TZL 1528 (web)

March 11, 2024, Issue 1528 WWW.ZWEIGGROUP.COM

TRENDLINES

Value/net service revenue

0.65

0.6

0.55

By being proactive and creating spaces to learn and grow, firms can benefit from this evolving workplace landscape. Room to grow

0.5

2020 2021 2022 2023 2024

According to Zweig Group’s 2024 Valuation Report of AEC Firms , the value/net service revenue ratio, calculated by dividing a firm’s value by its net service revenue, has increased to 0.64, indicating a rise in profitability for each dollar of service revenue as well as the close connection between revenue growth and firm valuation. Participate in a survey and save 50 percent on the final or pre- publication price of any Zweig Group research publication.

T he world as we know it is quite different than it was just a few short years ago. The concept of a workplace has taken a dramatic shift, challenging decades of established workplace and accountability models. In an industry that has significant representation from groups over the age of 50, ideas and topics like knowledge transfer, communication, conflict resolution, leadership, and mentoring/training are all more relevant than ever. These challenges are felt particularly hard within the AEC industry, which has historically represented an older median age for its workforce compared to other critical industries. Adding to this, many employees are still working from home – scattered across geographic locations – which can often separate them from workplace dynamics. These challenges have added further pressure to firms going through an ownership transition. Firms who are looking to establish successful transition programs are finding it difficult to rely on traditional practices. Lately, I’ve taken several inbound inquiries for consulting work where the firm has recently gone through a split and/or created separate entities. Two of these were already essentially separate entities, and the other was a single entity that split. In each of these inquiries, the request was to establish a plan and path for the remaining leaders to grow an awareness of what ownership means and get comfortable with the concept of buying into the newly established entity. In these examples, it is perhaps a bit too late in a firm’s life cycle to be addressing questions like, “What does it mean to be an owner?” Though splits and divestitures can be positive in many ways – such as removing toxic leaders – they can also carry with them a negative connotation leading to confusion and discontent post- split, which doesn’t set a strong precedent for a successful transition program. The success of a transition program lies with a firm’s ability to be proactive, working sometimes 10 years in advance of the targeted exit date. Bringing in new owners to help pay down debt doesn’t breed inspiration. However, proactive planning with such a range can perhaps prevent splits and discontent from happening, which will in turn allow the firm to succeed in increasing their value. However, long-term planning for leadership and ownership transition faces new challenges stemming from the increase in employees working from home. In responding to this next generation of leaders, they should be

Will Swearingen

FIRM INDEX H.W. Lochner, Inc. ....................................... 2

Kaas Wilson Architects ..........................9

O’Connell Robertson ................................8

Ware Malcomb .............................................6

MORE ARTICLES n STUART MCLENDON: The great talent vanishing act Page 3 n MARK ZWEIG: LLCs vs. corporations Page 5 n JAYNA DUKE: New kid on the block Page 7 n Hit the ground running: Petro Megits Page 9

See WILL SWEARINGEN, page 2

THE VOICE OF REASON FOR THE AEC INDUSTRY

ON THE MOVE CHRIS SACKS JOINS LOCHNER AS VICE PRESIDENT OF CORPORATE DEVELOPMENT H.W. Lochner, Inc., a leading provider of infrastructure planning and engineering services, announced Chris Sacks has joined Lochner as vice president of corporate development, reporting to the company’s Chief Operating Officer and Chief Financial Officer Jim Doyna. Sacks will play a leading role throughthe full lifecycle of the M&Aprocess, assessing and integrating new partners into Lochner’s infrastructure platform, while closely collaborating with the company’s senior leaders to achieve near- and long-term business objectives. M&A is a key pillar of Lochner’s growth strategy, with the company welcoming four new companies in the last 12 months – Armstrong Consultants, KOA Corporation, K Friese + Associates, and Triunity, Inc.

