Paragon Sports Constructors has become a 100% employee-owned company through an Employee Stock Ownership Plan (ESOP).
By creating employee owners, PSC believes the company’s independence, culture, leadership, and dedication to customer service will be perserved.
“Over the years, while clients were buying the PSC brand and services, they were really buying into our people and our culture. As we plan for the future of Paragon, we couldn’t think of any better way to protect what we have built, while also ensuring long-term stability and independence, other than giving beneficial ownership in the company to those who have built it,” said William Chaffe, President of PSC.
The Texas based company constructs synthetic turf and natural grass athletic fields, running tracks, and courts through design-build and turn-key construction and maintenance services.
Having posted year-over-year growth for almost 16 consecutive years, PSC joins approximately 6,300 other ESOP companies around the US that include 10.7 million active employee-owners.
Long-term retirement benefit
ESOPs are a long-term retirement benefit utilizing a trust that holds company stock for eligible employees to transition ownership of the company to its employees. They are a no-cost wealth building tool for everyday workers to grow their retirement benefits by simply continuing to work. According to the National Center for Employee Ownership (NCEO.org) ESOP participants in the United States tend to have two times as much in retirement savings as employees in non-ESOP companies.
“Through employee-ownership, the company’s success will directly benefit our employees, helping build a more stable future for them and their families. Providing our employees with a stake in the future of the company is our way of saying ‘thank you’ for the time and care they have and will continue to give to Paragon,” said Chaffe.
William Chaffe, the existing management team, and all existing employees will remain in place with no changes to the day-to-day management or operations of Paragon Sports Constructors.
The transition to an employee-owned company builds on PSC’s mission statement “to provide our employees with a healthy and supportive environment where they can dedicate themselves to providing our customers with exceptional workmanship, extraordinary service and professional integrity.” Clients of PSC can look forward to the same exceptional services with increased employee engagement and motivation, increased focus on long-term value for all stakeholders, and continuity of company culture that will continue to prioritize integrity, client experience and quality of work.
“As employee-owners, we will all share more closely in what we build together by continuing to provide quality workmanship and first-class customer service, which will directly benefit our customers. This decision reflects the strength of our company and our confidence in our people and our future, and I am very excited about building that future together,” said Chaffe.