Small businesses bring so much to their communities: trusted products, top-notch service, jobs, a gathering place, investment in the neighborhood from taxes, philanthropy, and keeping Main Street vibrant.
For the people who run them, small businesses provide more than a livelihood; they give a sense of identity and purpose.
At Fremont Bank, we believe in small businesses and what they mean for the owners and the communities. We want to help them succeed from the day the doors open to when it’s time to execute a succession plan.
Whether you sell to a third party, transfer to family, or help your employees set up a co-op, your business banker is an essential part of the bench you’ll build for succession planning.
Meet Your Team
Business Banker
Description:
Working with a bank like Fremont Bank means your banker knows your business, and you’ve built a relationship over time. Whoever takes over your business can continue with Fremont Bank with the confidence that we have a long-term vision and understanding of the business. It can simplify a transition to know there’s continuity and constant in the business banking relationship.
Role by succession plan:
With a co-op plan, we can help secure financing for employees to buy the business.
For a third-party purchase that requires financing, a buyer looks to a business banker for guidance and help securing funds.
We often have long-standing relationships with generations of family members and business owners. With a family transfer, we can help secure financing. Suppose the owner sells the business to a family member rather than gifting. In that case, we can help structure a business acquisition loan to finance part of the sale and structure installment payments. The successor may need a business loan or SBA (Small Business Administration) financing to fund the purchase. Did you know? Fremont Bank is a leading SBA lender in the Bay Area.
We’re also available to help refinance or restructure existing debt. Once the sale goes through, we can help structure a line of credit for your buyer to ensure they have the required working capital to keep things running smoothly.
CPA
Description:
Prepares financial statements, ensures books are clean for buyers, and provides tax strategy advice.
Role by succession plan:
A CPA is essential for an employee buyout to ensure clean financial records.
In a family transfer, a CPA supports tax efficiency.
A third-party sale requires CPA-prepared financials for due diligence and tax structuring.
Trust and Estate Attorney
Description:
Helps with estate planning, structuring family transfers, and minimizing tax burdens through trusts.
Role by plan:
For a family transfer, a trust and estate attorney is essential to structure family ownership transfer and minimize estate taxes.
While not essential for a co-op, a trust and estate attorney can be helpful if the business owner wants to include a co-op transfer as part of their estate plan.
A business owner might use a trust and estate attorney for a third-party sale if the seller needs estate planning for sale proceeds.
Tax Attorney
Description:
Advises on structuring the sale for tax efficiency and the tax implications of selling or transferring the business.
Role by succession plan:
For a co-op, a tax attorney will advise on tax-efficient co-op structuring.
A tax attorney helps minimize gift and estate tax liabilities in a family transfer.
For a third-party sale, a tax attorney structures the sale for tax efficiency, helping reduce capital gains taxes.
Appraiser
Description:
Determines the business’s fair market value.
Role by plan:
For a co-op, they value the business for employee buyout.
For a family transfer, they ensure fair valuation if gifting or selling to family.
For a third-party sale, they are critical for pricing the business competitively.
Wealth Management Advisor
Description:
Helps the seller manage proceeds and long-term financial goals post-sale.
Role by plan:
In a co-op plan, a wealth management advisor can help a seller plan their long-term wealth strategy.
A wealth management advisor ensures family wealth continuity after the transfer.
In a third-party transfer, a wealth management advisor guides the seller on investing or structuring proceeds from the sale.
Business Broker
Description:
Helps find and vet buyers, negotiates deals, and structures the sale process.
Role by plan:
Only essential for third-party sales to put all the pieces together for a business sale and might help find the buyer!
Ready to start planning? When you partner with Fremont Bank on your business banking needs, you’ve already started building your bench of experts. Let’s talk about the next steps.
