Phillips Auto Sales Limited has transitioned ownership to Jason Sheppard, an employee with shared values of high-quality service

About the client

Phillips Auto Sales Limited is a well-known PEI used automobile and parts dealership that has serviced three generations of customers. After decades of growing the business from a small car dealership to a Suzuki franchisee, to a thriving used vehicle, parts, and service center, the owner, Warren Philips, decided the time was right to find a buyer. He wanted someone who would continue running the business successfully when he was ready to retire.  

A long-standing assurance client of Doane Grant Thornton LLP, Warren was working on his succession plan and requested the support of our M&A team throughout the journey. He wanted to transition his business to a buyer that would preserve his legacy of exceptional customer service and let him stay on to ensure a smooth transaction.

When considering potential buyers, Warren found the right fit in Jason Sheppard, his sales manager of seven years. A high performer invested in the business, Jason shared Warren’s values, making the transition a natural evolution for Phillips Auto Sales Limited.

Trusted to lead the deal on both sides, our M&A team provided guidance on structuring the deal and provided assistance to the buyer as they secured their financing. To help both parties understand their respective roles and responsibilities, our team corresponded with legal counsel on both sides. Advising on the deal structuring, we worked with the buyer and seller to consider a tax efficient strategy for both parties.