TZL 1572 (web)

February 10, 2025, Issue 1572 WWW.ZWEIGGROUP.COM

TRENDLINES

Varying salary increases

0% 2% 4% 6% 8% 10%

A seasoned financial executive plays a pivotal role in enhancing profitability, growth, and market value. The real value of a CFO

Engineering roles

Architecture roles

In Zweig Group’s 2025 Salary Report of AEC Firms , we observed significant salary increase differences in engineering roles and architecture roles. Individuals with engineering roles saw an across the board increase of 8.84 percent compared to their counterparts in architecture roles who experienced much lower increases across the board of only 1.05 percent. Participate in a survey and save 50 percent on the final or pre- publication price of any Zweig Group research publication.

“D oes my firm need a chief financial officer?” This is a question we hear a lot. While it’s a valid question, it may not be the right one. A CFO, typically a seasoned financial executive, plays a pivotal role in enhancing profitability, growth, and market value – and who doesn’t need that? So, the better question is, “How can I afford a CFO?” The math is straightforward: If hiring a competent CFO costs $150,000 per year, then their financial contributions must surpass that amount in value. But most firms usually have a controller, so how is a CFO different? CONTROLLER VS. CFO: A STRATEGIC DIFFERENCE. In general, a controller focuses on operational financial tasks, such as maintaining accurate financial records, ensuring compliance, and producing timely reports. The CFO, on the other hand, operates at a strategic level, shaping the financial direction of the organization. Their responsibilities include developing financial strategies, analyzing business performance, advising on mergers and acquisitions, and maximizing return on investment. A CFO often leads or significantly contributes to strategic initiatives, making their role indispensable for long-term success. Here are five typical areas where a CFO adds value beyond the typical controller role: 1. Return on investment analysis. ROI is the cornerstone of sound financial decision-making. It involves evaluating the cost of an action or investment against the expected financial benefits and a simple way to evaluate diverse initiatives competing for the same funds. Whether it’s adopting new software, expanding office space, or hiring talent, understanding ROI ensures informed decisions and helps uncover hidden costs that could impact profitability. 2. Budgeting and forecasting. CFOs leverage their expertise to create accurate revenue, expense, and cash flow forecasts. This financial modeling supports executive decisions on issues such as debt management, ownership transitions, office expansions, staff size, etc. Proactive forecasting allows firms to address potential issues before they become a problem and stay ahead of market trends. 3. Effective reporting. A CFO delivers actionable reports that focus

Steve McAdams, PE

FIRM INDEX Bowman Consulting Group Ltd....... 6

MSA ....................................................................... 6

Neumann Monson Architects........... 9

MORE ARTICLES n SARAH R. ADAMS-SLOMINSKI: The forest and the trees Page 3 n MARK ZWEIG: 10 things to make you more successful Page 5 n LAUREN MARTIN: Disagreeable agreements Page 7 n Standout leadership: Tim Schroeder Page 9