“Lochner remains steadfast in its commitment to delivering infrastructure solutions for our clients and expanding opportunities for our growing team of professionals,” said Doyna. “We look forward to leveraging Chris’ business acumen and strategic insights to further advance our position as an A/E industry leader.” Sacks brings to Lochner diverse M&A and investment experience spanning engineering, manufacturing, industrial technology, and business services. He previously served as Investment Director for Re:Build Manufacturing, a domestically-focused industrial technology conglomerate. Prior to that, Sacks was a private equity associate for Guardian Capital Partners, and he began his career in Investment Banking at Stifel Financial Corp.

Interested in learning more

about the projects and ideas driving the AEC industry forward? Learn more with Civil+Structural Engineer Media.

WILL SWEARINGEN , from page 1

enabled to make their own decisions and mistakes and to gain access to information to grow their practice. This will allow this next generation of leaders and owners to develop the skills required to own and manage a firm. Ultimately, this requires a level of humility as this focus requires putting ego aside and allowing room for others to grow in their professional practice – in the pursuit of growing the firm and its people. As a firm creates these programs and spaces, communicating the goals, plans, and success of the firm to these potential future leaders becomes a useful tool for employee engagement. A good measure of this are revenue targets and growth goals, which have become extremely important in letting employees see themselves as part of a healthy growing organization with expanding opportunities. In the above examples, the owners calling to set up a plan had just gone through months, if not years, of deliberations, legal proceedings, negotiations, and financial dealings. While ownership in small, privately-held firms is a unique challenge to each situation, having programs and expectations for people to learn what ownership looks like will go a long way in setting up the future success of the firm. These programs will help identify employees who can take the organization to the next level and ultimately ensure a smooth ownership transition, and, if they aren’t in your firm already, actively pursue them and bring them in. As owners look to navigate the changing landscape of the AEC industry and its dynamic workforce, the success of long-term ownership transition programs hinge on being proactive about identifying and preparing leaders of the future. There is still so much to learn about how our changing methods of work will impact AEC firms over the long-term. By being proactive and creating spaces to learn and grow, firms can benefit from this changing landscape, and ensure the long-term success of their firms in the process. Will Swearingen is vice president and director of research and advisory services at Zweig Group. He can be reached at wswearingen@zweiggroup.com.

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AEC SMALL BUSINESS & ENTREPRENEURSHIP FORUM This new event gathers leaders of small AEC firms to discuss the unique issues of managing and growing a small business today. The one-day event includes keynotes, panel discussions, roundtables, and breakout sessions, all focused on the emerging trends and needs of small businesses. Join us May 21 in Atlanta, Georgia. Click here to learn more!

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

OPINION

The great talent vanishing act

Facing a talent shortage exacerbated by baby boomers’ exodus from the workforce, AEC firms must innovate to succeed.

E ver feel like finding a unicorn would be easier than finding a top-notch professional these days? You’re not alone. In boardrooms and virtual happy hours alike, the echoed sentiments are the same from CPAs to attorneys, HR managers, and administrative assistants – good people are hard to find. But it’s not just water cooler talk. The stats from the U.S. Bureau of Labor Statistics tell a tale that’s hard to ignore, especially in the professional and business services industry. We’re not just reminiscing about a bygone era; data for the last decade and forecasts for the next point to a very real talent crisis.

Stuart McLendon

The Professional and Business Services supersector, a fancy term for the collection of NAICS codes 54, 55, and 56, is the primary industry group for credentialed pros like accountants, lawyers, engineers, and the managerial crew. Picture this: In 2022, this sector employed about 18 percent of all workers designated as a “manager” in the U.S economy. So this data set provides very real insights into what is happening in law offices, architectural firms, ad agencies, and the rest of the business support infrastructure that is critical to other business segments in getting products on shelves and services to consumers. Looking backward from September 2023 to 2013,

new hires and separations played a game of tag, with 144.35 million hires barely inching past 139.24 million separations. As businesses scrambled to fill positions, the average number of monthly open and unfilled job postings nearly tripled, from 765,000 in 2013 to a peak of 2,136,000 through 2022. That’s a 12.1 percent compound annual growth rate. For comparison, the S&P 500 returned roughly 11.6 percent during that same period, and I don’t think that is a coincidence. These professionals play two core functions in creating business value: fueling growth and decreasing risk. Business has become increasingly

