You Survived. Time to Thrive.. Presented by Mark Goodale Principal Morrissey Goodale LLC.
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Transcript of You Survived. Time to Thrive.. Presented by Mark Goodale Principal Morrissey Goodale LLC.
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Presented by
Mark Goodale
Principal
Morrissey Goodale LLC
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OUR CAUSE— WHY WE EXIST
To help AEC firms build more successful businesses
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HOW WE HELP OUR CLIENTS
What you know you don’t know What you don’t know you don’t know
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WHAT WE DO FOR OUR CLIENTS
Strategy M&A Valuation/OT Visibility/Corporate Message/Branding Executive Coaching M&A Update, AEC Dashboard, Report Card
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Macro-Trends State of the Consulting Engineering Industry
Market Sector Trends 2012 Business Success Factors
What We’ll Cover
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Q4 11 US GDP growth = 3% (11 was 1.7%) Projected Q1 12 GDP growth = 2.5% US unemployment down to 8.2% (PA is at 7.6%) 2012 construction growth 2-8% growth
2012— A Slow Thaw
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Better than even chance we will avoid another recession in 2012
Corporate profits are strong, more cash than 08 Banking system is healthier than 2-3 years ago Commercial and industrial loans on the rise Low interest rates Pockets of growth (shale plays, light
manufacturing)
Cautious Optimism
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Financial performance is recovering Markets are stabilizing Competition is fierce Leadership getting second wind Recruiting and retention will take center stage soon Industry consolidation continues
State of the Industry— A Mixed Bag
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Year-to-date deal count in the United States to 44, down 17% from the 53 domestic deals tracked through the same period in 2011. Beyond the U.S., the total global deal count is now 77, down 26% from the 104 global deals tracked through the same period last year.
Industry Consolidation Cooling Slightly
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Activity by State
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For total deals by state, PA (16) trails only CA (46), TX (33), VA (20), FL (19) and NY (18) in total sales from 2010-2012. It also ranks 6th highest in terms of sales as a percentage of current ACEC membership.
Pennsylvania Active in M&A
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Recent Pennsylvania Buyers
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Recent Pennsylvania Sellers
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Deal Multiples
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Recovering Markets
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Time to Thrive
Get back to business fundamentals Identify the hard and soft issues Think holistically, not in a vacuum
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The Hard Stuff
Organization structure, resource sharing Incentive compensation Market focus Winning work Quality control Recruiting and retention Ownership transition
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The Soft Stuff
Communication Dealing with personalities Leadership Maintaining client focus
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It’s All Interconnected
Take a deep breath! Stop the bus and back it up to your firm’s core purpose
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Confirm Purpose and Direction
Punch List Defined in terms of client needs Clearly states the key beliefs, values, and
priorities that leaders and staff are committed to and that influence the decisions they make
Outlines the firm’s philosophy on its social/community responsibilities
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WhyHowWhat
They don’t buy what you do, they buy why you do it
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What are You and Your Team Building?
Growth? Culture? Services & Markets?
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What’s Getting in the Way? The Soft Stuff
Communication Dealing with personalities Leadership Maintaining client focus
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Get the Team Healthy
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Take Inventory
S&W’s are internal O&T’s are external SWOT is great, but only a laundry list Too often it stops there
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Mix & Match
Strengths (S)
1. Large firm with deep expertise
2. Strong leader/ideals 3. Established brand name 4. Clear org structure
Weaknesses (W)
1. Size becoming unmanageable
2. Bottleneck at top of firm 3. Newer staff not sharing
leadership’s ideals 4. Finances: revenues
falling, costs climbing
Opportunities (O)
1. Water/WW sector hot 2. Buyer’s market for
acquisitions 3. Larger firms looking to
acquire market share 4. Clients will pay for top
service in select markets
SO
1. Create Build/Own/Operate business model (S1, O1)
2. Create strategtic alliances with larger consulting firms (S1, S3, O1, O3)
WO
1. Sell to a larger firm (W1, W3, O3)
2. Flatten org structure, adopt LEAN project delivery (W2, O4)
Threats (T)
1. Client demand for our core service is down
2. Clients finding substitutes for some of the industry services we provide
3. Competition getting stronger
4. Key staff being recruited
ST
1. Acquire our toughest competitor (S1, T3)
2. Divest our weaker divisions and invest in W/WW (S1, T1)
WT
1. Downsize the operation (W1, W4, T1)
2. Selective recruiting for key individuals who reflect core ideals and values (W3, T4)
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Making and Securing Reliable Promises
Elements of a Promise Clear customer Clear performer Clear conditions of satisfaction Finish line Takes place in the future
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Making and Securing Reliable Promises
Elements of Reliability Conditions of satisfaction are understood and
acceptable to the performer The performer has the competency or access to
the competency The performer knows how long it will take The performer has the time to do it The performer has allocated capacity to the task