(Photo courtesy of SunWest Builders)
SunWest Builders, a cornerstone of Central Oregon’s construction industry for nearly four decades, has taken a transformative step to secure its future by transitioning to employee ownership. Owner Steve Buettner recently finalized the move through an Employee Stock Ownership Plan (ESOP), ensuring the company’s legacy remains intact while rewarding the loyalty of its workforce.
After exploring succession strategies over the past few years, Buettner chose the ESOP as a means of maintaining SunWest’s core values, culture, and independence. The ESOP will gradually transfer ownership of company stock to employees, serving as both a retirement plan and a way to empower workers with a direct stake in the company’s success.
“I considered various options, including mergers and acquisitions,” said Buettner. “But for me, loyalty is key. Sharing this opportunity with our team — many of whom have been with us for years — felt like the right decision. Preserving our company culture while rewarding our employees was an easy choice.”
SunWest Builders began in 1989 when Buettner and his wife Toni launched the business from a small desk in their bedroom. Today, the company is headquartered in Redmond, with offices in Bend and a team of 60 dedicated employees, SunWest has grown into a trusted name in the region.
The company’s diverse portfolio spans breweries, medical and industrial facilities, senior living communities, resorts, car dealerships, and premier residential projects, ranging from large-scale developments to small-scale remodels. Buettner credits SunWest’s longevity and success to the community support, client relationships and employee commitment.
“Our diversity in project types and sizes has allowed us to navigate Central Oregon’s fluctuating economy,” Buettner explained. “Our success is a testament to the relationships we’ve built with clients, who trust us to meet the highest standards of quality.”
In spring 2023, Buettner partnered with Colorado-based investment bank BaseRock Partners to evaluate succession planning options. By year’s end, the decision was made to sell 100% of the company to an ESOP. This model, which has gained popularity over the last five decades, allows employees to build wealth through ownership while ensuring company stability.
An independent trustee oversees the ESOP, which holds the company’s stock in a trust for eligible employees. Over time, employees gain ownership at no personal cost, with retirement accounts growing tax-deferred. Research shows ESOP employees typically retire with 2.5 times more wealth than their peers at non-ESOP companies.
For Buettner, the ESOP isn’t just a financial decision; it’s a commitment to the community. “SunWest has been deeply involved in Central Oregon, and this move ensures we remain a part of its fabric. Selling to an ESOP preserves our legacy, keeps operations consistent, and allows us to continue serving our clients as an independent company.”
ESOPs have become an increasingly popular succession tool for privately held businesses, offering stability during economic downturns and fostering loyalty among employees. Companies like Deschutes Brewery, Bob’s Red Mill, and Bi-Mart have also embraced this model in Oregon.
Studies show ESOP companies tend to grow faster, attract top talent, and weather economic challenges better than their peers. For employees, the longer they stay with the company, the greater the potential value of their individual ESOP accounts.
With SunWest Builders now employee-owned, Buettner looks forward to continuing in a leadership role, guiding the company into its next chapter while remaining true to its roots. “This transition isn’t just about the future of SunWest; it’s about honoring the people and community that have made us who we are.”
