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Business Succession Planning

Creating a business, whether it is an automobile dealership in Richmond or a Bed & Breakfast in Charlottesville, takes emotional and financial capital to create. Do not let your investment be hurt by underestimating the financial implications of your retirement or death.

Our Trust professionals will work with you to identify your goals in preserving your legacy and provide guidance to ensure there are no catastrophic surprises that could endanger the continuation of your business or the financial security of your family. Union can help you preserve your business in the case of death, disability or retirement.

Valuing Your Business

Determining the value of your business is an important element of business succession planning. The valuation process can be complex and frequently requires an independent appraisal. We can help you find a qualified business appraiser who can establish the appropriate value for your business.

Did you know?
In addition to estate planning, buy-sell agreements are important for any business with multiple owners.

Buy-Sell Agreements

There are significant benefits to creating a buy-sell agreement if you plan to sell your business to a family member, an outside investor or one of your current business associates. Buy-sell agreements typically are funded with life insurance which can provide needed liquidity at your death.

Buy-sell agreements can allow you to control the disposition of what is most likely your most valuable asset.

Not insured by FDIC or any other government agency. Not bank guaranteed. Subject to risk, may lose value, including the possible loss of principal.
Not a deposit. Not a condition to any banking service or activity.  

 

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Union First Market Bank
P.O. Box 940
Ruther Glen, VA 22546