OLATHE, Colo. (KREX) — As they neared retirement, Rocky Mountain Steel Inc. owners Bernie Lorimor and Tim Warner decided to sell the company to their employees.

Their goal recently came to fruition as the Olathe company is now 100% employee-owned. Gov. Jared Polis and the Colorado Employee Ownership Office, housed within the Colorado Office of Economic Development and International Trade (OEDIT), made the announcement Wednesday.

“Congratulations to the new employee-owners of Rocky Mountain Steel, Inc.! Your hard work contributed to the company’s success, and now you will continue its legacy. I am proud of our administration’s work to save businesses like Rocky Mountain Steel … and support employee ownership so that everyone can benefit when a business thrives,” Polis said in a press release.

Rocky Mountain Steel was created in 1997 and employs 30 workers.

“Moving forward, all Rocky Mountain Steel, Inc. employees will have the opportunity to financially benefit in a much bigger way for their hard work. Along with their excitement, we are already seeing a shift in mindset as they become employee-owners, even more committed to the company’s success,” Rocky Mountain Steel President Dylan Wiman said.

OEDIT said in the release that across the U.S. around six in 10 business owners plan to retire or sell their company within the next 10 years. But around 15% of businesses are passed on to the younger generation and only 20% of listed companies sell.

“Employee-owned businesses regularly see higher wages, less turnover, access to better benefits and improved job security for employee-owners,” OEDIT Executive Director Eve Lieberman said. “We are pleased to see Rocky Mountain Steel achieve this milestone, preserving a crucial Western Slope business and rural jobs.”

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