See STUART MCLENDON, page 4

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

The ripple effect? Gen Xers and millennials, who were once grumbling about slow-moving career ladders, suddenly found themselves staring at a gaping hole in leadership and experience. The dam broke, but the flood left a gap in training and development for stepping into more senior roles. We can also see indications of this in the BLS data sets. From 2018 to 2020 we saw relative stability in seasonally adjusted open positions at about 1.2 million. Again, this is everything from architects to supply chain managers to claims adjusters. Data from 2021 through 2023 has seen that volume climb to an average of 1.9 million, another 50 percent growth in three years! In fairness, those numbers seem to have moderated back to about 1.7 million over 2023, a likely impact from the aggressive tightening of monetary policy over that timeframe. So, where does this leave us? Facing a labor gap that’s more like a chasm, businesses need to get creative. This shift isn’t just a temporary fix; it’s a blueprint for the future of work. What’s the business world to do? Innovate, of course. We’ve seen businesses pivot during COVID, embracing hybrid and remote work models. Turns out, you don’t always need a large investment in office space to get things done. It’s not just about filling seats; it’s about reimagining how we work, where we work, and who we work with. The next part of our story will dive into the creative solutions businesses are cooking up to tackle this talent puzzle. Stay tuned for a look into the world of fractional employment, AI’s role in the workplace, and why your next CFO might just be working beachside in Costa Rica. Stuart McLendon is COO at Zweig Group. Contact him at smclendon@zweiggroup.com.

STUART MCLENDON , from page 3

complex, and financial markets have generally rewarded that complexity as seen with the explosion of financial securitization and derivatives over the past 50 years. The business owners who have invested in a strong professional support organization and the associated high-quality compliance and reporting have been rewarded with premium valuations as they exit. “In boardrooms and virtual happy hours alike, sentiments are the same: good people are hard to find. And it’s not just water cooler talk. The stats tell a tale that’s hard to ignore. We’re not just reminiscing about a bygone era; data for the last decade and forecasts for the next point to a very real talent crisis.” Let’s not overlook the baby boomer exodus. Those born in the post-WWII baby boom have been a dominant influence in the workforce. But as they trade briefcases for golf clubs, we’re left with a talent void. SHRM, the go-to folks for HR wisdom, highlighted a skill gap with the boomers’ departure. Between 2019 and 2020 alone about 3.2 million of them hung up their hats. That’s about 4.5 percent of their workforce, gone in a puff!

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

FROM THE FOUNDER

LLCs vs. corporations

I am no attorney and I don’t provide legal advice; neither does Zweig Group. That said, the attorneys who put so many new AEC companies into an LLC are like dentists who give away candy that rips out your fillings. They are literally creating problems for their clients and future work for themselves by doing so. LLCs are often ill-suited for growing AEC firms, leading to legal entanglements and hindrances later on.

Mark Zweig

LLCs were never intended to be a legal structure used to run a going concern. They typically have a limited lifespan and were designed to do things such as perform a real estate development project. One or a few people pool their resources to buy a piece of property and improve it. The project is done and the LLC is liquidated. There aren’t owners coming and going throughout the project. There’s no board of directors, bylaws, or shareholder agreements. The way these LLC operating agreements are written, every decision of any consequence requires unanimity. You don’t have stock you can buy and sell governed by a shareholder agreement with a valuation methodology and buyback terms. It’s fine for something that will last a year or two, but it’s unwieldy when you try to apply that to a growing AEC firm.

Sure, if you want a passthrough entity for tax purposes and have non-U.S. citizens as owners, an LLC may make sense because you cannot do that with an S-corp. But otherwise, as a legal form for a legitimate AEC firm that hopes to grow and create value for its owners, an LLC will eventually become paralyzing if the ownership has to change. And in my experience, it usually does. A member doesn’t perform and needs to go. A member wants to go do something else. A member gets sick or dies and has to be bought out. Then, nine times out of 10, there is a dispute that must be resolved by attorneys. If you are an entrepreneurial small firm owner who is currently running your business as an LLC, please go

