Construction ESOP Collective

About Construction ESOP Collective

How do Employee Stock Ownership Plans (ESOPs) change construction companies? Construction ESOP Collective explores employee ownership, succession planning, valuation, financing, surety, governance, leadership, culture, and employee wealth in the construction industry. Hosted by Chuck Mazzanti, Senior Vice President at Christensen Group Insurance and founder of Construction ESOP Collective, the show features candid conversations with employee-owned contractors, founders, executives, advisors, and industry leaders. Guests share why companies chose an ESOP, how transactions were structured, what changed after closing, and how ownership affects growth and operations. Whether you are a contractor exploring ownership transition, a construction executive leading an ESOP, or an advisor serving employee-owned businesses, this is your resource for practical stories and lessons from the people doing the work. Website: https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Connect with Chuck on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/)

Publisher

Chuck Mazzanti

Category

business

Language

en

Explicit

No

First episode

22 Jul 2026

Latest episode

29 Oct 2026

Latest episodes

10 episodes in the feed.

1. 

   29 Oct 2026

   How a Garage Builder Went 100% Employee-Owned in Two Steps: Rick Otto of Coach House Garages

   Jim Yoder could have easily sold Coach House Garages to private equity. He sold it to his employees instead, in two steps. Rick Otto, President of Coach House Garages in Arthur, Illinois, joins Chuck Mazzanti to tell the story of how a garage builder in its 53rd year became 100% employee-owned. Coach House has built more than 27,000 garages across Illinois, Iowa, Missouri, and Indiana. Rick was born and raised Amish in Arthur, went to work in a truss plant at 17, and joined Coach House on the building crew, starting on the roof. He moved into sales, ran the sales team for 15 years, and became president in 2021, three years after the company's first ESOP transaction. Rick walks through how the deal came together: a letter from Jim to employees, 30% sold to an ESOP in 2018 with seller financing that was paid off ahead of schedule, and the remaining 70% in 2023 with about 40% bank financing and 60% seller financing, with the bank note retired in 13 months instead of 42. He also shares why Coach House held every customer's locked-in price when OSB spiked during COVID, how the company grew revenue about 30% without adding headcount, and what it felt like when the first tax return as a 100% S corporation ESOP came back with zero owed. If you're a contractor weighing your succession options, this is a candid look at employee ownership in a regional builder. IN THIS EPISODE: • Growing up Amish and starting at Coach House on the roof • How Coach House went 30% ESOP in 2018 and 100% in 2023 • Why it costs employee-owners nothing out of pocket • Why Jim Yoder chose his employees over private equity • Seller notes, bank financing, and paying off the bank in 13 months • Holding every customer's price when OSB spiked during COVID • Growing revenue 30% without adding headcount • The first tax return as a 100% S corp ESOP: zero owed • Why Rick can't think of a reason a well-run contractor shouldn't go ESOP CONNECT & RESOURCES Coach House Garages https://www.coachhousegarages.com (https://www.coachhousegarages.com) Rick Otto on LinkedIn https://www.linkedin.com/in/rick-otto-a1147431/ (https://www.linkedin.com/in/rick-otto-a1147431/) Watch this episode on YouTube https://www.youtube.com/watch?v=oDN4vVL0Yds (https://www.youtube.com/watch?v=oDN4vVL0Yds) Construction ESOP Collective https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Chuck Mazzanti on LinkedIn https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/) Follow the Construction ESOP Collective for practical conversations about construction ESOPs, employee ownership, succession planning, leadership, culture, and long-term growth.

2. 

