Shunning A Sale, Boldt Co. To Turn Ownership Over To Employees, Managers

The Boldt Co., one of Wisconsin’s largest construction companies, is forgoing an outright sale in favor of turning over much of its control to employees.

The proposed business model is known as an Employee Stock Ownershipo Plan, or ESOP. Instead of doing a dollar-for-dollar 401(k) match, Boldt will turn over 45 percent of ownership to its 425 qualified salaried employees. The company has been privately owned by the Boldt family for 126 years.

CEO Tom Boldt said that managers will control another 25 percent of the company and the family will retain 30 percent. He said it’s a way to keep some control and preserve the company’s ethos instead of issuing public stocks or selling it outright.

“When you sell the company, you give the acquiring company the keys. It’s now their show to run the best way they feel,” he said. “Sometimes that works out very, very well, but often times, it’s very, very difficult and there’s a different culture that’s brought to a company.”

The transition begins next year and is expected to be complete by 2017.