See MARK ZWEIG , page 6

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

ON THE MOVE WARE MALCOMB ANNOUNCES PROMOTIONS FOR THREE OF THEIR NORTHEAST LEADERS Ware Malcomb, an award-winning international design firm, today announced promotions of Jon Anderson to Regional Director; Ed Wilkes to Regional Director; and Claudio Breda to Studio Manager, Architecture in the firm’s Newark, New Jersey office. Respected by clients, consultants and staff, Jon Anderson has cultivated a strong team and provided valuable leadership to the Newark office since joining Ware Malcomb in 2015. In his new role as Regional Director, he will be responsible for leading the Newark office and the overall growth of the Architecture Studio. “Jon’s impact on the Architecture Studio has been profound, marked by diligent work, patience, and expertise in design and construction,” said Jay Todisco, President. “We look forward to Jon’s continued leadership and team development.” Anderson most recently was promoted to Director, Architecture in 2023. His leadership has led to a variety of successful projects, including build- to-suit and speculative industrial facilities for a diverse range of clients. Anderson earned his Bachelor of Architecture degree from Philadelphia University. Ed Wilkes joined Ware Malcomb in 2019 as the firm’s first East Coast civil engineer. In his new role as Regional Director, Wilkes will be responsible

for overall leadership and growth of civil engineering services for the firm’s Newark, New York, Washington, D.C., Atlanta and Miami offices. Chris Strawn, Principal said: “Ed’s leadership skills and business development acumen are a true asset to the firm. His considerable hard work and support to his team have advanced Ware Malcomb’s reputation as the go-to for land development civil engineering design in his region.” His involvement on Ware Malcomb’s Civil Advisory Team serves the firm nationwide and provides insight to further the overall growth of its civil engineering department. A registered Professional Engineer in multiple states, Wilkes earned a Bachelor of Science degree in Civil Engineering from The College of New Jersey, and an MBA from Rutgers University. Claudio Breda has been promoted to Studio Manager, Architecture, overseeing team operations while serving as a go-to resource for understanding complex building systems. Since joining the firm in 2021, Breda has demonstrated his extensive experience across diverse sectors including healthcare, restaurants, workplaces, industrial, offices, public, technology and manufacturing. Jon Anderson, Regional Director, added: “Claudio has been instrumental in expanding our business into new markets, particularly healthcare, and we look forward to his continued success

in this new role.” Holding architectural licenses in New Jersey, New York, Virginia, Massachusetts and Delaware, Breda brings more than 20 years of experience to the firm. He earned a Bachelor of Architecture degree from Pratt Institute in Brooklyn, New York and an Applied Science degree in Interior Design from Berkeley College of Business in New Jersey. Established in 1972, Ware Malcomb is a contemporary and expanding full-service design firm providing professional architecture, planning, interior design, civil engineering, branding and building measurement services to corporate, commercial/ residential developer and public/ institutional clients throughout the world. With office locations throughout the United States, Canada, Mexico and Brazil, the firm specializes in the design of office, industrial, science and technology, healthcare, multifamily, retail, and public/institutional projects. Ware Malcomb is recognized as an Inc. 5000 fastest-growing private company and a Hot Firm by Zweig Group. The firm is also ranked among the top 15 architecture/engineering firms in Engineering News-Record’s Top 500 Design Firms and the top 25 interior design firms in Interior Design magazine’s Top 100 Giants.

So, what do you think? Will you please get some legal and accounting help and deal with this potential problem before it bites you in the hindquarters – or not? I have seen the aftermath of choosing the wrong legal form for a business and it’s not fun. Get smart – think ahead – and set the stage for your future success! Mark Zweig is Zweig Group’s chairman and founder. Contact him at mzweig@zweiggroup.com. “If you are an entrepreneurial small firm owner who is running your business as an LLC, it may be time to convert to a corporation and save yourself all kinds of grief down the road.”