   15 Oct 2026

   Why Contractors Sell to an ESOP, and When They Shouldn't: Jeremy Garrett of Lazear Capital Partners

   What's the one thing no business owner has ever asked for after selling their company? A new boss. Jeremy Garrett, Managing Director and Detroit Market Leader at Lazear Capital Partners, joins Chuck Mazzanti to explain why construction is one of the strongest fits for employee ownership. Jeremy spent 17 years in commercial banking before nine years advising business owners on ESOP and M&A transactions. Before banking, Jeremy worked in his dad's electrical contracting company in Lake Orion, Michigan, and lived the ups and downs of the business at home. After more than 40 years, his dad sold the company to its employees. Today Jeremy helps contractors and other business owners do the same through an ESOP. Jeremy walks through how an ESOP trustee can pay up to fair market value, how the 1042 exchange lets a selling owner defer and potentially avoid capital gains tax, and why an S corporation owned 100% by an ESOP pays no federal income tax. He's also candid about when an ESOP is the wrong answer: companies with less than about $2 million in EBITDA, companies already carrying heavy debt, and companies that can sell for 10 to 15 times EBITDA in the market. If you're a contractor weighing an ESOP against private equity or a strategic buyer, this is a clear, practical look at how the deal actually works. IN THIS EPISODE: • Why construction is such a strong fit for employee ownership • Fair market value, the 1042 exchange, and the tax-free S corp • How younger owners sell to an ESOP and keep running the company • Why no business owner wants a new boss • Earnouts vs. a price locked in on day one • Seller notes, a 12% return, and protecting bonding capacity • Including union employees, and why he's never seen withdrawal liabilities cut an ESOP price • When an ESOP is not the right fit • Stock appreciation rights, a free 30-day feasibility study, and closing in about four months CONNECT & RESOURCES Lazear Capital Partners https://www.lazearcapital.com (https://www.lazearcapital.com) Jeremy Garrett at Lazear https://www.lazearcapital.com/people_detail/jeremy-garrett/ (https://www.lazearcapital.com/people_detail/jeremy-garrett/) Watch this episode on YouTube https://www.youtube.com/watch?v=olZ2f-mSBRo (https://www.youtube.com/watch?v=olZ2f-mSBRo) Construction ESOP Collective https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Chuck Mazzanti on LinkedIn https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/) Follow the Construction ESOP Collective for practical conversations about construction ESOPs, employee ownership, succession planning, leadership, culture, and long-term growth.

3. 

   1 Oct 2026

   From $25M to $80M as an Employee-Owned ESOP Contractor: Ralph Dumke of Waterline Industries

   What happens when a construction founder stands up in front of his whole company and tells everyone to shake hands with their new owner? Ralph Dumke, founder and CEO of Waterline Industries, joins Chuck Mazzanti to share how the Seabrook, New Hampshire water and wastewater contractor became 100% employee-owned through an ESOP eight years ago. Since then, Waterline has grown from about $25 million to nearly $80 million in revenue, and a share of company stock has grown from $56 to $4,033, a gain of more than 7,000%. Ralph started Waterline 39 years ago, 30 days after the 1987 stock market crash, with a pickup truck, a shovel, and his house on the line for bonding. Today the company builds water and wastewater treatment plants for cities and towns and self-performs almost all of its work. Ralph is candid about the mistakes along the way: a surety that shut down his first ESOP attempt, a stock giveaway that triggered a six-figure tax bill, and a bank that walked away the day after the ESOP closed. He also explains why he seller financed 100% of the transaction, what it's like to sell your company without knowing the asking price, and why his employee owners got more careful with every dollar once they owned the place. If you're a construction owner weighing an ESOP against a sale to private equity or a competitor, this is a straight-talk look at what it actually takes. IN THIS EPISODE: • The day Ralph told his employees they were the new owners • Starting Waterline 30 days after the 1987 stock market crash • Why the surety said no to his first ESOP attempt, and why you should talk to your bonding company and bank first • The stock giveaway that backfired with the IRS • Seller financing 100% of the ESOP and selling without knowing your asking price • How the equipment and real estate companies changed the valuation • The bank that walked away the day after the ESOP closed • Share value up roughly 7,100%, and why employee owners spend like owners • Keeping control: an ESOP vs. private equity or a strategic buyer CONNECT & RESOURCES Waterline Industries https://www.waterlineind.com (https://www.waterlineind.com) Watch the Construction ESOP Collective on YouTube https://www.youtube.com/@ConstructionESOPCollective (https://www.youtube.com/@ConstructionESOPCollective) Construction ESOP Collective https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Chuck Mazzanti on LinkedIn https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/) Follow the Construction ESOP Collective for practical conversations about construction ESOPs, employee ownership, succession planning, leadership, culture, and long-term growth.

