Succession Planning

Prepare your family business for the next generation.
  • Establish a tax-preferred succession planning strategy.
  • Transfer the business successfully with peace-of-mind for the future.
  • Create a solid retirement plan with proper succession planning strategies and solutions.

Business succession planning can be complicated.

Developing a sound succession plan shouldn’t be.

At First Bank Wealth Management, we realize the business you’ve built not only represents your livelihood but also your family’s legacy. First Bank wants to help ensure your family business is successful for this generation and beyond.

Depending on your unique economic, business, and family situation, how you wish to structure your family business transfer may differ from that of your counterparts. With so many factors to consider, like choosing a viable successor, when you intend to exit the business, and whether you’ll stay involved into retirement or not, you need a trusted succession planning expert to help guide you.

The First Bank Wealth Management team is here to help. Motivated by your long-term business goals, our knowledgeable team will develop a comprehensive plan to help you transition the business to a family member, a colleague, or a third-party purchaser.

Take advantage of our detailed succession planning services, so you may:

  • Select a viable successor and acclimate him or her into the industry or environment.
  • Answer important questions about the transfer, like if it will be gradual or immediate.
  • Develop a structured strategy for an agreed method of transfer with economic benefit.
  • Establish an effective, planned exit strategy.
  • Maximize retirement and succession planning strategies to help minimize tax burdens.
  • Utilize charitable strategies to help reduce taxation on any sale proceeds.
Business Planning
Fostering your business growth every step of the way.