See STEVE MCADAMS, page 2

THE VOICE OF REASON FOR THE AEC INDUSTRY

STEVE MCADAMS , from page 1

managers’ attention on the most impactful tasks. They also provide executive leadership with key performance indicators and benchmarks that drive company growth and performance. 4. Strategic planning. CFOs play a central role in strategic planning, as financial performance underpins most business goals. By breaking down initiatives into financial comparisons, they guide the organization on where to invest for the best likelihood of achieving its vision. 5. Internal analysis. CFOs also add value by refining internal systems and operations. For example, a company facing high recruitment costs might benefit from analyzing its employee turnover rate. Investing in retention programs could be a more cost- effective solution. Optimizing internal processes is a vital aspect of the CFO’s role, especially in the architecture and engineering industry, where profitability can range to 35 percent or more and is dependent upon a variety of factors. ASSESSING THE VALUE OF A CFO. Quantifying the exact value of the specific skills and benefits provided by a CFO can be complex, but it can be simplified into three primary areas to develop a general understanding: 1. Profit. By optimizing the five skills listed above, a CFO can significantly boost a firm’s profitability. A firm can start by estimating a target increase in profit as a baseline for evaluating value added by a CFO. 2. Growth. A CFO enhances a firm’s scalability and a 10 percent growth in revenue translates directly to a 10 percent increase in profit dollars. 3. Market value. Eventually, all owners exit their firms, either through internal or external sales. The sale value is tied to earnings and heavily influenced by scalability and sound financial processes. A 10 percent increase in both profit and growth translates to a 21 percent increase in market value, that could result in millions of dollars. Experienced financial management optimizes a firm’s sale position, maximizes its value, and streamlines options, enabling the executive team to make confident, informed decisions. A simple formula for assessing potential value: Potential Value = CFO expense x 1.25 (This assumes a 25 percent ROI on the CFO investment. All investments should have an ROI.) FRACTIONAL CFOS: A COST-EFFECTIVE SOLUTION FOR SMALLER FIRMS. Smaller firms, especially those under $5 million in revenue, may find it challenging to justify a full-time CFO, since their profit dollars are less and their smaller operations may only require a fraction of a CFO’s time. However, they can still benefit from financial expertise by hiring a fractional CFO. Fractional CFOs work 10 to 80 hours per month, costing $5,000 to $10,000 monthly, without the need for fringe benefits. While fractional executives are cost-effective up to about 80 hours per month, firms requiring more time should begin to consider a full-time hire. CONCLUSION. Regardless of firm size, leveraging the skills and expertise of a financial expert is a valuable investment. A firm needs to weigh the potential benefits of profit, growth, and market value to determine the appropriate investment in financial leadership. Relying on outdated methods or the philosophy “it’s the way we’ve always done it” can hinder growth and performance. Steve McAdams, PE is a mergers and acquisitions advisor at Zweig Group. Contact him at smcadams@zweiggroup.com.

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THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

OPINION

The forest and the trees

I t goes without saying that most leaders want productive employees who care about their work and about the organization at large. But all too often, leadership is so focused on outcomes that they lose sight of how to reach those goals – the proverbial “missing the forest for the trees,” if you will. Step back and check in on how your employees are doing, learn what they care about, and discover what helps them stay engaged in their work.

Sarah R. Adams- Slominski, M.A.

If this sounds familiar, it’s time to step back and check in on how your employees are doing, learn what they care about, discover what helps them stay engaged in their work, and ask what they need more of – in a word, it’s time to think about your company culture. COMPANY CULTURE. “Company culture” is becoming more and more relevant in business circles. For example, in 2019, business publications referenced the idea 500,000 times. But by 2021, that count had soared to more than 2 million! The idea behind the phrase revolves around shared values and group attitudes in the workplace. In fact, company culture is the collective beliefs employees share about their individual roles, their overall value in the big picture, and how they view the company’s goals at large.

These factors might seem like a moot point when it comes to productivity and profit, but consider these facts: ■ The average person spends 90,000 hours of their life at work. ■ Actively engaged employees are 13 percent more productive than disengaged employees. ■ Employee disengagement can result in trillions of dollars in profit loss. The numbers don’t lie. Company culture and employee engagement are concepts worth looking into!

See SARAH R. ADAMS-SLOMINSKI , page 4

THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

of what you valued in your supervisors and team leaders at the time. Then, embody those traits. Living out your goal for the workplace atmosphere you want to create will set the stage for others to follow in your footsteps. 3. Invest in your team. As a consultant, I get excited when team leaders reach out to schedule one of our workshops for their teams! This act demonstrates the leader’s desire to empower employees to use their own critical thinking skills for solving organizational problems and designing new, innovative solutions for workplace challenges. When leaders set aside time for their team to hone their day-to- day best practices, it shows that management wants to help everyone improve and grow. Team members receive the message that they are valued and that the company wants to invest in them. As a leader, you have a lot of responsibility to think about the big picture. But taking time to focus on the process of reaching your organization’s goals is also a key component of successfully reaching those goals. By setting out to strategically improve your company culture, you will ensure positive outcomes for yourself and for your team for years to come. Sarah R. Adams-Slominski, M.A. is an executive consultant for Hurley Write, Inc. and the co-host of The Writing Docs podcast. Connect with her on LinkedIn. For more information, visit HurleyWrite.com.