4. 

   17 Sept 2026

   From Marine Corps to CEO of a $750M Employee-Owned Contractor: Ben Nichols of Harkins Builders

   What does it take to lead a $750 million employee-owned contractor, and how does a construction ESOP turn a career into a retirement nobody has to worry about? Ben Nichols, President and CEO of Harkins Builders, joins Chuck Mazzanti to share how the Columbia, Maryland general contractor became 100% employee-owned in 2001, why its founder's successor, Blase Cooke, made the ESOP decision while facing terminal cancer, and how that decision has produced dozens of employee owners with more than a million dollars in their ESOP accounts. Ben is a third-generation Marine and Naval Academy graduate who led combat engineers in Afghanistan and served with the Seabees before joining Harkins in 2016. He came up through the company's federal contracting group and was selected through a three-year succession plan that deliberately skipped a generation. Today Harkins has 350 employee owners across five offices and is on track to pass $1 billion in revenue before 2030. Ben takes listeners inside how Harkins keeps its ownership culture alive, how it communicates the ESOP to new hires who don't yet believe it, why Maryland now gives ESOPs a procurement preference, how a construction ESOP funds geographic expansion, and when an ESOP is the wrong move for a contractor. IN THIS EPISODE: • Blase Cooke's legacy and why he turned Harkins into an ESOP • Ben's path from the Marine Corps and the Seabees to construction leadership • How Harkins ran a succession plan that skipped a generation • Why new employees need to hear the ESOP story five times before it sinks in • Building an employee-ownership culture across 350 employee owners • How Harkins uses seasoned employee owners to open new offices • Maryland's ESOP procurement preference and what it signals • When a contractor should not go ESOP, and why Ben says it beats private equity CONNECT & RESOURCES Ben Nichols on LinkedIn https://www.linkedin.com/in/bennichols19 (https://www.linkedin.com/in/bennichols19) Harkins Builders https://www.harkinsbuilders.com (https://www.harkinsbuilders.com) Harkins Builders on LinkedIn https://www.linkedin.com/company/harkinsbuilders (https://www.linkedin.com/company/harkinsbuilders) Watch the full episode on YouTube https://www.youtube.com/watch?v=tBodcAHfkkE (https://www.youtube.com/watch?v=tBodcAHfkkE) Construction ESOP Collective https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Chuck Mazzanti on LinkedIn https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/) Follow the Construction ESOP Collective for practical conversations about construction ESOPs, employee ownership, succession planning, leadership, culture, and long-term growth.

5. 

   3 Sept 2026

   From Apprentice to President: Building a Construction ESOP Culture with Bobby Sigmon

   Bobby Sigmon began his career at Sessa Sheet Metal Contractors as an apprentice and worked his way to president. He joins Chuck Mazzanti to discuss construction ESOP leadership, employee ownership, and the culture required to build a sustainable ESOP. From workforce development and jobsite safety to profitability, share value, and ESOP repurchase obligations, Bobby explains how everyday decisions affect an employee-owned construction company. He also shares why culture builds the ESOP, not the other way around. For construction business owners, executives, and employee owners, this episode offers practical insight into succession planning, developing future leaders, preserving a company’s legacy, and evaluating an ESOP alongside transition options such as private equity. IN THIS EPISODE: • Bobby’s journey from apprentice to president • Building an employee-ownership culture in construction • Connecting safety, productivity, and profitability to share value • Preparing the next generation of employee owners • Planning for ESOP repurchase obligations • Evaluating employee ownership, private equity, and company legacy • Learning from failure and developing stronger leaders CONNECT & RESOURCES Bobby Sigmon on LinkedIn https://www.linkedin.com/in/bobby-sigmon (https://www.linkedin.com/in/bobby-sigmon) Sessa Sheet Metal Contractors https://www.sessasheetmetal.com/ (https://www.sessasheetmetal.com/) Sessa Sheet Metal Contractors on LinkedIn https://www.linkedin.com/company/sessa-sheet-metal-contractors (https://www.linkedin.com/company/sessa-sheet-metal-contractors) Construction ESOP Collective https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Chuck Mazzanti on LinkedIn https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/)

6. 

