Who Buys AEC Firms? Strategic Buyers, Private Equity, and Platform Acquirers
Updated for 2026 AEC buyer activity, including strategic buyers, PE-backed platforms, add-on acquirers, AEC consolidators, infrastructure and technical-services buyers, employee ownership, buyer underwriting, deal structure, and sell-side positioning.
Key answer: The most common buyers of AEC firms are strategic acquirers, PE-backed platforms, add-on acquirers, AEC consolidators, infrastructure and technical-services buyers, and employee ownership or internal transition paths. Each buyer type values backlog, people continuity, technical specialization, client relationships, EBITDA durability, and deal structure differently.
Why it matters: the right buyer is not always the party with the highest headline price. Strategic buyers, private equity, consolidators, and ESOP/internal transition paths can create very different outcomes for valuation, rollover equity, earnouts, working capital, employee retention, culture, founder role, and post-close control.
This guide helps AEC firm owners understand the buyer universe before they begin outreach. It explains who buys architecture, engineering, construction, infrastructure, environmental, and technical-services firms, and how different buyer types underwrite risk, value, and post-close fit.
Use this guide for buyer-type strategy. For broad valuation context, see the AEC Valuation Guide. For engineering-specific valuation, see Engineering Firm Valuation Multiples. For current transactions, see AEC M&A Activity. For AEC-specific advisory support, see AEC M&A Advisory Services.
Transaction context: this guide focuses on the buyer universe for AEC firm owners. It does not attempt to replicate the full sell-side timeline, valuation mechanics, or current transaction activity. Instead, it explains how different acquirers think about the same AEC firm differently.
The core question is not simply “Who will buy the firm?” The better question is: which buyer type can credibly value the company’s backlog, people, clients, leadership, technical capabilities, and growth story without pushing too much risk back into structure?
Most AEC owners think “buyers” means either a competitor or private equity. In reality, the buyer universe is broader: strategic acquirers, PE-backed platforms, add-on acquirers, AEC consolidators, infrastructure and technical-services buyers, and employee ownership or internal transition paths. The right buyer type affects valuation, deal structure, diligence friction, rollover expectations, cultural continuity, and post-close risk.
AEC firms are not “financial engineering” businesses. Buyers are underwriting a delivery engine: leadership continuity, utilization, execution risk, backlog conversion, and the durability of client relationships. That is why the best buyer for your firm is not always the highest multiple on day one. It is the buyer whose model fits your revenue quality, people reality, and ownership objectives.
In practice, most AEC transactions fall into three broad buyer paths: strategic acquirers, private equity-backed platforms and add-ons, and employee ownership or internal transitions. This guide expands that map to include AEC consolidators and infrastructure-oriented buyers, then explains how each group underwrites risk in people- and backlog-driven businesses.
For help turning buyer-path research into a transaction strategy, explore Auxo’s AEC M&A and capital advisory, including company sales, acquisition support and ownership alternatives.
Executive Summary
The main buyers of AEC firms are strategic acquirers, private equity-backed platforms and add-ons, consolidators, infrastructure and technical-services buyers, and employee ownership or internal transition paths. Each buyer type values backlog, people continuity, client relationships, and leadership depth differently.
Strategic buyers are usually asking whether they can plug the firm into an existing operating system and create synergies. Private equity is asking whether the business can scale, professionalize reporting, expand margins, and support a future exit. Add-on acquirers are often looking for regional density, specialty capability, key staff, or client access. ESOP/internal transition paths focus more heavily on culture continuity, financing capacity, and leadership succession.
Owners create leverage by matching the buyer path to their objectives. A founder seeking a clean exit may prioritize different buyers than a founder who wants rollover equity and a second bite. A firm with scarce data center, water, power, MEP, or industrial engineering expertise may draw a different buyer set than a generalist firm with weaker specialization.
