DuPage County Lawyers for Business Succession Planning
Succession Planning for Business Owners in Hinsdale, Cook County and Throughout Illinois
For businesses, particularly those that are family-owned or closely-held, a succession plan is imperative to protect the company and ensure its continued operation in the future. Succession planning for business owners involves addressing issues such as liability exposure, tax planning, asset preservation, and many others. To ensure you have a proper business succession plan in place, it is important to work with attorneys that have an extensive understanding of not only corporate and business law but of complex estate planning as well.
At Tiesenga & DeBoer LLP, we have helped many business owners establish effective succession plans. Our lawyers have over a century of combined experience in business law, estate planning, commercial litigation, and tax law. We understand how these areas intertwine, and we are uniquely positioned to assist business owners who need a comprehensive succession plan that effectively accounts for their business and their goals.
Common Business Succession Planning Issues
Family-owned and closely-held businesses need a plan in place to keep the business operating successfully when the owner retires or passes away or alternatively, to structure a sale of the business that maximizes its value and efficiently transfers ownership of the company. A proper succession plan should address issues such as:
- Determining who will own, operate and control the company when the current owner is gone,
- Steps that should be taken to ensure a smooth and seamless transition,
- Creating multiple phases of control and management,
- Preserving and protecting the assets within the business,
- Creating buy/sell and other member/shareholder agreements,
- Minimizing liability exposure,
- Reducing the risk of business disputes and dissolutions, and
- Minimizing estate and gift tax exposure.
A strong succession plan takes into account the future goals for ownership and management of the business and sets up the most practical and effective path to reaching those goals. This often starts with finding out if you have the right entity structure to accomplish your objectives. The type of entity your business operates under largely determines how the business can operate including the rights of owners/shareholders, liability, taxation, and ownership transfers. We work closely with our clients to thoroughly assess their needs, explain the advantages and disadvantages of each entity, and help decide which entity is best for their specific succession plan.
For skilled and comprehensive guidance with succession planning for business owners, contact our office today at 630-645-1403. Tiesenga & DeBoer LLP provides experienced legal representation for clients in Oak Brook, Chicago, DuPage County, Cook County, Will County, Lake County, Kane County, Kendall County, Grundy County, and surrounding Illinois communities.