Business Sucession

Mechanics Bank provides expert consultation to closely held, mature businesses in designing a viable, effective and thoughtful Business Succession Plan. Whether your primary goal is to keep control of the business within the family or control group, minimize transfer tax, or treat all your family members fairly, our team is ready to assist you.

Benefits of succession planning may include the following:

  • Providing for lifetime income for your spouse and other beneficiaries
  • Significantly reducing transfer taxes
  • Allowing your business to continue to the next generation
  • Satisfying charitable gift intent
  • Providing an acceptable exit plan for yourself
  • Reducing current or retirement income taxes
  • Allowing for a sale of your assets with no capital gains tax
  • Arranging financing for the purchase of your business

We are also very pleased to provide you with access to a variety of Wealth Management team members who may have specialized knowledge that benefits your personal financial planning, such as Trust Officers or Private Bankers.