Buyer Types Compared: What Changes in Valuation, Structure, and Diligence
Owners often hear “strategic buyer” and “private equity” as if those labels explain the entire process. In reality, the buyer’s strategy determines how it values the firm, how much risk it can absorb, what diligence it emphasizes, and what structure it proposes.
| Buyer Type | What They Are Really Buying | Why They May Pay More | Common Structure | Primary Diligence Focus | Best Fit for Owners Who Want |
|---|---|---|---|---|---|
| Strategic buyer | Capabilities, client access, geography, technical talent, and delivery engine. | Real synergies, cross-sell, geographic expansion, service-line adjacency, or scope capture. | Often majority or full acquisition; earnouts may appear if relationship risk is high. | Client retention, integration feasibility, key staff continuity, culture fit. | Cleaner exit, strategic fit, and lower second-bite expectations. |
| PE-backed platform | Scalable operating model, leadership bench, EBITDA durability, and add-on growth potential. | Growth plan, multiple expansion, margin improvement, and future exit value. | Rollover equity common; QoE and working capital scrutiny usually heavy. | Normalized EBITDA, management depth, backlog conversion, reporting maturity. | Partial liquidity, continued upside, and a role in building a larger platform. |
| Add-on acquirer | Regional density, specialty capabilities, client relationships, technical staff, and backlog. | Fills a gap inside an existing strategic or PE-backed platform. | May be cash-heavy or rollover-based depending on buyer and seller role. | Integration fit, staff retention, client handoff, service-line compatibility. | A clearer integration path and a larger operating home. |
| ESOP / internal transition | Culture continuity, independence, employee retention, and long-term ownership transfer. | Tax and legacy benefits may matter, but value is financing-constrained. | Debt-financed; liquidity may be staged; governance transition is critical. | Cash flow durability, debt capacity, repurchase obligation planning. | Legacy, culture continuity, and controlled transition. |
The AEC Buyer Universe: Strategic Buyers, PE Platforms, Add-Ons, Consolidators, and ESOPs
The AEC buyer universe is broader than a simple strategic-versus-private-equity split. Sub-groups behave differently, diligence differently, and structure differently. Getting this right improves buyer fit and reduces value leakage from avoidable diligence friction.
Strategic buyers
Strategic acquirers buy AEC firms to add capability, expand geography, diversify end markets, deepen client relationships, or improve service-line coverage. They typically underwrite value through a synergy lens: cross-sell potential, utilization improvements, overhead leverage, recruiting density, and stronger go-to-market coverage.
Private equity-backed platforms
Private equity typically enters AEC through a platform thesis: acquire a strong base business, then scale through add-on acquisitions, operational improvements, professionalized reporting, and future exit value. Platforms usually need leadership depth, systems, KPI discipline, and a credible growth plan.
Add-on acquirers
Add-on acquirers may be strategic companies or PE-backed platforms that already have a base business. They may care more about regional density, technical specialization, backlog, staff capacity, or service-line gaps than standalone platform quality.
Employee ownership and internal transitions
ESOPs and internal transitions are not “no buyer.” They are buyer paths where the firm and its employees are effectively the acquirer. These routes can preserve culture and independence but require financing reality: stable cash flow, leadership continuity, and governance planning.
If you want valuation context behind these paths, start with the AEC Valuation Guide and Engineering Firm Valuation Multiples.
AEC Platforms, Add-Ons, and Consolidators: Why Buyer Type Matters
In AEC M&A, “private equity buyer” is not specific enough. A PE-backed platform, an add-on acquirer, a strategic consolidator, and a newly formed platform may all evaluate the same firm differently. The buyer’s current stage determines what it values most: leadership, geography, technical specialization, backlog, client relationships, EBITDA scale, or integration fit.
A platform buyer is usually looking for a business that can support future growth, acquisitions, reporting discipline, and leadership continuity. An add-on buyer may care more about regional density, specialty capability, key staff, client access, or a service-line gap inside an existing platform. A consolidator may pursue recurring add-ons across architecture, engineering, infrastructure, environmental, MEP, power, water, and industrial technical-services markets.
| Buyer Category | What They Usually Want | Seller Implication |
|---|---|---|
| Platform buyer | Scale, leadership depth, systems, EBITDA durability, and a credible acquisition or growth plan. | Often stronger for owners willing to retain equity, keep leading, and help build a larger platform. |
| Add-on buyer | Geographic density, specialty services, client relationships, backlog, or staff capacity inside an existing platform. | May produce a cleaner integration path, but owners should diligence culture, reporting expectations, and decision rights. |
| Strategic consolidator | Capability expansion, market access, cross-sell, recruiting depth, and client coverage. | Can support strong pricing when synergies are real, but confidentiality and integration risk must be controlled. |
| Infrastructure / technical-services buyer | Exposure to water, power, MEP, data centers, industrial, environmental, transportation, or public-infrastructure demand. | Specialization must be proven with revenue mix, staff credentials, backlog, repeat clients, and project margin evidence. |
For deeper context, see AEC Buy-Side Platforms and Bolt-Ons, Private Equity Underwriting for AEC Firms, and Private Equity Roll-Ups in AEC.
