AEC Unscripted: M&A Edition

Ep. 12: Beyond the Multiples: The Art and Science of AEC Valuations

Mon, 03 Nov 2025 01:00:00 -0500

What’s your AEC firm really worth? While it’s tempting to look at market multiples, the true value of your business lies in a much deeper story of risk, potential, and strategic fit. Misunderstanding this value can stop a great deal in its tracks.

In this episode of AEC Unscripted: M&A Edition, host Jeff Adams, Director of Mergers & Acquisitions at Stambaugh Ness, is joined by two leading valuation experts: Tracey Eaves, Managing Director of Transition Services at Zweig Group, and Becky Carlson, Director of Value Advisory at Stambaugh Ness.

Together, they pull back the curtain on the art and science of AEC firm valuation, revealing what buyers and sellers must understand to navigate a transaction successfully.

Listen to learn about:

The critical difference between fair market value, strategic value, and final offer price.
Why income-based approaches are far more important than book value for professional services firms.
Common (and costly) misconceptions about EBITDA multiples, working capital, and deal terms.
Practical steps you can take now to maximize your firm’s value for a future sale.

Accelerate your success in AEC. Book a meeting with us to discuss your M&A future.

🔔 Don't miss out! Subscribe to AEC Unscripted: M&A Edition on your favorite podcast platform. Let's explore the M&A landscape, unlock growth potential, and achieve deal success. Ready to dive deeper? Let's go! 🤝💰

Ep. 11: From Legacy to Leadership: AVID's Path Through AEC M&A

Mon, 07 Jul 2025 10:00:00 -0400

Join Jeff Adams, Director of M&A at Stambaugh Ness, for "From Legacy to Leadership: AVID's Path Through AEC M&A." Former AVID Group owner Tracy Scott shares her powerful journey: stepping into unexpected leadership after tragedy and successfully guiding her firm's sale to McAdams.

This unscripted conversation goes beyond transactions, revealing the critical human element of M&A. Discover firsthand insights on preparing for a sale, navigating due diligence, ensuring cultural alignment, and achieving seamless integration. This episode offers vital lessons on resilience and strategic transitions for any AEC firm.

Accelerate your success in AEC. Book a meeting with us to discuss your M&A future.

Ep. 10: Behind the Deal: Wolverton’s Journey to Sell

Mon, 12 May 2025 10:00:00 -0400

What's it really like to sell your AEC firm? For founders, it’s more than a transaction—it’s a personal and professional milestone shaped by decades of hard work, innovation, and legacy-building. The path to sell your architecture or engineering firm can be emotionally charged and strategically complex.

In this episode of AEC Unscripted: M&A Edition, host Jeff Adams, Director of Mergers & Acquisitions at Stambaugh Ness, speaks with Jay Wolverton, the founding principal and former CEO, and Joe Macrina, the former COO, of Wolverton & Associates.

Together, they share their real-world journey through ownership transition—from exploring internal succession to ultimately selling to private equity-backed CHA Consulting.

Listen to learn about:

Key consideration when internal succession isn’t the right path.
Understanding the strategic and operational aspects of being acquired by a PE-backed platform.
What life looks like after the acquisition for founders and minority owners.

Ep 9: Wealth Management for AEC M&A

Tue, 18 Mar 2025 09:00:00 -0400

Is your AEC firm positioned for financial success after the deal? In this episode of AEC Unscripted: M&A Edition, we dive into Wealth Management for AEC M&A. Jeff Adams, Director of Mergers & Acquisitions at Stambaugh Ness, is joined by Brian McCarver and Jonathan Freeman from Stonebridge Financial Group to provide expert insights for AEC firm leaders.

Brian and Jonathan share their decades of experience, offering critical guidance on:

Pre-sale financial planning to maximize deal value
Strategies for managing wealth post-transaction
Mitigating financial risks and securing your legacy

Learn how to navigate this crucial aspect of M&A and ensure your financial future is as strong as your business.

