PIA/GATF Summit Looks at Industry M&As

ACG has completed 15 acquisitions. During the past 18 months, four firms were brought into the fold, while eight were not. Gillispie thought that was a pretty good batting average.

Both Dyott and Gillispie were clear, as was Davis, that they want top management of the acquired firm to stay in place.

When asked how to get the most value for your operation as a seller, Gillispie responded, "Get debt down. Get earnings up with strong cash flow." He added that the seller should get advice from knowledgeable outside sources.

By C. Clinte Bolte