SARAH R. ADAMS-SLOMINSKI, from page 3

CREATING A POSITIVE COMPANY CULTURE. Fortunately, there are some simple strategies team leaders can use to give the company’s culture a boost: 1. Conduct a “listening tour.” This is a simple act that goes a long way. Team members often wish that management would ask about their ideas, observations they’ve made, and things they wish to see happening within the organization. Why not schedule an annual check-in? This gesture also adds a human touch to the corporate landscape. In fact, make it a regular habit to ask how your team members are doing. Modeling empathy and so- called “soft skills” in workplace communication can have a lasting impact on employee morale and productivity in general. 2. Show, don’t tell. As a leader within the organization, you set the tone for your team and how they function. Take some time to think about a company culture that you yourself would thrive in. In fact, think about how you operated before taking on a management role. Make a list “By setting out to strategically improve your company culture, you will ensure positive outcomes for yourself and for your team for years to come.”

THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

FROM THE FOUNDER

Simple, intentional habits like time management, strategic investments, and effective communication can significantly enhance personal and professional success. 10 things to make you more successful

S elf-help books take up one of the largest sections of shelves at any major bookstore. But you don’t always need to read another book before you can make small changes that will help. Fifty years of business ownership, more than 40 years in management consulting, and 20 years teaching at a large business school have taught me that there is always something one can do to be more successful.

Mark Zweig

Here are my thoughts: 1. Get up early every day. No later than 6 a.m. – 5 a.m. or earlier is better. This is a time you can get work done that takes intense concentration because you will have fewer interruptions. 2. Work off of a to-do list. Do what you least want to do first every day. That way you will get something done that needs to be done and feel better all day. 3. Buy a good battery case for your cellphone. That way it will always make it through the day on a single charge. I don’t know why everyone doesn’t do this.

4. Return all phone calls promptly. Leave a message when you do. If you cannot leave a message, send a text that you returned the call. It shows people you care. 5. Return all emails and texts promptly. See above. 6. Any time you might need an audit trail for something, put it in an email. Then you know it’s there and can always go back to it. This can save untold grief later. 7. Send thank you notes. Everyone loves them and if you get some personalized stationary you will look like you have some class.

See MARK ZWEIG , page 6

THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

BUSINESS NEWS BOWMAN SECURES CONTRACTS FOR GEOSPATIAL DATA COLLECTION AND ASSET MANAGEMENT IN TEXAS Bowman Consulting Group Ltd., a national engineering services firm delivering infrastructure solutions and program management services to customers who own, develop and maintain the built environment, announced it has secured two significant contracts, with a combined value of nearly $900,000, to provide asset management and data collection services for a leading exploration and production company in the Permian Basin region of Texas. The projects include work across 973 total locations, consisting of both facilities and well sites in the Midland Basin’s North and South regions, situated within the broader Permian Basin. Bowman will provide field and office support services to establish coordinate values for all existing and new critical emission physical assets, such as gas-driven devices, pneumatically actuated valves and other key related infrastructure. Bowman’s scope of work involves utilizing advanced geospatial technologies to conduct detailed field surveys, ensuring efficient data collection and analysis. As part of this effort, the Company will implement rigorous quality assurance and quality control protocols to validate and adjust the real-time data. These measures will ensure accurate results while enhancing asset visibility, supporting emissions management initiatives and delivering actionable insights for the client’s infrastructure tracking and reporting needs. “These awards reflect our ability to

deliver precise and reliable geospatial and measurement solutions that support oil and gas operators throughout the United States, and within the critical Permian Basin in particular,” said Dan Swayze, COO of Bowman. Bowman will also provide project management oversight and regular progress reporting to further support the client’s asset management initiatives. MSA WELCOMES NICK WAGNER AS NEW CEO MSA has announced the transition of Nick Wagner, PE, to the role of CEO. Wagner succeeds former CEO Gil Hantzsch, PE, who will serve in a strategic advisory capacity until his retirement in late 2025. This transition maintains MSA’s success in delivering top-tier client service and quality projects to communities across the country. Wagner first joined MSA as a co-op student in 2004 and as a summer intern in 2005. He was hired full time in 2006, moving to the company’s Dubuque office location where he was promoted to the role of team leader in 2012. In 2013, growth of the organization’s Quad Cities team led Wagner to relocate to Bettendorf, Iowa, to guide growth and development initiatives in the greater eastern Iowa-western Illinois region, after which he was promoted to the role of Illinois program manager in 2017. In 2018, Wagner was appointed an ESOP trustee for MSA – an acting fiduciary and overseer of the company’s employee- owned S-Corporation trust. In 2019, he was elected to the company’s board of directors, and in 2020, promoted to senior vice president of the Buildings service line, where he guided the

