The Silver Tsunami: How Employee Ownership Can Save Construction Businesses
Construct-ive Conversations
In this episode of Constructive Conversations, host Eddie Thompson (Brown Edwards and Company) sits down with Steve Storkan, Executive Director of the Employee Ownership Expansion Network (EOX Network), a national nonprofit dedicated to expanding employee ownership across the country.
Steve shares his 30-year background in ESOP consulting and financial planning before explaining EOX's mission: building and supporting a nationwide network of 25 (soon to be 26) independent state centers that provide free, unbiased education on employee ownership to business owners, community leaders, and advisors.
The conversation dives into the "silver tsunami" — the looming wave of business owner retirements (millions of businesses owned by people over 55) and the succession-planning crisis it's creating, particularly in construction, where skilled labor shortages compound the problem. Steve breaks down the main forms of employee ownership — ESOPs, worker cooperatives, employee ownership trusts, and direct share ownership — and explains why ESOPs are especially prevalent in construction. He and Eddie discuss the tax advantages of selling to an ESOP (including 1042 transactions and 100% S-Corp ESOP structures), real-world success stories from family-owned construction companies, and how employee ownership boosts retention and gives workers a stake in company performance. Steve also shares eye-opening statistics on the number of construction ESOPs, participants, and retirement assets nationwide.
Tune in to learn how employee ownership can be a win-win solution for business owners planning succession and employees looking to build long-term wealth.
Loading