Professional Services Firms Don't Have Intellectual Property

Gregg, do you have a war story that might help the audience understand this a little better? I've got a great one. So i was advising a civil engineering firm about a yearago. The owner was truly brilliant. He had an amazing way to hire and make profitable inexperienced engineers. And he told me, the banker said that his firm was not sellable. Nobody was going to buy it. But Gregg disagreed with the banker. There was no intellectual property. This distinction is why they are considered a professional service. Acquirers are not interested in buying sub contractor body shops. They're interested in buying professional services firms.