Illinois Business Succession Strategy Lawyers
Business Law and Estate Planning Attorneys Helping Create Business Succession Plans in the Chicago Area
If you are a business owner who has invested time, money, and effort into building and running a company, you will likely want to make sure your business can continue to operate successfully, even after you have retired or left the company. Whether you want to ensure that a family-owned business will continue to be owned and operated by your loved ones, or you wish to transfer ownership of your company to someone who will keep it operational, our knowledgeable business law attorneys will work with you to create a business succession plan that will allow you to achieve your goals.
At the Gierach Law Firm, our attorneys have more than 30 years of experience in business law and estate planning, and we can help you put plans in place to address changes in ownership for your company. As an attorney, business owner, and Certified Public Accountant, Denice Gierach knows how to address the legal issues surrounding business ownership, and she and her team of lawyers will help you to make sure you and your business are prepared for the future.
Creating a Business Succession Plan
There are a variety of factors that will need to be considered when planning for business succession, including how you want ownership of business interests to be handled in the event of your death, whether you will be selling the business upon your retirement, and how to ensure continuity of operations when transferring ownership. One of your primary considerations should be to address the distribution of business interests and other assets in your estate planning documents, as well as in a written business succession plan to govern the business aspects of your planning. By specifying how you want to distribute these assets to your heirs, covering it in both your estate planning documents and your business succession plan, you can ensure that your company will be in good hands following your death.
You may be planning to step back from being closely involved in the operation and management of your business as you get closer to retirement age, or you may be considering leaving the company and moving on to other ventures. In these cases, you will want to make plans to transition to new ownership and leadership. If your family members are involved in the operation or management of your business, or if certain personnel are ready to take a more active leadership role, you can take steps to decide when and how they will assume more control, and you can sell or transfer stock or ownership shares to these stakeholders.
Our attorneys can help you create a workable timeline for business succession, and we can help you understand what steps you might need to take to prepare family members or employees for leadership as you begin to transfer ownership of your company. We can help you determine whether a new owner can purchase stock or business interests outright or whether you will want to retain an ownership stake and participate in business decisions as you transition out of the business. We can also assist with tax planning that will help you minimize the potential tax burden on yourself and the new owners.
Contact Our Naperville Business Succession Planning Attorneys
As you plan for the future of your business, a proper succession plan will help you make sure it will remain successful even after you have moved on. Whether you want to make sure your family business stays in the family, or you wish to sell your company to someone who will respect and build upon the hard work you have put in, the Gierach Law Firm, LLC will work closely with you to create a business succession plan that will meet your needs. Contact our Naperville office at 630-756-1160 or call us in Hoffman Estates at 847-519-0505 to schedule a consultation and learn more about the services we provide.