Your source for construction industry news in the Carolinas
“This is just business. It’s not personal.” I remember the first time I heard those words. It is a story I have told repeatedly over the years. It was in the early 1990s and I was a young manager dealing with a difficult situation on a project. Making the situation more difficult was one specific…
A privately-owned business reflects a lifetime of hard work, and it is understandable to wish those values to continue when it is time for a company to change hands. With an ESOP, an owner will have the opportunity to establish a legacy and help provide for the future of the company’s employees that have helped…
Prairie Capital Advisors, Inc. (“Prairie”), a leading middle-market investment bank, recently released its ESOP Construction Industry Survey. Prairie works with owners of private construction businesses across the country, providing advisory services to support their growth and ownership transition strategies. Many of its clients in the construction industry have decided on an ESOP as part of…
Employee stock ownership plans (ESOPs) are employee benefit plans that buy a portion of a company’s shares for employees that become vested over time. These plans have many advantages for businesses, business owners, and employees. Following are three steps that companies should take if they are considering an ESOP implementation. Seek Knowledgeable Advice Companies should seek advice…
Choate Construction Company recently announced that it is transferring beneficial ownership to its employees. The commercial construction firm has become 100% employee owned via the newly created Choate Employee Stock Ownership Plan (ESOP) Trust. “Choate is a tight-knit family, and we truly care for each other. We were solicited continuously over the years by larger…
