That didn't work but after searching some more online I managed to get some builds working using following two commands:
otool -L QGroundControl.app/Contents/MacOS/QGroundControl
install_name_tool -change libEsriCommonQt.dylib @rpath/libEsriCommonQt.dylib ./QGroundControl.app/Contents/MacOS/QGroundControl
The issue is with mapping the dylib into the executable one way or the other.
By the way, thanks for rapid responses. I really appreciate the developer community here at Esri!
S