strategic growth and pursuits of the firm’s vertical infrastructure division from Kiel, Wisconsin. Wagner was selected as the company’s CEO-elect as announced publicly in August 2024. Wagner holds a bachelor’s degree in environmental engineering from the University of Wisconsin-Platteville, from which he was honored with an Outstanding Alumni Award in 2021. He is a licensed professional engineer in Florida, Georgia, Illinois, Iowa, Michigan, North Carolina, and Wisconsin, a graduate of the ACEC Senior Executives Institute and member of the ACEC Coalition of American Mechanical and Electrical Engineers. Throughout his career, Wagner has demonstrated consistent success through strong client relationships and servant leadership, supporting clients throughout the firm’s footprint and establishing strong professional relationships across the industry. “I am incredibly honored and enthusiastic to step into this role,” commented Wagner. “Gil and I have been working together to ensure a smooth transition of leadership and lay the groundwork for the next phase of MSA’s journey as a thriving employee-owned firm. I’d like to thank Gil for his exceptional tenure of leadership and look forward to working with him in an advisory capacity in the coming months. MSA has been the cornerstone of my professional career. I am steadfast in my loyalty to its success and committed to continuing the firm’s tradition of excellence in the years to come.”

I don’t know everything. The older I get the more aware I am of all the things I don’t know. That said, I have complete confidence that if you will just do these 10 things, you will be more successful! Mark Zweig is Zweig Group’s chairman and founder. Contact him at mzweig@zweiggroup.com. “Fifty years of business ownership, more than 40 years in management consulting, and 20 years teaching at a large business school have taught me that there is always something one can do to be more successful.”

MARK ZWEIG, from page 5

8. Put 10 percent of what you make into the stock market. Even if you change investments, don’t ever pull money out of that account. Keep reinvesting. 9. Buy a single family house in the best neighborhood you can afford that is close to the center of town where you live. These always hold their value and will appreciate the most over time. 10. In business, spend your money on things that make you money. In the AEC business, my experience is that is people, IT, and marketing. Most everything else is just a cost that raises overhead.

THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

OPINION

Disagreeable agreements

Design firms need to be vigilant about clauses and language that have the potential to significantly expand their risk while undermining their insurance protection.

A s project managers, owners, and their attorneys have become more aggressive in their efforts to reengineer contractual agreements with project participants, AEC firms need to be increasingly vigilant about language being inserted and omitted in their contracts. Without careful review, they may be taking on significantly more risk while losing the critical financial protection otherwise available under their professional liability insurance policies.

Lauren Martin

In the past, the process of reviewing design contracts was fairly straightforward; owners, contractors, and design firms typically relied on the standard AIA or EJCDC documents, which have proven over time to provide fair and equitable treatment of all parties. Although under certain circumstances some revisions may have been needed, they typically were minor. These changes usually involved relatively easy to spot adjustments that rarely required the issuance of reservation of rights letters. Those contracts were negotiated among all parties involved to be fair and balanced, as well as fully insurable. Design contracts and the construction contracts associated with the projects were coordinated so that responsibilities were clear. In situations where agreements didn’t use the standard professional association documents, they

were typically brief with balanced terms that didn’t even contain indemnity clauses (as all indemnity is owed without a contract). In some cases, they were essentially simple letters of agreement. Today, however, contracts often present several potential coverage issues. By and large, the challenges inherent in these modified agreements stem from blurring of responsibilities, the misidentification of design professionals as contractors or venders, and payment provisions that allow for the withholding of payment for unadjudicated issues. BEWARE OF ELEVATED STANDARD OF CARE. The coverage issues can put designers in a difficult

