Whether you’re a seasoned acquirer or a potential seller fielding conversations from interested buyers, consider this: too often, buyers start with EBITDA, multiples, and revenue synergies before asking a more fundamental question: Do we actually fit?

In the architecture, engineering, and construction (A/E/C) world, M&A success is rarely about the spreadsheets alone. Deals fall apart not because of a gap in valuation, but because of a gap in alignment, in how two firms think, operate, and lead. 

The Real Foundation of a Successful Deal

Cultural fit isn’t just about whether the two firms “like each other.” It’s about shared values, leadership style, and how decisions are made. Strategic fit, meanwhile, concerns whether the seller’s strengths actually advance the buyer’s long-term objectives such as market expansion, service diversification, or client base growth.

In the A/E/C space, where reputation, client trust, and staff continuity are everything, these dimensions matter even more. Engineers and architects don’t pivot easily to new cultures or leadership philosophies. If the underlying business philosophies aren’t aligned before the financials are discussed, the eventual integration will be far harder and more expensive than anticipated.

Why Fit Drives Value

When cultural and strategic alignment exist, numbers tend to follow. Sellers open up more readily, client and staff retention post-close improves, and the integration period shortens dramatically. A buyer that truly understands how a firm operates, not just what it earns, can structure an offer that rewards collaboration rather than tension.

Moreover, sellers are increasingly savvy. The best A/E/C firms aren’t chasing the highest bidder, they’re seeking a buyer who will protect their people, clients, and legacy. Leading with financials sends the wrong message: that this is just a transaction, not a partnership.

Building Fit Into the Process

Buyers who consistently succeed in this market follow a simple sequence:

1. Start with strategy, not spreadsheets. Identify why you want this particular firm and what strategic gap it fills.

2. Invest time in relationship building. Have multiple discussions before a letter of intent ever gets drafted.

3. Listen more than you pitch. Understand how the seller defines success, both financially and culturally.

4. Bring your team into early conversations. Cultural cues often show up in informal interactions between staff.

5. Then, and only then, move to valuation. Once mutual confidence exists, numbers can be discussed in context, not isolation.

The Takeaway

In A/E/C M&A, the smartest buyers know that valuation is the outcome of alignment, not the starting point. Firms that lead with empathy, curiosity, and clarity about strategic goals consistently outperform those chasing discounted EBITDA or theoretical revenue synergies.

Before talking about numbers, make sure you’re speaking the same language, in purpose, culture, and vision. That’s the real blueprint for lasting value.

Are you ready? PSMJ’s M&A Advisory and Ownership Transition practice has helped thousands of AEC firm owners find, structure, and execute their M&A and Ownership strategies with lasting results. Whether you’re looking to expand your firm with an acquisition, plan your exit strategy via internal or external sale, our bespoke approach is built around you and your goals. PSMJ’s award winning team of experts is here for you every step of the way.

Learn more about PSMJ’s M&A advisory services here.