MARK ZWEIG, from page 5

see your attorney and accountant soon and talk to them about your legal form. It may be time to convert to a corporation and save yourself all kinds of grief down the road. Corporations are far more flexible. My guess is that with a corporation, you will be in a better position to raise equity capital from your employees or outsiders if you do. You can have a valuation methodology that penalizes a shareholder who wants to compete, whereas typical non-competition agreements are getting harder and harder to enforce, different buyback terms spelled out in a shareholder agreement won’t be. And you will be less likely to have disputes later – disputes that always seem to come at an inconvenient time and will distract you from selling work, doing work, getting paid, and making a profit – all the stuff you really should be focused on!

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

OPINION

New kid on the block

Reflections from a new principal on unexpected challenges, uncharted opportunities, and what it really takes to earn the title.

I t’s been a long time since this much felt uncharted, but that’s what it’s like to be a new principal. A reality check has come with each step up the ladder. Each rung has come with the realization that there is so much more to this than I truly understood. There is no direction, there is no prescription, there are very real consequences and risks, and I better be rock solid in why I am here in the first place.

Jayna Duke

My role requires a healthy amount of driving. We are in Texas after all, and it is a big state. On one long drive, a young employee asked me if I always knew I wanted to be a principal. Without hesitation I said, “Oh no, absolutely not.” The answer came quickly, followed by the next obvious question I hadn’t really thought about: “So, why are you a principal?” There had never been an interior designer in any position above associate at my firm, at least not during my 15-year tenure. If I had ever considered it before, I hadn’t given it much space to be a real possibility. When it started coming up in serious conversations, I let myself go there and start to want it. Business is ever evolving, and this was accelerated by the pandemic. As a result, the promotion kept

getting pushed off. Without registering it, the title had become this thing to me. I began to unconsciously shift my focus with the goal of obtaining this achievement of being a principal. In hindsight, I can see that wasn’t very helpful. Sometimes I think back to my first annual review at my firm with the CEO, who is still my mentor today. He asked how I was liking the job and I rambled on for who knows how long, elated about the wonderful role interior design has in positively impacting the lives of people in very human spaces like healthcare and education. I lost myself in the answer. He just smiled and very sincerely said, “Don’t ever lose that passion.”

See JAYNA DUKE, page 8

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

passion and reason for going where I was headed, I believe I would have been far better off. There was no role to mimic or follow in my discipline. I had, and still have, the privilege, trust, and daunting task of making it up as I go. I am discovering and shaping what my new role looks like every day. A bit of pre-planning could have brought some clarity, but it’s hard work to shift from a doer to a business development-focused leader. The goals are less concrete. I struggle with where I go next some days. I am in the middle of the unknown. Daily wins look different now. The measured success of a great business development meeting just doesn’t feel the same as a successful project presentation. I miss the direct and real-time client feedback that assures me we did a good job or we’re at least going in the right direction. There are spots of light in the forest and I’m grateful it hasn’t been easy. Retirement is a long way away and I’m not good at being bored. If you’re a new principal, don’t be afraid to reach out to your peer partners for help and advice. They’ve been where you are, and they want to see you and your firm succeed. For any principal reading this, new or tenured, I’d be open to hearing your experience or advice. This has been a learning process, and I’m still learning. Jayna Duke is a principal and director of interior design at O’Connell Robertson. Contact her at jduke@oconnellrobertson. com.

JAYNA DUKE , from page 7

I couldn’t conceive of losing that passion, but his moment of pure sincerity made me take note. I thought back to my mentor’s wise words in the car with the young employee. I never wanted to be partner, but it was clear to me then that my position had come from nothing more than passion for my work. I had such a clear vision of how interior design makes an incredible impact on our projects and I wanted to inject that into more projects across our firm. I did whatever it took to make that happen. As a byproduct of that, I became valuable to the firm and seized opportunities to create and expand a group of like-minded designers who share the same passion. As a result, I now get to lead an entire firm that shares the passion of designing projects that make a difference. Looking back, I realize I lost that focus on my passion. I took my eye off the ball. I wish I had kept asking myself why I wanted to be a principal. If I had, I think I would have been more focused on building that new role. Instead I unknowingly began to create this narrative that making partner would solve all the other hurdles and issues I was facing. I thought if I became a principal, interior design and, by extension, I would be treated with instant dignity and respect. Of course, making partner did not change the cultural landscape of our industry, and people are still complex beings who require consistent leadership to garner respect. If I had stayed focused on my

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

PROFILE

Hit the ground running: Petro Megits CEO of Kaas Wilson Architects (Bloomington, MN), an architecture and interior design firm specializing in all types of multi-family housing.