Strategic Buyers: When They Pay More and Why
Strategic buyers can sometimes pay more than financial buyers because they are not only buying current earnings. They are buying synergies: revenue uplift, cost leverage, capability expansion, recruiting density, and a faster growth path than building internally.
In AEC, synergy is often less about cutting costs and more about accelerating scale while protecting delivery quality. The best strategic outcomes typically happen when the acquirer can credibly integrate the seller’s delivery model without breaking it. A strategic buyer who cannot retain key people or maintain client trust will not realize synergies, and that risk often shows up as tougher terms, earnout pressure, or conservative underwriting.
Common strategic theses in AEC
- Capability expansion: adding specialty services such as environmental, geotech, MEP, power, water, commissioning, or program management.
- Geographic adjacency: entering or deepening a market corridor with existing client demand.
- End-market diversification: rebalancing exposure across public, private, industrial, infrastructure, and mission-critical demand cycles.
- Client cross-sell: delivering more scope per client without expanding risk disproportionately.
- Talent acquisition: acquiring technical staff, project managers, client leaders, or licensed professionals that are difficult to hire organically.
If a strategic buyer is the right fit, the owner’s job is to protect leverage. That means running a competitive and disciplined process so synergies are priced into the deal rather than extracted through structure. For process design that preserves competition while controlling exposure, see the AEC Confidential Firm Sale Process.
High-Demand AEC Niches Buyers Are Actively Screening
Buyer demand is not evenly distributed across every AEC firm. Acquirers often pay closer attention to firms with specialized exposure to infrastructure-heavy, technically scarce, or mission-critical markets. In the current AEC M&A market, active buyer interest often centers on water/wastewater, MEP, data centers, power and utility infrastructure, and industrial/process engineering.
End-market exposure does not automatically create a premium. Buyers still need to prove backlog quality, staff depth, client transferability, project margins, and whether the firm’s specialization can scale after closing. But when those factors are present, niche exposure can widen the buyer universe and improve strategic fit.
- Data center engineering buyers: often focus on mission-critical power, cooling, MEP, commissioning, utility coordination, and concentration risk. See what buyers look for in data center engineering firms.
- Water and wastewater engineering buyers: evaluate municipal relationships, regulatory demand, backlog visibility, and project-margin durability. See what buyers look for in water engineering firms.
- Power and utility engineering buyers: look for utility relationships, substation expertise, T&D exposure, grid modernization, and technical staff depth. See what buyers look for in power engineering firms.
- MEP engineering buyers: underwrite utilization, building systems expertise, healthcare, data centers, mission-critical exposure, and repeat-client work. See what buyers look for in MEP engineering firms.
- Industrial engineering buyers: evaluate process, automation, controls, manufacturing, food processing, and technical facility exposure. See what buyers look for in industrial engineering firms.
These niches should also be evaluated alongside valuation. For valuation context, see Engineering Firm Valuation Multiples and the AEC Valuation Guide.
Private Equity in AEC: Platform vs Add-On Reality
Private equity can be a strong buyer path for AEC owners who want partial liquidity and future upside. But PE does not buy “firms” the way many strategics do. It buys platforms, add-ons, and scalable operating models. PE underwriting is driven by margin durability, growth levers, leadership depth, reporting maturity, and the ability to execute a plan that leads to a future exit.
The platform-versus-add-on distinction matters because it changes post-close reality. Platforms usually face heavier KPI expectations, integration responsibility, and future acquisition execution. Add-ons may get a cleaner integration path but sometimes have less control over culture and decision-making.
What PE tends to reward in AEC
- Leadership bench: a team that can run without founder dependency.
- Repeatable delivery: consistent project performance, utilization discipline, and margin stability.
- Defensible growth: backlog conversion, pipeline quality, and a clear go-to-market engine.
- Data maturity: KPIs that reduce diligence uncertainty and enable professional reporting post-close.
- Add-on potential: a market position that can support acquisition-led growth.
