Second generation family-owned dealership successfully transitions business through buyout

Our client’s need

A long-time family owned dealership, Grinwald Ford, was passed down to two sons. After twenty years of partnership, one of the brothers wished to sell his ownership stake in the company to his brother and co-owner. The two worked collaboratively to obtain a buy/sell agreement, however as the details of the buyout evolved, certain issues needed to be addressed to ensure that both parties were having their needs met.

Baker Tilly solution

The Baker Tilly dealership team worked closely with both brothers to explain and execute the details of the buyout process, and to assist with restructuring and advising as needed, including working with the brothers to form a succession plan for future operations.

Results achieved

With the assistance of the Baker Tilly dealership team, the brothers not only successfully navigated a mutually beneficial buy/sell agreement, but also aided in developing succession plans for the next generation of ownership.

“We worked with Baker Tilly to successfully transition the ownership of our auto dealership. Not only did the dealership team help us to successfully navigate a mutually beneficial buy/sell agreement, we are also in the process of creating succession plans for future operations.”

 

– John Grinwald, Owner