Paragon knew what it wanted its next chapter to look like. The question was how to get there.
The company turned to J.P. Morgan, working with its ESOP Advisory team to evaluate its options and navigate the financial and structural decisions involved in the transition.
“Paragon had a clear vision,” said Doug Dell, a commercial banker on J.P. Morgan’s ESOP Advisory team. “They wanted to protect their culture, preserve independence and reward the people who built the company. Our job was to bring the full depth of our ESOP expertise to help them transition with confidence and set the foundation for long-term success as a 100% employee-owned business.”
“Fort Worth is growing at an incredible pace,” said Phillip Wiginton, North Texas Market Executive for J.P. Morgan Commercial Banking and a member of JPMorganChase’s Fort Worth Market Leadership Team. “For many established companies like Paragon, growth isn’t only about getting bigger. It’s about retaining talent, preserving institutional knowledge, and making decisions today that position the business to thrive for the next generation.”
Six months into employee ownership, life at Paragon looks exactly as it did before.
The same management team remains in place. Employees are still building fields and tracks. Customers are still working with the people they know.
Behind the scenes, however, something fundamental has changed.
This fall, employees will receive their first statements showing the value of their ESOP shares. The company is also investing in employee education to help workers with different levels of financial literacy understand what ownership means for them.
And for a company whose business is literally building places designed to last, Chaffe sees a certain symmetry in the decision.
“Paragon wouldn’t be the company it is today without the people who have helped build it. Now our employees have the opportunity to share in where it goes next. That’s the legacy we want to leave, and we couldn’t be prouder of what we’re building together.”