiples of EBIT for value determination. I find that means little to nothing unless you have a completely steady-state firm AND a purely financial buyer (meaning one who only cares about the financial returns of a stand-alone company). Growing companies will have wildly different prospects and EBIT
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THE ZWEIG LETTER MAY 10, 2021, ISSUE 1391
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