   20 Aug 2026

   Protecting Bonding Capacity During an ESOP Transition | Alan Starks

   What happens to a contractor’s surety bonding program when ownership transitions to an ESOP? In this episode of the Construction ESOP Collective, Chuck Mazzanti sits down with Alan Starks, Senior Vice President - Surety at Christensen Group Insurance, to explain how surety teams evaluate construction ESOP transactions and why early, transparent communication matters. Alan brings a unique perspective from working with ESOP-owned contractors and inside a 100% employee-owned organization. They discuss how an ESOP transaction can affect bonding capacity, why surety teams focus on working capital, equity and debt-to-worth, and how seller notes, possible subordination and, in some cases, limited personal indemnity may factor into a transaction. Alan also explains why management depth, succession planning and a long runway can make a difference before ownership changes. In this episode, you’ll learn: Why to involve your surety team early in ESOP planning How surety teams evaluate construction ESOP transactions Why working capital, equity and debt-to-worth matter How seller notes and possible subordination may affect the transaction Why management continuity and succession planning matter Why sureties do not like surprises What advisers can accomplish with 10 to 15 years of planning compared with a 90-day fire drill If you own or lead a bonded construction company and are considering an ESOP, this conversation provides a practical framework for identifying the surety and bonding questions to address early. Every company, transaction and surety decision is different. CONNECT & RESOURCES Construction ESOP Collective Website: https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Construction ESOP Collective Podcast: https://www.constructionesopcollective.com/podcast (https://www.constructionesopcollective.com/podcast) Chuck Mazzanti on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/) Alan Starks, Christensen Group: https://www.christensengroup.com/team/alan-starks (https://www.christensengroup.com/team/alan-starks)

7. 

   6 Aug 2026

   How Legacy Utility Group Reached $84M and Chose Employee Ownership | David Jaeger

   What happens when private equity comes calling, but selling the company could mean losing the team, culture, and control that built it? David Jaeger, CEO of Legacy Utility Group and Nor-Cal Pipeline Services, joins Chuck Mazzanti to explain how the company grew from one truck and three employees to 225 employees and approximately $84 million in annual revenue. When it was time to create liquidity for his father and plan the company’s future, David chose a 49% Employee Stock Ownership Plan instead of a private equity sale. David takes listeners inside the ESOP transaction, including succession planning, employee communication, banking and surety relationships, transaction debt, union workforce considerations, recruiting, acquisitions, and the challenge of turning employee ownership into a lasting competitive advantage. IN THIS EPISODE • Why David chose an ESOP over private equity • How Nor-Cal grew from one truck to $84 million in annual revenue • What a 49% ESOP meant for succession, liquidity, and control • How employee ownership can influence recruiting, retention, culture, and employee wealth • What construction leaders should know about banking, bonding, governance, and acquisition growth CONNECT & RESOURCES Connect with David Jaeger on LinkedIn: https://www.linkedin.com/in/david-jaeger-654b5154 (https://www.linkedin.com/in/david-jaeger-654b5154) Learn more about Legacy Utility Group: https://www.legacyutilitygroup.com/ (https://www.legacyutilitygroup.com/) Learn more about Nor-Cal Pipeline Services: https://norcalpipe.com/ (https://norcalpipe.com/) Connect with Chuck Mazzanti on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/) Visit the Construction ESOP Collective: https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Follow the Construction ESOP Collective for practical conversations about construction ESOPs, employee ownership, succession planning, leadership, culture, and long-term growth.

