📐 Engineering firms can post healthy margins—but the expertise is often tied to one person.

Valuation challenges:

• Owner is the licensed PE or lead on billable hours
• No junior staff or succession plan
• Project-based income with long billing cycles
• Revenue tied to personal relationships or referrals

📌 Rule of thumb: No license, no leverage. Without an owner transition plan, goodwill may vanish.

✅ Normalize for license transferability, owner comp, and project pipeline risk.