Gtcconvertsto employeeownership

Golden Triangle Construction LLC, which does business as GTC Inc., has converted to a 100% employee-owned company through a new employee stock ownership plan, or ESOP.

GTC, for years based in Longmont, moved its headquarters to 8008 Raspberry Way in Frederick in the summer of 2021. GTC is a commercial general contractor that has completed numerous projects along the Front Range over 45 years.

“The company’s founders started with the idea that providing clients with our commitment to exceptional quality and personal service is the key to success and that philosophy still drives our work ethic to this day,” the company said in a statement.

“Employee ownership complements our core values and focus on providing the best contracting services to our customers. Now that they are owners, GTC employees will share in our company’s financial and operational successes,” said Todd Schroeder, president of GTC.

CEO Jeff Nading concurred.

“We are excited about this important development in our business. ESOP companies have higher growth rates and better employee retention than other forms of ownership,” he said. “Becoming an employee-owned company ensures that GTC will remain an independent, locally operated company. The values that have allowed us to prosper for 45 years will continue unchanged.”

Schroeder told Bizwest that staff members were excited to hear about the change when company managers announced it Tuesday. Staff members will see no change in their regular compensation levels, but will benefit at year end when profits are divided between all the employee owners.

“It’s a traditional ESOP plan with the funds allocated into retirement accounts,” Schroeder said.

The press statement said that the move to an ESOP will not change the management structure, and executive team members will remain in their roles.