AEC leaders cannot predict every turn ahead, but they can build firms ready to adapt, invest, and seize opportunity.
After a week in Park City for M&A Next and ElevateAEC, I came home energized about where this industry is headed. Not because the path ahead looks easy, but because the forces reshaping AEC – from ownership transition and M&A to talent and technology – are creating enormous opportunity amid the uncertainty.
That tension – between opportunity and uncertainty – was exactly why we chose “Uncharted” as the theme for this year’s ElevateAEC Conference. None of us has a perfect map for where this industry is going, but after listening to some of the best leaders in AEC, talking with attendees from firms across the country, and watching the conversations continue long after sessions ended, I left Park City convinced we don’t need to know every turn before we start moving.
What AEC leaders should understand about today’s M&A market
M&A Next made clear just how much the acquisition environment has evolved. AEC remains an active, attractive market for buyers and investors, but the most interesting conversations were not simply about what firms are worth today; they were about what firms could become.
That distinction matters because an active market is not necessarily an indiscriminate one. Buyers are becoming more selective, looking beyond size and geography toward leadership, differentiated capabilities, and the ability to create additional value after a deal closes.
The market is increasingly rewarding strategic relevance. A firm can be profitable and well run without standing out to buyers if its capabilities, leadership, or market position can easily be found somewhere else. The firms attracting the strongest interest are those that have something difficult to replicate and have the leadership capacity to turn opportunity into growth.
Leadership may be one of the scarcest assets of all. Capital can fund an acquisition, but it can't manage a client relationship, develop the next principal, or build a new market. That's why leadership depth increasingly belongs in the conversation about value, not simply in the integration plan after a transaction closes.
And that matters even for firms that have no intention of selling. Understanding what makes your firm difficult to replicate – and intentionally strengthening those qualities – builds a better business regardless of who owns it.
We were living some of that ourselves in Park City. We officially launched SNZweig, bringing Zweig Group and Stambaugh Ness together to create something neither firm could build in quite the same way alone. It was a fitting example of the kind of deliberate growth we spent the week discussing.
Why uncertainty demands action from AEC leaders
That willingness to act was a recurring idea throughout ElevateAEC. The “Uncharted” theme was about recognizing that uncertainty is the environment leaders operate in.
AI is advancing rapidly, capital is moving between markets, workforce demographics are creating new constraints, and ownership is changing hands amid continued policy and economic shifts. Waiting until those forces become predictable is not a strategy.
The data we shared in Park City reinforced that point. Backlog has eased from 10.7 months to 8.9, and firms have slightly less pricing leverage than they did a year ago. But stronger performers are separating themselves through tighter project execution, faster WIP conversion, and greater pricing discipline. As conditions become more challenging, the gap between stronger and weaker firms is widening.
That makes adaptability a competitive advantage. Firms need to understand where demand is moving, invest in the capabilities and people required to serve it, and make decisions before circumstances force their hand. The same applies to technology. The firms gaining the most from innovation are not just experimenting with new tools; they're putting them into real workflows and finding ways to create measurable value.
One of the clearest messages of the week came from Andra Kidd’s keynote: The forces reshaping AEC don't require leaders to predict the future; they require leaders to decide. To succeed, leaders must make deliberate choices about ownership transition, technology, talent, and where their firms are positioned to compete.
Turning conference momentum into action
Our conferences are energizing – then everyone goes home. The real measure of what happened in Park City will be what happens next. What conversations need to continue inside your firm? What investment have you known you needed to make? What opportunity suddenly looks more achievable?
Next year, we’ll carry that momentum to Indianapolis. If Park City was about charting the course, Indianapolis will be about having the discipline and stamina to stay on it, because in this industry, success is not just about reaching the finish line – it's about having the endurance to keep accelerating past it.
We look forward to seeing you next year in Indianapolis. The next lap starts there.
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Chad Clinehens is president at SNZweig. Contact him at cclinehens@snzweig.com. |