If you are exploring PE, be honest about what you want: full exit versus partial liquidity, the role you want post-close, and whether you want to participate in a future second bite. For a deeper view, see Private Equity Underwriting for AEC Firms and Private Equity Roll-Ups in AEC.
Employee Ownership / ESOP: The Culture-Preserving Path With Real Constraints
Employee ownership, often through an ESOP, is a legitimate buyer path in AEC, especially for firms where culture, independence, and legacy are priorities. It can reduce external disruption risk and align incentives internally. But it is not “free value.” It is a financing and governance decision that must match cash flow reality.
ESOP outcomes are constrained by what the business can support: debt service, repurchase obligations over time, leadership capacity, and the ability to maintain performance through a governance transition. Owners should evaluate ESOPs as part of an option set, not as a default safe harbor, especially if strategic or PE buyers could provide stronger outcomes on valuation, terms, or founder flexibility.
If you are early in evaluating options, start by clarifying credible value ranges and what buyers will actually underwrite in your firm. A structured starting point is a Market Value Study and a readiness baseline through the Sell-Side Readiness Assessment.
How Buyers Underwrite AEC Firms Across Buyer Types
Regardless of buyer type, the diligence lens in AEC is consistent: buyers are trying to reduce uncertainty around future cash flow. The difference is how they quantify it and what risks they can absorb. If your sale process does not address these underwriting questions proactively, buyers will do it for you, and that usually means lower value or tougher terms.
The buyer-grade AEC underwriting checklist
- Backlog quality: how much is funded, what is the burn rate, what margins are expected, and how predictable is conversion?
- Pipeline credibility: stage, probability, and dependence on a single rainmaker or relationship.
- People continuity: key staff retention risk, leadership depth, and succession readiness.
- Client concentration: revenue dependency and whether relationships are institutional or founder-tethered.
- Delivery model: utilization discipline, project execution processes, change-order dynamics, and claims exposure.
- Normalized EBITDA: what earnings are real, repeatable, and defensible after buyer diligence.
- Working capital: AR, WIP, retainage, billing cadence, and whether cash conversion supports the headline valuation.
For deeper coverage, see Backlog Quality in AEC M&A, AEC Quality of Earnings, and AEC Working Capital Peg.
Deal Structure Patterns by Buyer Type
Owners often fixate on headline price. Buyers fixate on risk allocation. In AEC, structure is often where valuation is actually decided through working capital mechanics, earnouts, rollover equity, retention tools, escrow, and indemnity terms. Understanding the pattern by buyer type helps owners negotiate with clarity.
| Buyer Type | Typical Structure Pattern | Common Pressure Points | Owner Watch-Outs |
|---|---|---|---|
| Strategic | Often majority or full buyouts; synergy-driven pricing. | Integration risk, client retention assumptions, key person continuity. | Earnouts can appear when the buyer fears relationship fragility. |
| Private equity | Rollover equity common; platform may require growth plan and KPI discipline. | Working capital peg, QoE adjustments, earnouts tied to forecasts. | Rollover is only attractive if governance, strategy, and exit expectations are aligned. |
| ESOP / internal | Financing-driven; liquidity may be staged; governance transition matters. | Debt capacity, repurchase obligation planning, leadership succession. | Strong for legacy, but limited if maximum near-term liquidity is the priority. |
For transaction mechanics, see AEC Earnouts and Rollover Equity and AEC Working Capital Peg.
Positioning: How to Attract the Right Buyer Set
The fastest way to get the wrong outcome is to run a process without a thesis. “We want to see who is interested” sounds reasonable, but it often produces unfocused outreach, confused diligence, and buyers anchoring value based on partial understanding.
Strong outcomes come from a clear positioning narrative that matches the buyer set. In practice, positioning should answer three questions in buyer language: why is this firm defensible, what is the growth path and why is it credible, and what risks exist and why are they manageable?
Your answers differ by buyer type. Strategic buyers need to see synergy and integration logic. PE-backed platforms need to see scalability and leadership depth. Add-on buyers need to see a specific gap being filled. ESOP/internal paths need to see cash flow capacity and leadership continuity.
If you are planning outreach, treat confidentiality and positioning as a system. See the AEC Confidential Firm Sale Process and Sell-Side M&A Advisory.