Ep. 8: Engineer to Strategist: AEC Growth with Private Equity

Tue, 21 Jan 2025 13:00:00 -0500

For AEC firms seeking significant growth, M&A has become a strategic necessity. This episode of AEC Unscripted features Ashraf Jahangir, Chief Strategy Officer at Verdantas, a leading firm that has experienced growth under the ownership of two different private equity firms.

Ashraf, with over 30 years of experience in the AEC industry, provides unique insights into the role of M&A in driving growth.

Listen to learn:

How private equity is transforming the AEC landscape and creating new opportunities for growth.
Key strategies for successful M&A partnerships, from due diligence to integration.
Proven methods for integrating acquisitions while maintaining a high-performing culture and employee engagement.
How to leverage private equity to fuel organic growth and drive innovation.

Ashraf also shares his personal journey from engineer to strategist, offering valuable lessons for aspiring leaders and AEC professionals.

Ep. 7: Tech-Driven M&A: A Game-Changer for AEC

Mon, 09 Dec 2024 10:00:00 -0500

Is your tech infrastructure prepared to avoid costly pitfalls during an M&A transition? In Episode 7 of AEC Unscripted: Mergers & Acquisitions Edition, Jeff Adams is joined by SN’s Phil Keeney and John Honodel to discuss the critical role technology plays in AEC M&A. They’ll share how to assess tech risks and opportunities before the deal, streamline systems during the transaction, and ensure seamless integration post-merger at an architectural, engineering or construction (AEC) firm.

Phil Keeney, Managing Director of Technology Solutions, and John Honodel, CIO and Fractional CIO at SN, provide expert insights on how technology impacts the M&A journey at every stage. From assessing a target firm's tech landscape before a deal to managing risk and system optimization during the transaction to ensuring a smooth post-merger integration, they cover it all.

Whether you're a buyer or seller, this episode will equip you with actionable advice on aligning your technology infrastructure with your M&A goals, reducing risks, and enhancing your firm’s marketability through streamlined, robust systems.

Don’t miss the chance to hear from the experts on strengthening your technology foundation for a successful M&A deal. Subscribe now and get the insights that will drive your M&A strategy forward.

Ep. 6: The 3F's of AEC M&A: Fit, Future, and Financials

Mon, 07 Oct 2024 10:00:00 -0400

In this episode of AEC Unscripted: M&A Edition, host Jeff Adams of Stambaugh Ness sits down with Ernesto Aguilar, President & CEO of Ardurra, a private equity-backed firm, to explore the crucial elements behind successful mergers and acquisitions in the AEC industry. Together, they break down Ardurra’s 3F's rule—Fit, Future & Financials—and how these factors determine the outcome of any M&A deal.

Drawing on his experience leading Ardurra through private equity-backed growth, Ernesto offers valuable insights into evaluating financial health, anticipating industry trends, and ensuring cultural alignment for long-term success. Whether you’re part of a leadership team considering a merger, navigating private equity, or curious about how to thrive in today's competitive landscape, this episode delivers actionable strategies and hard-won wisdom to guide your next M&A decision.

Tune in for an engaging discussion that uncovers the key to unlocking AEC M&A opportunities through the lens of private equity-backed expansion.

Ep. 5: Scaling Up: M&A for AEC Small Businesses

Mon, 09 Sep 2024 10:00:00 -0400

Discover how M&A can help you scale your AEC firm and compete with industry giants in this episode of AEC Unscripted: M&A Edition. Your host, Jeff Adams, Director of Mergers & Acquisitions at Stambaugh Ness sits down with Mike Ramos, President of Raymond to explore the power of M&A for small businesses.

Mike shares invaluable insights, revealing how his firm leveraged mergers and acquisitions to achieve exponential growth, expand into new markets, and enhance its capabilities. Learn how Raymond strategically strengthened its federal presence through mentor-protégé relationships and expanded service offerings.

Whether you’re a small business owner considering M&A or simply curious about the strategies driving industry leaders, this episode offers a must-listen perspective. Don’t miss this opportunity to learn from the experts and unlock the potential of your AEC firm.