See LAUREN MARTIN , page 8

THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

resolution requirements for laws and venues in the jurisdiction of the home office location of the client. Although this is not necessarily a coverage issue, it can cost time and money should a dispute arise. Furthermore, jury waivers are present in nearly every design contract these days; although not a coverage issue, having a jury increases the potential for appeal or settlement. Juries often want to hear the perspectives of design professionals so removing them from the process is tantamount to agreeing to one, unpaid, arbitrator. Last, but not least, be sure to review the payment provisions. Is there a pay when paid provision? Can the owner withhold fees for issues they perceive as errors or omissions without adjudication? What is the stated time-period for payment following submission of the invoice? If the client doesn’t pay you in a timely manner, are you entitled to charge and receive interest or reimbursement for the cost of recovering your fees? Requiring payment can be instrumental in avoiding claims, so don’t let your account receivables get too large or too old. As their clients continue to move away from standard contracts, design firms need to be vigilant about clauses and language that have the potential to significantly expand their risk while undermining their insurance protection. The time is right for design firms to sharpen their focus on contract hygiene and, if necessary, to seek assistance of experienced attorneys and insurance advisors to make sure their agreements are fair, equitable, and insurable. Lauren Martin is a risk manager and claims specialist at Ames & Gough. She can be reached at lmartin@amesgough.com.

LARUEN MARTIN, from page 7

position with their insurance carrier, lead to substantial uninsured costs, and make the resolution of claims more challenging. Frequently, the standard of care definition is elevated with clauses throughout the contract that imply perfection. The words “negligence” and “negligent” have virtually disappeared from many new design contracts even though the only thing your professional liability policy provides coverage for is your negligence. In many current contracts, the definitions of standard of care often include superlatives. Notably, warranty language and other clauses imply perfection that redefine the standard of care. Express warranties are not covered under professional liability insurance policies, so claims involving “Breach of Warranty” may not be covered. When reviewing any proposed contract be sure to watch for and avoid words like “complete,” “all,” “highest,” and “strict,” and phrases like “fit for intended the purposes” or “to the satisfaction of the client.” WATCH BROAD INDEMNIFICATION LANGUAGE. Another issue: Today, nearly every contract requires indemnity of parties other than the client. However, if those parties demand indemnity, those costs will not be covered under a professional liability insurance policy. In addition, prevailing party clauses appear in many design contracts, and attorney fees awarded as a result of these clauses will not be covered. These issues alone can result in six- or seven-figure awards that are not covered by professional liability insurance. AEC firms also need to be aware of potential issues surrounding dispute resolution clauses. They often have

THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

PROFILE

Tim Schroeder accepted his Jerry Allen Courage in Leadership Award at the 2024 ElevateAEC Awards Gala in Tampa, Florida.

Standout leadership: Tim Schroeder President of Neumann Monson Architects (Iowa City, IA), a firm that creates exceptional spaces for living, working, learning, and playing.

By LIISA ANDREASSEN Correspondent

Z weig Group established the Jerry Allen Courage in Leadership Award in 2013 to honor AEC professionals who have made a difference in their company dynamics through courageous leadership. From overcoming obstacles to leading change, these leaders have worked to bring their firms to new heights. The 2024 award went to Tim Schroeder, president of Neumann Monson Architects, and here’s why. STANDOUT LEADERSHIP. Over the course of his nearly 35- year career with Neumann Monson, Schroeder went from summer intern to president. His dedication to organizational change was evident and, when colleagues were asked why he should receive this award, his efforts toward creating a forward-looking succession plan with an eye to maximizing staff engagement topped the list. Under his leadership, Neumann Monson’s profile has risen significantly, garnering regional and national recognition. The company has far outpaced other firms in Iowa and the AIA’s Central States region in earning AIA design recognitions, solidifying its position as a leader in architectural excellence.

