Would you represent yourself in court? File your own taxes in a complex audit? Manage your own retirement portfolio without an expert’s input?

Selling your firm is no different. You’ve built something extraordinary, don’t put it all at risk by trying to learn on the job.

Every year, we speak with architecture, engineering, and environmental consulting firm owners who tell us, “I know my firm better than anyone. I already know a few potential buyers. I can probably handle the sale myself.” We wish them luck, and when we reconnect a year or two later, we hear that things didn’t turn out as well as they could have.

It’s a natural instinct. Most owners have built successful companies through decades of judgment, persistence, and client relationships. But selling your firm isn’t the same as winning a project or negotiating a contract. It’s a once-in-a-lifetime event with layers of financial, legal, and human complexity that few firm owners have encountered before
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At PSMJ Resources, we’ve advised hundreds of AEC firm owners through the sale or transition of their businesses. We’ve seen what happens when owners try to represent themselves, and how different the results can be when an experienced M&A advisor manages the process.

Below are three real-world examples (with identifying details removed) that demonstrate what happens.
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Case 1: The “Friendly Buyer” Who Anchored Low

A firm owner received an unsolicited call from a competitor. The two firms had collaborated for years, and the buyer positioned the deal as a “friendly merger.” Within weeks, the buyer floated a purchase price that seemed generous, roughly four times the firm’s trailing twelve months of EBITDA, double their internal share price. 

This owner approached PSMJ and asked us to assist with an external valuation and explained the situation. We recommended they use an M&A advisor, but they ultimately declined.

A year after the deal closed, we followed up with him to see how things turned out. Another firm of similar size and market focus, but was represented by PSMJ, sold that same year to the same firm for almost 40 percent more, and with stronger terms.

What an M&A advisor would have done:

A PSMJ advisor would have started by developing a confidential marketing package that positioned the firm’s strengths, then discreetly approached a curated selection of qualified buyers with great track records. By running a controlled competitive process, the advisor would have created tension among bidders, forcing the “friendly” buyer to sharpen its pencil and pay closer to true market value. Even after the same buyer prevailed, the seller would have closed the deal with confidence that the price, partnering terms, and structure were truly the best available.
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Case 2: The “Simple Deal” That Turned Complex

The three owners, the founder and two minority shareholders, of a 50-person structural engineering firm in the Midwest decided to handle their own sale. The founder, nearing retirement, received interest from a private equity-backed platform. The early conversations were positive, and within a month he had a Letter of Intent in hand.

But what looked like a straightforward transaction quickly turned into a maze. The buyer’s due diligence list ran long and wore him, his team, and his controller down. They wanted everything from client aging reports to subcontractor certificates, IT inventories, and insurance claims histories. With buyer proceeds revealed to the minority shareholders, there was heated disagreement and threats of resignation. Deadlines slipped, updates lagged, and the buyer began to lose confidence. After four exhausting months, the buyer withdrew.

What an M&A advisor would have done:

A seasoned advisor anticipates the entire due diligence process long before an LOI is signed. PSMJ would have organized supporting documents, and managed all buyer requests through a secure data room. More importantly, an advisor serves as a buffer, handling buyer communications, maintaining momentum, and preventing fatigue on both sides. We have managed and navigated shareholder groups and their complex dynamics ranging in size from 2 to 200 and know how to work on behalf of the firm while keeping everyone’s best interest front and center. 

When momentum stalls, deals die. An advisor’s job is to keep the process disciplined and on track. We know what is fair, and how to herd all aspects of the deal to a successful closing, while managing the multitude of headaches that arise.
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Case 3: The Lawyer is Enough

A 40-person architecture firm on the West Coast found what seemed to be the perfect partner, a larger strategic acquirer with renowned work and an excellent culture for their people. This acquirer had partnered with this firm multiple times on various projects and was looking to bring them in-house as a “studio”. 

To that end, they exchanged financials and met multiple times over two months, ultimately culminating in an LOI. The owner of this firm hired an M&A Attorney that PSMJ has worked with previously who recommended they connect with us for M&A Advisory services.

On a call together, the attorney’s words were “I know how to get the deal closed according to the letter of the law. But I do not know how to make sure you get the right price, or what terms you want that aren’t already in there.”

We reviewed the LOI and knew that they could do so much better. This owner assumed that a willing buyer and a willing seller was enough for a great outcome to occur, and went ahead using only the M&A attorney.
What an M&A advisor would have done:

PSMJ’s M&A advisors know this industry, the fairway in deal value and what terms are available. PSMJ’s advisors focus on fit, how your people, brand, and culture will integrate post-closing. During negotiations, we help structure transition periods, branding plans, and retention incentives that protect your firm’s identity and staff. These details are often more important than the purchase price itself. Without them, what once felt like a “perfect fit” can quickly unravel.

We form a partnership with an M&A attorney and a tax advisor to ensure you get the best possible outcome out of a deal. We have a track record of storied success in delivering value even being brought into an already signed-LOI.
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The Hidden Cost of Self-Representation

Selling your firm is emotional. For most AEC owners, it’s the culmination of a lifetime of work and the foundation of their personal net worth. Yet when you’re negotiating directly with a buyer, it’s easy to lose objectivity, and it’s impossible to know the market. Every comment about “risk” or “valuation adjustments” feels personal. Buyers, especially professional acquirers, know this and use it to their advantage.

An experienced advisor changes that dynamic. They bring data, discipline, and emotional distance to a process that is otherwise deeply personal. Instead of reacting to every buyer comment, you gain a strategic partner who filters, translates, and advocates for you from start to finish.
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Why an Advisor More Than Pays for Itself

Owners sometimes view advisory fees as a cost to avoid. In practice, a skilled M&A advisor almost always covers, and far exceeds, that cost through better purchase price and outcomes.

●    Higher valuations: By engaging multiple qualified buyers, an advisor uncovers the true market value of your firm, not just what one buyer is willing to pay.

●    Better terms: Advisors negotiate structure, not just price, including earn-outs, rollover equity, working capital, tax allocation, and retention packages.

●    Time savings: The sale process can take six to twelve months. An advisor manages the mechanics so you can stay focused on running your business and preserving its value during the process.

●    Legacy protection: PSMJ’s advisors understand that for most AEC owners, the deal isn’t only about economics. It’s about where your people and clients will land and ensuring your legacy endures long after the closing date.
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You Only Get One Chance to Get It Right

Selling your firm is one of the most important business decisions you’ll ever make. You can only sell it once, and the difference between a good outcome and a great one often comes down to preparation, process, and partnership.

At PSMJ, our advisors have been guiding AEC firm owners through transitions for nearly 50 years. We understand the nuances of your business model, the buyers in this space, and the legacy you want to preserve.

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.