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What the first 1-3 years after an ESOP transition actually look like for construction companies. The communication gap, the share price arc, and why building an ownership culture takes more than signing the deal.

A newsletter for construction leaders building companies that last. Five years after a PE deal closes, I ask the employees how it's going. The answer is almost always the same: "The company is unrecognizable." Multiple rounds of layoffs. The original name is gone. The culture, the thing that made the company special, is maybe 10% of what it used to be. I've spent 15 years working with construction companies on insurance. In that time, I've watched dozens of firms navigate suc