Toledo-based Taylor Automotive Family transitioned to 100% employee ownership through an Employee Stock Ownership Plan.

The auto group, which started as a single dealership in 1979, now owns and operates seven rooftops across northwest Ohio and southeast Michigan with over 340 employees, who now stand to benefit from the company’s success thanks to the ESOP.

“This ownership transition honors those who have driven the vision and values of Taylor Automotive forward,” said Taylor Automotive Family founder Stephen D. Taylor.

“Becoming 100% employee-owned is not just a business decision; it reflects our ‘family first’ philosophy and strengthens our connection and commitment to the people and places that matter most.”

Lazear Capital Partners was the exclusive financial adviser of the transaction. It pointed out that an ESOP gives employees direct ownership stake in the company.

“Employee-owned companies are built to align employees with both the success of the business and the customer experience they deliver,” said Lazear Capital Partners Managing Director Todd Goldman.

“An ESOP creates a structure that supports engagement, retention, and long-term alignment across the organization, helping the company remain competitive and positioned for continued growth.”

According to the National Center for Employee Ownership, ESOP adoption has risen across industries over the past few years, its latest data showing over 6,000 plans in existence in the U.S. as of 2023.