A Legacy of Local Ownership: How Eastern Tire & Auto Service Transitioned to an ESOP

“You don’t put your name behind a lot of recommendations, but I never hesitated with Bellview” – Alvin Chase

About Eastern Tire and Auto
Founded in 1946 and proudly rooted in Rockland, Maine, Eastern Tire & Auto Service has spent nearly eight decades keeping neighbors safe on the road. Including an expansion to Rockport in 2023, what began as a family‑run tire shop has grown into a full‑service automotive company employing two‐dozen ASE‑certified professionals who live, work, and volunteer in the very communities they serve.

Why Succession Planning Mattered

After 40 years as president, Alvin Chase knew the day was coming when he would eventually start to step back. The question was how to secure the future of the business without handing the keys to a national chain or private‑equity buyer whose first priority would be short‑term profits. “No chain or PE firm will take care of our customers, our non‑profit partners, or our employees the way we do” explains Alvin.

ESOP to the Rescue

 An Employee Stock Ownership Plan (ESOP) checked all the boxes:

  • Keeps the company locally owned: Employees become owners, preserving the already instilled culture of treating employees like family.
  • Allows a phased retirement: Alvin could gradually redeem his shares while mentoring the next generation of leaders.
  • Shares the wealth: Profit‑sharing aligns every team member’s effort with the company’s success.

    Choosing Bellview Associates
    From the first call, Bellview stood out for their expertise and candor. “Any question—I had many— Bellview answered accurately. They earned my trust right away.” Beyond consultation and conversation, Bellview provided “financial models were thorough and easy to understand.” According to Alvin, these models created more than just “an implicit trust.” For him, “the broad data and understanding the modeling process, convinced him that Bellview was the right partner” to carry out the ESOP transaction.

    Life After the ESOP
  • Expansion: Within months of closing the ESOP, Eastern Tire and Auto expanded to a new location in Rockport, ME. While Eastern Tire and Auto had plans to expand for some time, the ESOP’s tax efficiency helped accelerate the process, helping in areas “we might have otherwise dragged our feet on” says Alvin.
  • Retention: Alvin continues to prioritize his team structure and suspects that the ESOP structure will be a great tool for retention. Especially for senior and mature talent, Alvin notes that it’s “expensive to replace employees, much less expensive to keep good people at the company.” The time earned potential of being in an ESOP, therefore is both good incentive and good returns for long-time employee shareholders.
  • Transition: Alvin is now in the process of taking a step back in the organization. Working with CFO Kris and other key leadership within the organization, Alvin begins “to slowly take out [his] equity, and help [my] team be gradually prepare for [his] retirement.” He says he feels he “got it right” with this setup, knowing that with his company in the hands of long-time coworkers and family “Community engagement will remain our North Star, and the company will continue to ‘float a bigger ship higher’ for everyone on board.”

Alvin’s Advice to Fellow Owners

  • Trust the process—and ask every question. Bellview welcomes both.
  • Prepare early. The transaction moves smoothly when your financials and leadership bench are ready.
  • Remember your legacy. An ESOP lets your business “live beyond you” while rewarding the people who built it.

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