Business Succession Planning
Helping You Plan for the Future of Your Business and Your Family
You've worked hard to build your business. You've invested your life in developing products, relationships, and the financial rewards that a successful business brings. Now you are thinking ahead to new opportunities, whether that be retirement or a new business venture.
Consider working with an experienced business attorney who can walk you through an orderly process of business succession planning.
At the Gierach Law Firm, we work with Chicago area business-owning families as they consider their options for transferring ownership and assets of a business. Contact our Naperville law office to schedule a consultation.
Experienced Illinois Wills and Trusts Lawyer
Attorney Denice Gierach has more than 30 years of experience in business law and estate planning. Ms. Gierach is a Certified Public Accountant with a Masters' in Business Management, in addition to a law degree. This extensive background in business, combined with a thorough understanding of estate and tax law, allow her to provide knowledgeable guidance to clients with closely-held family businesses.
Considering All the Factors in Transferring a Business
- Are there family members currently working in the business? Do any of these candidates currently have the ability to run the business? What may be needed to prepare them for leadership?
- Is there someone currently on your management team who will be a key contributor to leadership? Are there partnership opportunities? Should you consider selling the company to management team?
- Do family members have the financial ability to purchase company stock outright?
- Are there family members who have benefited from but not worked in the family business? How should the family business benefit them in the future? Are you considering an annual gift of stock or assets?
- What is an appropriate timeline to transfer management and/or ownership?
Business succession planning can answer these questions and help you develop a timeline for the transfer of management responsibility and financial assets. It can also help you identify asset transfer strategies that minimize tax liability.
Contact an Illinois Business Succession Planning Attorney
For sound legal guidance through the process of transferring a business, contact the Gierach Law Firm.