Choosing a Successor for Your Family Business

Maintaining and operating a family-owned business is a dream shared by tens of thousands, if not millions of would-be owners around the country. Many, of course, have already started such businesses as family-owned or family-controlled companies represent about 90 percent of all American businesses and employ 60 percent or more of the labor force. In […]

Beating the Odds: Naperville Business Lawyer on the Long-Term Health of Family Businesses

Many entrepreneurs are constantly looking for “the next big thing.” They find an idea or startup opportunity, invest time and resources into the project, then sell the new company for a substantial profit relatively quickly. Other would-be business owners are in the market for something completely different. They would rather start with a business concept, […]

Naperville Small Business Attorney Discusses Potential Family Business Hazards

Throughout the business world, there are many stories of family-owned companies that started small and grew to become social and corporate icons. Famous examples include The H.J. Heinz Company, S.C. Johnson, and the Ford Motor Company. However, owning and running a family business can be extremely challenging, and determining appropriate roles within the company for […]

Preserving Your Family Business for Future Generations

Estate planning poses unique challenges for family business owners. For one thing, business tax laws can be complex. For another thing, a family business involves family – passing on ownership to a succeeding generation can be emotional and contentious. Parents might have a favorite child, they might not be forthright about their business plans or […]

Considerations in Succession Planning for Family Businesses

Many family business owners assume their business will not be successful enough to consider succession planning.  Do not make this mistake.  A recent article on the ABC News website reports that only 12 percent of family businesses survive into the third generation.  Succession planning can increase the odds of your business surviving and can reduce […]