Ten years ago, Neumann Monson (established in 1977) had 40 employees, but without unified leadership. Six principal-led studios had inconsistent practices yielding disparate results. However, Schroeder’s studio stood out, producing the firm’s first award-winning projects, attracting talented recruits, and elevating staff expectations. His colleagues say that because of him, today, Neumann Monson Architects is an excellent example of how to prioritize trust, collective success, client satisfaction, and design excellence – all while thriving as a business. Schroeder first learned he had won the Jerry Allen award through a video. “Until I heard familiar voices playing in the video, I had no idea what was coming. It was an emotional moment to see and hear my colleagues sharing their thoughts on video – I felt an overwhelming sense of gratitude for being part of this journey with them,” he says.

See STANDOUT LEADERSHIP , page 10

THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

STANDOUT LEADERSHIP, from page 9

WHERE CHANGE BEGAN – AND CONTINUES TO EVOLVE. It was during Neumann Monson’s first firmwide retreat in 2012, where overall staff dissatisfaction reared its ugly head. Their critical concern was that the firm was not capable of change. This was Schroeder’s call to action. The other principals, fearful of a mass exodus, acknowledged the staff’s trust in Schroeder and tapped into him to guide the organizational change effort as the firm’s first head of operations. He recognized the importance of shifting retention efforts away from convincing dissatisfied staff to stay and toward building a culture where they wanted to grow and thrive. Building a culture of shared trust was a radical shift – one that decentralized power from the top and embraced grassroots, staff-led initiatives that had real meaning and impact on the practice. Schroeder forged into the unknown and built processes that engaged staff at every opportunity, instilling curiosity, and openness in the next generation. Drawing inspiration and direction from John Kotter’s Leading Change, he formed coalitions throughout the firm, articulated an aligning vision based on staff input, empowered others to act on the vision, and orchestrated short-term wins. Not only did staff begin to develop key initiatives and help tackle challenges, they became more engaged – demonstrating a clear sense of ownership over the firm’s success. The key was to reset the operational model and performance expectations for the firm (at the time 35+ years old) while transitioning beyond the leadership of Neumann Monson’s founders. As the firm’s first head of operations, he was tasked with aligning the siloed culture. Through organizational change, research, and staff interviews, he developed and executed a series of interdependent initiatives that dramatically changed the firm’s trajectory, standardized processes, and empowered a new generation of leaders. The first wave of initiatives emphasized teamwork, shared accountability, and high expectations for quality. He incrementally implemented internal feedback loops and traded top-down reviews for bottom-up reviews where each employee anonymously critiqued firm principals. This proved enlightening for the principals and cathartic for the team. He introduced transparent 360 reviews where all team members, including leadership, are critiqued by a cross-section of staff. By introducing this process, he changed the culture of feedback and critique within the firm, but did so incrementally, allowing everyone involved to move at the speed of trust. The process continues to evolve toward real-time feedback loops. “Until I heard familiar voices playing in the video, I had no idea what was coming. It was an emotional moment to see and hear my colleagues sharing their thoughts on video – I felt an overwhelming sense of gratitude for being part of this journey with them.”

Schroeder also engaged a voice-of-the-customer program – Client Feedback Tool – and project managers began sending short surveys to clients at project milestone. As initial feedback uncovered shortfalls in client relationships, he moderated monthly all-staff meetings where feedback was reviewed and improvement strategies discussed. As he coached staff to react without defense and build understanding, results steadily improved, as did client trust and loyalty. Schroeder’s leadership realigned the staff’s perceptions to empathize with the client and favor successful partnerships over autonomy to such an extent that Neumann Monson has become a national leader in client experience among professional service firms. When asked what changes he’s proud of most, Schroeder says, “the team.” “We’ve embraced a culture of openness and experimentation, where all voices could be heard, and took steps to decentralize decision-making, empowering leadership across all levels of the firm. This approach has made us more agile, aligned with our values, and effective in creating meaningful design outcomes,” he shares. He’s also incredibly proud of the succession plan, not just for its success, but for how it came together as a cocreated vision. “As leaders, we put our trust in the next generation and collectively built frameworks that emphasized trust, staff empowerment, and engagement. These principles have guided our evolution, ensuring both continuity and innovation. The key to our success has been a commitment to question the status quo – even if that means challenging our own past innovations,” he says.

THE ZWEIG LETTER FEBRUARY 10, 2025, ISSUE 1572

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