By LIISA ANDREASSEN Correspondent

K aas Wilson Architects was started during the Great Recession in the kitchen of Link Wilson, one of the company’s founding partners. Petro Megits was its first hire. He was still in graduate school and had just returned from a study abroad trip to Istanbul. His interview took place on Wilson’s couch and Megits was asked to start the next day. With little time to unpack, he hit the ground running and never looked back. Flash forward 17 years later and Megits was promoted to CEO. He admits it was a bit unexpected as he was not in pursuit of such a position – at first. It was during a leadership retreat where all the partners were analyzing each other’s strengths that the board elected Megits to the position. “I’m very fortunate to have some amazing business partners who have shown confidence in my abilities to lead us into the next chapter,” he says. In this fairly fresh role, Megits has a long to-do list of things he’d like to accomplish. They include:

■ Solidifying the business’ presence in the southeast and southwest states. ■ Developing a presence in one more market (currently in the research and development phase). ■ Establishing a self-sustaining succession program for future leaders across various markets. The first to-do item has already been executed with KWA’s recent acquisition of Watts Leaf Architects in Charlotte, North Carolina. The acquisition was geographic in nature because Watts Leaf, which also specializes in multi-family housing, has decades old, deep-rooted relationships in the southeast. The synergy, cultures, and design aesthetics were all well- aligned. Establishing an international housing opportunity is also a key goal. For example, Ukraine will need rebuilding and he

See HIT THE GROUND RUNNING, page 10

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

HEADQUARTERS: Bloomington, MN NUMBER OF EMPLOYEES: 78 YEAR FOUNDED: 2007 OFFICE LOCATIONS: 3 MARKETS:

A Kaas Wilson Architects team meeting.

learning process,” he says. “I recall many conversations in which the final design decision had to be brought back to the reality of financial feasibility. And this is where the challenge is – being flexible enough in your thinking and your design approach to still make the project financially feasible for all project/industry partners involved.” Megits adds that’s he’s been lucky to have some strong industry/business partners, mentors, and even family members (his father has a PhD. in international business/ economics). “All of these people have helped me to hone my business thinking and approach to decision making,” he shares. And he says that there have been many lessons learned along the way, but one that stands out in particular – learning how to slow down and listen. “Listen to a colleague, client, contractor, etc. and really find out where that person is coming from,” he says. “As an architect I was under the impression that everyone was just like me, and that they’d do exactly what I said. Wrong. There’s not a single completed project that doesn’t involve a team of people who offer different perspectives and come from different cultural and professional backgrounds. We all need to work together to achieve our goals. Now our clients say, ‘You really heard us.’”

HIT THE GROUND RUNNING , from page 9

hopes that KWA will be able to introduce the U.S.’s approach to production-based housing through new building techniques and technologies. “There’s not a single completed project that doesn’t involve a team of people who offer different perspectives and come from different cultural and professional backgrounds. We all need to work together to achieve our goals.” “Not only am I a proud American citizen, but I was also born in Ukraine and have many family members who still live there,” he says. “Many have been directly impacted by the war and I want to help them to rebuild and to have the ability to provide cost-effective housing for the masses quickly.” Since being CEO, he says that one of his top challenges has been guiding incremental growth of the organization – building the organizational framework to allow for future growth while maintaining the company’s fundamental culture and core values. “Making the switch from design and theoretical approaches to a more practical business mindset has been a

Multi-family housing

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Senior housing

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Affordable housing

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Commercial TI

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SERVICES:

Architectural design

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Interior design

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Construction administration

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Master planning

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Inspecting architect

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Renovation

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Repositioning

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Historical preservation

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■ Adaptive reuse EXPERIENCE: KWA’s leadership team has more than 130 years of cumulative experience in the industry; this is a great source of pride for the KWA team.

THE ZWEIG LETTER MARCH 11, 2024, ISSUE 1528

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