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ESOP vs Private Equity: Why This $XXM Contractor Chose Employee Ownership
What happens when a fast-growing contractor reaches a crossroads: private equity… or employee ownership?
In this episode of ESOP Radio, Trevor Gilmore and Ben Spade sit down with Dave Jaeger, CEO of Legacy Utility Group, to unpack the real-world decision between selling to private equity or transitioning to an ESOP.
Dave shares:
• Why private equity didn’t align with his long-term vision
• How an ESOP created liquidity and a 10-year plan
• How pairing EOS (Entrepreneurial Operating System) with employee ownership strengthened accountability
• The cultural and recruiting impact of becoming employee-owned
• What he would tell himself 3 years before the transaction
Legacy Utility operates in a competitive, capital-intensive industry. Yet the ESOP structure allowed them to preserve culture, retain talent, and build long-term value — without sacrificing independence.
If you're a founder weighing succession options, this episode offers a candid look at what the decision actually feels like inside the boardroom.
📌 Learn more about ESOP feasibility:
Visit Menke.com
📌 Connect with Trevor Gilmore on LinkedIn
📌 Connect with Ben Spade on LinkedIn
View all episodes
By MenkeWhat happens when a fast-growing contractor reaches a crossroads: private equity… or employee ownership?
In this episode of ESOP Radio, Trevor Gilmore and Ben Spade sit down with Dave Jaeger, CEO of Legacy Utility Group, to unpack the real-world decision between selling to private equity or transitioning to an ESOP.
Dave shares:
• Why private equity didn’t align with his long-term vision
• How an ESOP created liquidity and a 10-year plan
• How pairing EOS (Entrepreneurial Operating System) with employee ownership strengthened accountability
• The cultural and recruiting impact of becoming employee-owned
• What he would tell himself 3 years before the transaction
Legacy Utility operates in a competitive, capital-intensive industry. Yet the ESOP structure allowed them to preserve culture, retain talent, and build long-term value — without sacrificing independence.
If you're a founder weighing succession options, this episode offers a candid look at what the decision actually feels like inside the boardroom.
📌 Learn more about ESOP feasibility:
Visit Menke.com
📌 Connect with Trevor Gilmore on LinkedIn
📌 Connect with Ben Spade on LinkedIn