Construction ESOP Collective

Chuck Mazzanti
  • 5.0 (9)
  • Entrepreneurship

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/ Connect with Chuck on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/

Episodes

  1. Oct 1

    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 Watch the Construction ESOP Collective on YouTube https://www.youtube.com/@ConstructionESOPCollective Construction ESOP Collective https://www.constructionesopcollective.com/ Chuck Mazzanti on LinkedIn 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. Sep 17

    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 Harkins Builders https://www.harkinsbuilders.com Harkins Builders on LinkedIn https://www.linkedin.com/company/harkinsbuilders Watch the full episode on YouTube https://www.youtube.com/watch?v=tBodcAHfkkE Construction ESOP Collective https://www.constructionesopcollective.com/ Chuck Mazzanti on LinkedIn 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. Sep 3

    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 Sessa Sheet Metal Contractors https://www.sessasheetmetal.com/ Sessa Sheet Metal Contractors on LinkedIn https://www.linkedin.com/company/sessa-sheet-metal-contractors Construction ESOP Collective https://www.constructionesopcollective.com/ Chuck Mazzanti on LinkedIn https://www.linkedin.com/in/chuck-mazzanti/

  4. Aug 20

    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 planningHow surety teams evaluate construction ESOP transactionsWhy working capital, equity and debt-to-worth matterHow seller notes and possible subordination may affect the transactionWhy management continuity and succession planning matterWhy sureties do not like surprisesWhat 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/ Construction ESOP Collective Podcast: https://www.constructionesopcollective.com/podcast Chuck Mazzanti on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/ Alan Starks, Christensen Group: https://www.christensengroup.com/team/alan-starks

  5. Aug 6

    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 Learn more about Legacy Utility Group: https://www.legacyutilitygroup.com/ Learn more about Nor-Cal Pipeline Services: https://norcalpipe.com/ Connect with Chuck Mazzanti on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/ Visit the Construction ESOP Collective: 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.

  6. Jul 23

    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/ Beyond Your Ownership: How Employee Ownership Can Align Your Purpose, People, and Profit: https://www.amazon.com/dp/1968164170 Learn more about HB Global: https://hb-global.com/ Connect with Chuck Mazzanti on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/ Visit the Construction ESOP Collective: https://www.constructionesopcollective.com/ Follow the Construction ESOP Collective for more conversations with leaders building legacy, wealth, and stronger construction companies through employee ownership.

  7. Jul 22

    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/ Connect with Bill on LinkedIn: https://www.linkedin.com/in/billduguay-eos-esop-construction Connect with your host, Chuck Mazzanti: https://www.linkedin.com/in/chuck-mazzanti/ Learn more about Construction ESOP Collective: https://constructionesopcollective.com/ Construction ESOP Collective Built by the crew. Owned by the crew.

  8. Season 1 Trailer

    Construction ESOP Collective Trailer | Employee Ownership in Construction

    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 Connect with Chuck on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/

    Construction ESOP Collective Trailer | Employee Ownership in Construction
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    7 Episodes

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About

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/ Connect with Chuck on LinkedIn: https://www.linkedin.com/in/chuck-mazzanti/

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