Naperville Business Attorney Discusses Choosing Your Successor

Family-owned businesses represent a significant portion of the American economy and are a proud tradition for many families. According to national estimates, family-owned companies comprise 90 percent of businesses nationwide and are responsible for more than 60 percent of the jobs in this country. As a business law attorney, I have helped many business owners, […]

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 […]

The Importance of Developing an Exit Strategy from a Naperville Business Lawyer

Rationally, you know that you will not be able to continue running your business forever. Depending on your age, health, and passion for your work, you may be ready to step away from day-to-day operations sooner than later. As a business law attorney, I have helped hundreds of clients start new companies with the hopes […]

The Time for Business Succession Planning Is Now

For many business owners, it can be difficult to truly comprehend that, at some point, they will no longer be in control of their company. The day will come that, due to declining health, a sudden inability to work, or untimely death, their business legacy will be left in the hands of someone else. As […]

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 […]