Ep. 4: Family Office: An Alternative Approach to AEC M&A

Mon, 12 Aug 2024 10:00:00 -0400

The Family Office is a winsome alternative to traditional private equity in the AEC industry. Join your host, Jeff Adams, as he discusses this topic with Chris Cook, CEO of ELEV8 Holdings. ELEV8 Holdings is an investment company dedicated to reshaping and consolidating the fragmented civil, structural, and architectural engineering sector across the United States.

Chris Cook shares his unique journey and discusses how Family Offices provide a more personal touch and greater autonomy compared to traditional private equity. Learn about the Carling Group’s entrepreneurial spirit and how their Family Office model is designed to foster growth and collaboration within the AEC industry.

The conversation reviews the concept of a conglomerator, highlighting how the Carling Group’s strategy of building a diversified portfolio across multiple sectors, including technology, sports, health, and buildings, can benefit AEC firms. Discover how ELEV8 Holdings is selecting and vetting potential investments, their approach to partnerships and exit strategies, and why Family Offices and conglomerators might be the future of M&A in the AEC sector. Whether you're an industry professional or simply curious about alternative investment strategies, this episode offers valuable insights and expert analysis.

Tune in to understand this transformative potential in the AEC industry and why they are becoming a preferred choice for many business owners looking for growth and successful exits. Don't forget to subscribe and leave us a review wherever you get your podcasts!

Ep. 3: Beyond the Handshake: Why Legal Counsel Matters in AEC M&A

Tue, 09 Jul 2024 10:00:00 -0400

Thinking about buying or selling your AEC firm? Mergers and Acquisitions (M&A) can be a complex process, but with the right guidance, it can also be a strategic move to propel your business forward.

This episode of AEC Unscripted explores the legal aspects of M&A in the AEC industry. Host Jeff Adams sits down with Lawson & Weitzen M&A attorney George Christodoulo, a recognized expert with over 400 deals completed!

In this conversation, you'll learn:

The critical role of experienced legal counsel on both sides of the deal
How to navigate common issues that arise during negotiations
Why clear communication is essential for a smooth M&A process
The importance of industry-specific expertise in AEC M&A

Listen in and gain valuable insights to ensure your next M&A transaction is a success story.

Ep. 2: Private Equity in AEC: A Growing Trend

Tue, 11 Jun 2024 10:00:00 -0400

𝗜𝘀 𝗽𝗿𝗶𝘃𝗮𝘁𝗲 𝗲𝗾𝘂𝗶𝘁𝘆 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝗳𝗶𝘁 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗔𝗘𝗖 𝗳𝗶𝗿𝗺? The architecture, engineering, and construction (AEC) industry is experiencing a surge of private equity (PE) investment. Jeff Adams, CPA, CMAA, and Ira Starr, Long Point Capital, explore how PE can fuel your firm's growth.

In this episode, Ira and Jeff explore the typical investment model, how to position your firm for PE (platform vs. add-on strategy), and the key benefits and considerations. Learn how to leverage PE to access capital, strategic expertise, and achieve your growth goals. Tune in and unlock the potential of private equity for your AEC firm!

Ep 1: You Must Be Doing Something Right!

Tue, 07 May 2024 14:00:00 -0400

In our inaugural episode of AEC Unscripted: M&A Edition, Jeff Adams, CPA, CM&AA, Director, M&A at Stambaugh Ness chats with Dan Huntington, Executive Vice President of the M&A Synergy Team at IMEG, a leading national engineering and design consulting firm. Dan discusses the secrets behind their impressive M&A growth, having grown from just 3 deals in 2018 to integrating 19 firms in just 28 months! He emphasizes the importance of cultural fit and building strong partnerships as key factors in their success.

You'll also learn about IMEG's vast network. With a national presence of over 2,800 employees and 90 offices, they consider a staggering 150 to 200 firms annually. This unique combination provides clients with both national expertise and the power of local connections. Whether you're interested in M&A insights or seeking a top-notch engineering and design firm, this episode has something for you.