Buyer Path Checklist: Choosing the Right Route for Your AEC Firm
Choosing the best buyer path is less about the market and more about your objectives and readiness. Use this checklist as a practical decision framework before running a process.
| If Your Priority Is | Usually Best-Fit Path | What to Confirm | Common Mistake |
|---|---|---|---|
| Maximize valuation through synergies | Strategic buyers | Integration fit, client overlap, staff retention, and confidentiality controls. | Selling to a competitor without controlling disruption risk. |
| Partial liquidity plus continued upside | Private equity / PE-backed platform | Governance, rollover terms, KPI expectations, exit timeline, and decision rights. | Assuming rollover equals upside without alignment. |
| Regional density or specialty capability sale | Add-on buyer or strategic consolidator | Integration plan, culture fit, reporting burden, and employee retention. | Ignoring what life looks like inside the platform after closing. |
| Culture and legacy continuity | ESOP / internal transition | Cash flow capacity, leadership succession, debt service, and governance structure. | Choosing ESOP as a default without comparing external options. |
For a quick, confidential way to sanity-check where your firm may fall today, you can start with the Business Valuation Calculator, then move into a Market Value Study if you want a more buyer-informed view of value and marketability.
Related AEC Buyer, Valuation, and M&A Resources
If you are evaluating who might buy your AEC firm, the next step is to understand buyer types, valuation drivers, PE underwriting, end-market demand, diligence risk, and process design. The resources below route each question to the right Auxo guide.
Key takeaway: This page explains who buys AEC firms. The resources below go deeper into buyer strategy, private equity underwriting, platform/add-on acquisitions, valuation, end-market buyer criteria, diligence, and process execution.
Buyer universe and private equity strategy
- AEC Buy-Side Platforms and Bolt-Ons — how buyers distinguish platform, add-on, regional expansion, and specialty capability acquisitions.
- Private Equity Underwriting for AEC Firms — how sponsors evaluate EBITDA durability, backlog, management depth, add-on potential, and platform scalability.
- Private Equity Roll-Ups in AEC — what sellers should understand about PE-backed consolidation, rollover equity, and add-on strategy.
- AEC Mergers and Acquisitions — broad buyer-evaluation guide for architecture, engineering, construction, infrastructure, and technical-services firms.
Market context, activity, and valuation
- AEC M&A Activity — recent AEC transactions, engineering firm acquisitions, PE-backed consolidation, and buyer activity.
- AEC M&A Trends — long-term consolidation drivers, succession, private equity activity, and buyer demand.
- Engineering Firm Valuation Multiples (2025) — 2025 valuation signals and pricing conditions for engineering and AEC firms.
- AEC Valuation Guide — how buyers evaluate EBITDA, backlog, WIP, utilization, margins, working capital, and valuation risk.
- Engineering Firm Valuation Multiples — EBITDA, revenue, and SDE multiples for engineering firms.
End-market buyer criteria
- What Buyers Look for in Data Center Engineering Firms
- What Buyers Look for in Water Engineering Firms
- What Buyers Look for in Power Engineering Firms
- What Buyers Look for in MEP Engineering Firms
- What Buyers Look for in Industrial Engineering Firms
Diligence, readiness, and process design
- Backlog Quality in AEC M&A — how buyers evaluate revenue visibility, margin risk, and backlog convertibility.
- AEC Quality of Earnings — how buyers test sustainable EBITDA and project-level earnings quality.
- AEC Working Capital Peg — how AR, WIP, retainage, billing cycles, and closing adjustments affect seller proceeds.
- AEC Confidential Firm Sale Process — how to protect employees, clients, competitors, and sensitive information during outreach.
- AEC Sell-Side Readiness Checklist — owner preparation before buyer conversations and diligence.
- AEC Sell-Side M&A Process — sequencing the process from preparation through outreach, diligence, negotiation, and closing.
Advisory support and next steps
- AEC M&A Advisory Services — advisory support for founder-led and privately held AEC firms evaluating buyers, valuation, and sale strategy.
- Sell-Side M&A Advisory — broader sell-side process support for founder-led middle-market companies.
- Market Value Study — assess likely buyer interest, valuation range, readiness gaps, and market positioning before launching a process.
- Business Valuation Calculator — directional valuation framing before deeper buyer underwriting.
- Contact Auxo Capital Advisors — discuss your goals confidentially and map the right buyer path for your firm.