8. 

   23 Jul 2026

   The ESOP Growth Story: From $5 Million to $300 Million | Bob Whalen

   An ESOP can be more than a succession plan. It can become an engine for growth, acquisitions, culture, and employee wealth. Bob Whalen is the CEO of HB Global and author of Beyond Your Ownership. He joins Chuck Mazzanti to explain how a business purchased for a little over $5 million grew into an employee-owned enterprise that has created more than $300 million in equity value for employee owners. Hear what it takes to scale through acquisitions, protect an ownership culture, and create lasting value for the people doing the work. CONNECT & RESOURCES Bob Whalen on LinkedIn: https://www.linkedin.com/in/bob-whalen-4023a21b/ (https://www.linkedin.com/in/bob-whalen-4023a21b/) Beyond Your Ownership: How Employee Ownership Can Align Your Purpose, People, and Profit: https://www.amazon.com/dp/1968164170 (https://www.amazon.com/dp/1968164170) Learn more about HB Global: https://hb-global.com/ (https://hb-global.com/) Connect with Chuck Mazzanti on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/) Visit the Construction ESOP Collective: https://www.constructionesopcollective.com/ (https://www.constructionesopcollective.com/) Follow the Construction ESOP Collective for more conversations with leaders building legacy, wealth, and stronger construction companies through employee ownership.

9. 

   22 Jul 2026

   The Power of Employee Ownership in Construction | Bill Duguay

   What happens after a construction company sells to its employees, and how do you make sure the ESOP thrives long after the founder leaves? Host Chuck Mazzanti sits down with Bill Duguay, Certified EOS Implementer and former president of a 700-person, 100% employee-owned Texas construction company, for a practical conversation about building durable employee ownership. Bill shares lessons from inside an ESOP transition, including the transaction’s debt and surety implications; communicating ownership to field teams; aligning leadership, safety, and daily execution; and professionalizing the board as the company moves from a newly leveraged ESOP to a mature organization facing repurchase obligations and growth decisions. They also explore how EOS can help construction companies run with greater clarity, accountability, predictability, and repeatability, and why a founder’s greatest gift may be building a business that can thrive without them. In this episode: What construction leaders often underestimate about ESOP transactions Why surety conversations need to begin early How to make ownership tangible for employee-owners How boards should evolve through debt paydown, repurchase obligations, and M&A Why safety is both a human system and a top company KPI How EOS brings project-style discipline to running the business What succession planning looks like beyond the founder Learn more about Bill: https://implementer.eosworldwide.com/bill-duguay/ (https://implementer.eosworldwide.com/bill-duguay/) Connect with Bill on LinkedIn: https://www.linkedin.com/in/billduguay-eos-esop-construction (https://www.linkedin.com/in/billduguay-eos-esop-construction) Connect with your host, Chuck Mazzanti: https://www.linkedin.com/in/chuck-mazzanti/ (https://www.linkedin.com/in/chuck-mazzanti/) Learn more about Construction ESOP Collective: https://constructionesopcollective.com/ (https://constructionesopcollective.com/) Construction ESOP Collective Built by the crew. Owned by the crew.

10. 

    22 Jul 2026

    Introducing Construction ESOP Collective.

    Employee ownership is reshaping construction; creating wealth for employees, strengthening companies, and protecting legacies. Hosted by Chuck Mazzanti, the show features candid conversations with construction leaders, employee-owners, and industry advisors about ESOPs, succession planning, safety, culture, leadership, and shared success. Hear highlights from our first three conversations, then follow the show so you don’t miss what comes next. Built by the crew. Owned by the crew. Learn more: https://www.constructionesopcollective.com (https://www.constructionesopcollective.com/)

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Public platform figures. Ratings count people who left a rating, not total listeners.

Apple Podcasts (US)

5.0 / 5

9 ratings

Spotify

5.0 / 5

6 ratings

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Guest appearances

Books guests

Based on episode analysis; this does not confirm that the show is currently accepting guests.