April 3, 2025

GreatLIFE Golf & Fitness is becoming employee-owned.

The business, which offers unlimited golf and fitness memberships, was founded in 2013 in Sioux Falls by Tom Walsh Sr. Since then, it has grown to include 17 fitness centers, 14 golf courses, the GreatLIFE Suburban Lanes bowling center and partnerships with dozens of businesses offering member discounts.

GreatLIFE announced today that it has completed an ownership transition that will create an employee stock ownership plan, or ESOP, allowing its team members to become employee-owners in the Sioux Falls-based business.

 The transition does not include the real estate associated with the business.

“We’d been considering transitioning to an ESOP for several years, and the timing just seemed right given all the positive momentum we’re experiencing,” said Tom Walsh Jr., who has served as CEO of GreatLIFE for the past four years.

“Tom Sr.’s big passion is everything we’re doing in the community with kids and families and offering a way to keep families active and healthy together. Now, it’s something that can continue forever because it will be locally owned and provide great opportunities for team members as owners.”

To become fully vested in the ESOP, team members must average more than 1,000 hours per year, have at least six years of service and be 21 or older.

There are approximately 500 team members at GreatLIFE, including seasonal employees. Walsh will remain as CEO, and Nick Ovenden will continue as president.

“Nothing is going to change from an operational standpoint except that we’ll be 100 percent employee-owned,” Walsh said. “We will have a board that will meet multiple times each year with two outside members. Tom Sr. will continue to be as actively involved as he’s ever been. Nick has done a tremendous job and will remain the public-facing leader of GreatLIFE, so nothing will change from a public standpoint.”

GreatLIFE members will not experience any changes because of the ownership switch, the company said.

For the GreatLIFE team, the opportunity to become part of ownership is significant, Walsh added.

“We think and hope our team will increasingly see this as a place to build a long-term career,” he said. “Ownership stock is going to be a significant factor. Our advisers at Eide Bailly shared that ESOP participants tend to have 2.5 times more in retirement savings, so it’s a way to build wealth without investing your own money.”

GreatLIFE already has invested in professional and personal development for its team through GreatLIFE University, a series of practical courses that even allow qualifying employees to earn college credit.

“Our main focus is in creating leaders who can develop team members to fulfill our GreatLIFE mission ‘to enrich the lives of families and individuals through golf, fitness and healthy lifestyles.,” Ovenden said.

“The ESOP is a really exciting opportunity to give ownership, allow our team to grow within the company, stay here and see the fruits of their labor long term. It’s an incredibly impactful thing to offer.”

GreatLIFE also consulted with several other Sioux Falls-area businesses that have converted to ESOPs to gather feedback and ask questions.

“Vern Eide was super-helpful to us. Greg Sands at Sands Wall Systems has been a great advocate and has answered a lot of our questions,” Walsh said. “I know Tom also talked with Showplace Wood Products, and that was helpful.”

Retaining local ownership also will help continue the impact of the GreatLIFE Cares Foundation, which raises funds to support healthy lifestyles for families and children, as well as programs reflecting the organization’s mission, Walsh said.

Walsh Sr. helped launch the TeamMates mentoring program in Sioux Falls, which has grown to more than 200 mentors who regularly connect with kids. Combined with the GreatLIFE PLAY Everything program, more than one dozen schools, mostly Title 1, and over 900 kids are reached annually.

“We have kids changing their behavior in order to continue coming to our programs, which is the whole goal of leadership and people development,” Ovenden said. “I truly believe a lot of people would care if we weren’t here, and we want that impact to last for generations. Part of that is making sure we stay locally owned so we can make decisions based on community need.”

As GreatLIFE looks toward the future, there will be opportunities for growth within the company, Walsh said.

The organization took over management of the GreatLIFE at Avera McKennan Fitness Center late last year and continues to explore new opportunities, he said.

“We’re continually looking for ways to impact more people and build the business,” Walsh said. “There are potential opportunities we’re working on, and we’re always looking for win-win relationships to support the community and our members.”