FAQ: Who Buys AEC Firms?
Who are the most common buyers of AEC firms?
The most common buyers of AEC firms are strategic acquirers, PE-backed platforms, add-on acquirers, AEC consolidators, infrastructure and technical-services buyers, and employee ownership or internal transition paths such as ESOPs.
Do strategic buyers usually pay more than private equity for AEC firms?
Sometimes. Strategic buyers can justify higher prices when synergies are real and integration risk is manageable. Private equity pricing can be very strong for scalable platforms, especially when leadership depth and KPI discipline reduce underwriting risk.
What is the difference between a PE platform and a PE add-on in AEC?
A platform is the primary base business PE buys to scale, often with a dedicated management team, reporting infrastructure, and acquisition plan. An add-on is acquired into an existing platform, usually for geographic density, service-line expansion, talent, or client access.
What do PE-backed AEC platforms look for in acquisition targets?
PE-backed AEC platforms usually look for leadership depth, durable EBITDA, quality backlog, low client concentration, scalable systems, strong project delivery, technical specialization, and add-on potential.
Which AEC niches are buyers most interested in?
Buyer interest is often strongest in infrastructure-heavy or technically scarce niches such as water/wastewater, MEP, data centers, power and utility infrastructure, industrial/process engineering, environmental services, and other specialized technical-services markets.
Is an ESOP a good alternative to selling to a third-party buyer?
An ESOP can preserve independence and provide liquidity, but it has tradeoffs: governance obligations, repurchase obligations, valuation constraints, and execution complexity. It can be a strong fit when leadership continuity is deep and the owner values legacy and culture alongside economics.
How do buyers underwrite backlog and project pipeline in AEC deals?
Buyers evaluate backlog quality, margin, duration, convertibility, pipeline credibility, staffing capacity, client concentration, and whether earnings are sustainable through the delivery cycle.
How does deal structure differ by buyer type in AEC transactions?
Strategics may lean toward cleaner cash deals when integration is straightforward. Private equity commonly uses rollover equity and may include earnouts tied to growth or integration. ESOP and internal transition outcomes often involve staged liquidity and financing considerations.
What are the biggest risk factors that reduce value in an AEC firm sale?
Common value reducers include high client concentration, weak project controls, thin leadership bench, reliance on the founder for business development or delivery, margin volatility, unclear normalized EBITDA, weak backlog quality, and working capital issues.
How can an AEC owner position the firm to attract the right buyer set?
Positioning starts with clean financials and a defensible narrative: what markets the firm wins in, why the delivery model works, where growth comes from, and why risks are manageable. Owners should align process design, diligence materials, and management messaging to the preferred buyer path.
Should I start with a valuation range before deciding which buyer type to pursue?
Yes. A preliminary valuation range helps calibrate whether a strategic sale, private equity recapitalization, ESOP, or internal transition is realistic and what structure may be required.
How long does it typically take to sell an AEC firm?
Timing depends on readiness and process design. Many owners benefit from weeks to months of preparation before outreach, followed by a structured process for indications, management meetings, LOI selection, confirmatory diligence, negotiation, and closing.
Media & Press Inquiries
Auxo Capital Advisors publishes educational research and commentary on AEC M&A, strategic buyers, private equity platforms, AEC consolidators, engineering firm acquisitions, buyer underwriting, valuation, backlog quality, and sell-side readiness.
Auxo Capital Advisors. “Who Buys AEC Firms? Strategic Buyers, Private Equity, and Platform Acquirers.” Auxo Capital Advisors, May 2026.
Press contact: For commentary on AEC buyers, strategic acquirers, PE-backed platforms, infrastructure buyers, or AEC seller readiness, contact Auxo Capital Advisors at info@auxocapitaladvisors.com.
Disclosure & Ethics Note
This article is provided for informational and educational purposes only. It is not legal, tax, accounting, valuation, investment, or transaction-specific advice. Every AEC firm, buyer, process, and transaction outcome is different. Buyer interest, valuation, and deal structure depend on company-specific facts, market conditions, diligence findings, buyer strategy, and negotiation dynamics.
Reading this article does not create an advisory, fiduciary, or client relationship with Auxo Capital Advisors. Owners considering a sale, recapitalization, ESOP, internal transition, valuation, or strategic partner should seek advice tailored to their specific facts and objectives.
