Succession Planning for
    Your Business

    At First State Financial Management, we help business owners plan for the future with tailored succession strategies. Whether you're preparing to retire, transfer ownership, or ensure continuity, our team is here to guide you every step of the way.

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    Why Succession Planning Matters

    Succession planning ensures your business continues to thrive beyond your leadership.

    It helps you:
    • Protect your legacy and business value
    • Minimize tax liabilities and legal complications
    • Provide financial security for your family or heirs
    • Ensure a smooth transition of leadership or ownership
     

    Options for Selling Your Business

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    Outright Sale: Sell your business at fair market value to fund retirement or estate needs.
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    Buy-Sell Agreement: A legal contract that defines when, to whom, and at what price your business interest can be sold—ideal for co-owners or key employees.
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    Private Annuity: Transfer ownership in exchange for lifetime income payments.
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    Self-Canceling Installment Note (SCIN):Receive payments during your lifetime with cancellation upon death, reducing estate taxes.

    Gifting Strategies

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    Lifetime Gifts: Gradually transfer ownership to family members while reducing estate taxes.
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    Annual and Lifetime Exclusions: Use IRS exclusions to gift tax-free up to $19,000 per recipient or $13.99 million over your lifetime (2025 limits).
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    Trusts: Use revocable or irrevocable trusts (e.g., GRATs, GRUTs) to retain control and reduce estate value.
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    Family Limited Partnerships (FLPs): Maintain control while transferring value to heirs at a discount.

    Benefits of IRAs

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    • Retirement Savings Growth
    • Retirement Savings Growth
    • Retirement Savings Growth
    • Retirement Savings Growth

    Legal Tools and Professional Guidance

    Our team collaborates with estate attorneys, tax professionals, and legal advisors to implement your plan effectively.

    We help you:

    • Draft and execute buy-sell agreements
    • Structure trusts and gifting strategies
    • Evaluate tax implications and funding options

     

    Contact Us

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    202
    Community Projects

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    $1M
    In Donations to our Community

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    17K+
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    Reduce Risk
    • Minimize the amount of checks you're writing and mailing.
    • Don't leave checks in your mailbox awaiting pickup overnight, use a drop box if available.
    • Switch to ACH, Card, and other electronic payments for bills and direct deposits.
    • Move your payables to a separate checking account to protect your funds.
    • Reconcile your accounts daily, at least looking at the checks and specifically the payee to make sure they are valid.

    Required Documents

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    Three Years of Tax Returns.
    (Personal & Business)
    Balance Sheet
    (Personal & Business)
    Machinery Info
    Drivers License
    Sales Contracts
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    Contact Us
    Considerations and Limitations:

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    Loan Amount: The maximum loan amount is $806,500.

    Loan Amount: The maximum loan amount is $806,500.

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    Frequently asked questions

    Not Sure Where to Start?

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    © 2025 FSCB - All rights reserved Bank NMLS 412605 Backed by the full faith and credit of the U.S. Government. First State Community Bank is not registered as a broker-dealer or investment advisor. Investment products and services are offered by First State Financial Management through the registered broker-dealer NBC Securities. Any products and services offered by FSCB are separate and distinct from those offered through NBC Securities.

    Equal Housing Lender Member FDIC

    FDIC-Insured - Backed by full faith and credit of the U.S. Government

    © 2025 FSFM - All rights reserved Securities and advisory services offered through NBC Securities, Inc., a Registered Investment Advisor. Member FINRA/SIPC. FSFM is a subsidiary of First State Community Bank. The FSFM name is used by certain employees of First State Community Bank who offer securities, advisory and insurance products and services through NBC, Securities, Inc. NBC Securities, Inc., is under separate ownership from any other named entity. Not Bank Guarantee ▪ May Lose value ▪ Not a Bank Deposit ▪ Not insured by FDIC or Any Other Government Agency NBC Securities, Inc., Client Relationship Summary

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    Copyright © 2025 First State Insurance Agency, Inc First State Insurance Agency is an affiliate of First State Community Bank due to common ownership. Not a deposit, not FDIC insured, not insured by any government agency, not bank guaranteed and may decrease in value.

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