On Oct. 14, Gov. Jared Polis recognized Gypsum company Top Notch Logworks among four other businesses for transitioning toward employee ownership.
“I congratulate these businesses on their transition to employee ownership and am proud to continue our administration’s work to save businesses money and support employee ownership so that everyone can benefit when a business thrives,” Polis said in a press release.
Help from the Colorado Employee Ownership Office and the Employee Ownership Grant is allowing Top Notch Logworks to break free from its original structure. With this assistance, previous owners David Sante and Herman Mendoza prepare to step back and let employees become more substantial company stakeholders on Jan. 1, 2023.
Sante explained how with its various resources dedicated to employee ownership, the state of Colorado made employee ownership seem even more appealing.
Since its establishment in 2020, the Colorado Employee Ownership Office provides programs, funding and incentives like the Employee Ownership Grant for businesses to transition toward the model. Since Polis established the office, 18 businesses switched gears to employee ownership statewide. Top Notch Logworks is thus far the first in Eagle County to plan an employee ownership transition with these resources.
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Colorado Office of Economic Development and International Trade director of business support Nikki Maloney explained the importance of businesses working with Polis’ Employee Stock Ownership Plan award-winning initiative.
“When a company transitions to employee ownership, the business benefits from a more engaged workforce, a guaranteed succession plan, and a way to attract and retain top talent,” Maloney said in the release. “Employee-owners generally experience higher wages, access to better benefits, and improved job security.”
Sante explained that this win-win nature of the employee-ownership model is what made the transition so appealing for Top Notch Logworks.
The Gypsum company has been around since 1999, and Sante said that allowing employees to gain value working there also establishes security for the business. Sante said that if employees are benefitting from working at Top Notch Logworks, the company can continue long-term. After all, if a business continues to work for its employees, employees are more inclined to continue working for the business.
“There’s a lot to learn and a lot to do to implement (employee ownership), but typically, successful (Employee Stock Ownership Plans) outperform other companies quite a bit,” Sante said.
While the process of transitioning to employee ownership is not without its challenges, Sante explained that support from the Colorado Employee Ownership Office has been instrumental in making it all work. The resources available to businesses through the Colorado Employee Ownership Office are not just through economic incentives, though. Sante said education on successful employee-ownership business planning is helping Top Notch Logworks make successful strides toward employee ownership.
For example, Sante explained that understanding how to detatch himself as a private owner is crucial for Employee Stock Owned Plan success. If a private owner does not manage their company in a way that puts systems in place to train employees to take over the company, Sante said the business won’t succeed under employee ownership. So, he and his partners have learned to continue to empower each of their employees to have ownership capabilities.
Sante said that empowering employees to succeed is simultaneously equipping one’s business to succeed. He explained that because of this, Top Notch Logworks’ plan to transition to employee ownership seemed like the right thing to do.
“Our (company) mission statement is to do the right thing, which is very simple,” Sante said. “It’s simple for our clients, it’s simple for our employees to know what to do. If you take that attitude, especially in the construction industry, I feel like you’ll be successful.”
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October 24, 2022 at 02:47AM
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