9
PROFILE
Acquisition insights and advice
Lessons learned and outcomes from the initial exploration through the process, and advice for firms looking to pursue an acquisition.
By WESTWOOD
O n March 1, 2024, Westwood announced the acquisition of northern California-based O’Dell Engineering. O’Dell’s president, Dylan Crawford, PLS, accounts his experiences from the initial exploration through the process and, finally, outcomes and advice for other teams looking to pursue acquisitions in an interview with Aaron Tippie, PE, chief acquisition officer. A CONVERSATION WITH AARON TIPPIE AND DYLAN CRAWFORD. Aaron Tippie: What were the key factors that led to your decision to sell the company, and what were your top priorities when evaluating potential partnership opportunities? Dylan Crawford: When we began, the acquisition process was exploratory. Our group of owners had different levels of interest. We were, however, united in our desire to implement a long-range transition plan that rewarded current owners and created opportunity for key staff. We also shared concerns
about finding a firm with a good cultural fit that would properly value us. However, as we started to meet potential buyers, all these concerns were mitigated. Ultimately, we came to a consensus to move forward with the process when it became clear that partnering with a firm could lead to numerous new opportunities for our team and a genuine appreciation for the firm we’d worked so hard to build. Throughout the process, our priorities included proper valuation of our organization, support for continued growth of our service groups, and a thoughtful plan for our team to be fully integrated. We needed to find a company that would invest in us as much as we would invest in them. When we met with Westwood, we valued their effort in the process and cultural fit, especially meeting in-person right away. We were excited about the opportunities the partnership could bring to our team and knew that it would expand our capabilities for our
Aaron Tippie, PE
Dylan Crawford, PLS
See AARON TIPPIE & DYLAN CRAWFORD , page 10
THE ZWEIG LETTER JUNE 17, 2024, ISSUE 1542
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