Richard Becomes Employee-Owned Through New ESOP
General contractor Richard has established an Employee Stock Ownership Plan (ESOP). The transition transfers ownership to the company's employees.
Construction and construction management firm Richard announced Wednesday it has become an employee-owned company through an Employee Stock Ownership Plan (ESOP), effective July 14, 2026.
The new ownership structure allows eligible employees to share in the company's long-term value creation while maintaining its independence and core values.
Founder and CEO Jed Richard stated that employee ownership is a natural extension of the company's "Build with Purpose" philosophy. This philosophy views construction as more than just erecting structures; it encompasses intentionality in projects, teams, careers, relationships, and communities.
Company leadership indicated that the ESOP arrangement strengthens Richard's platform for growth by supporting investment in its people, expansion into new markets, and leadership development at all levels. The firm's operational structure and day-to-day responsibilities will remain unchanged.