DuPage County Business Succession Planning Attorneys
Skilled Business Succession Planning Lawyers in Lisle IL
When a key family visionary or business partner passes away, it can threaten the entire operation. To make matters worse, the lack of a carefully crafted succession plan can throw the entire business into turmoil. Family disputes and corporate power struggles make it very difficult to keep the business running smoothly during these critical transitional periods. Business succession planning can help avoid these situations occurring with your company.
Business succession planning is an effective tool that can be used to pass on your business to another family member or ensure that it is sold to the correct person or entity. However, setting up such a plan requires an in-depth understanding of business law, estate, trusts and asset protection planning issues. At Momkus LLC, our attorneys are adept in all of these practice areas. When we set up a succession plan, it is a collaborative effort between attorneys from our Business Law and Estate Planning groups. Lawyers from both groups work closely with our clients to customize a plan around their specific needs that accomplishes their goals and protects their interests.
Business Succession Planning in Illinois
A succession plan is imperative for family-owned businesses as well as companies with closely held stock. It is important to decide now who you want to own and manage your business when you retire or should something happen to you in the meantime. A comprehensive plan will take into account your unique family and/or business dynamics and address several potential issues; including:
- Ensuring the continuity of operations in the event of the departure or death of a key business owner/partner.
- Minimizing family, partnership and shareholder disputes related to control of the company.
- Ensuring that the business owner still guides the overall direction even after surrendering day-to-day control.
- Establishing varying degrees of control for the business successor(s) based on the parameters set by the present owner.
- Putting buy/sell agreements in place among the various owners and/or stockholders.
- Protecting the business assets within the estate.
- Employing effective tax planning strategies to minimize gift and estate tax consequences.
The tools used to create your business succession plan will vary depending on your individual business and family circumstances. As such, our attorneys will take the time to thoroughly analyze your needs to determine which tools will be most effective in accomplishing your desired outcomes.
To learn more about setting up a comprehensive plan to protect the future of your business, contact Momkus LLC today at 630-434-0400 for a consultation. Our team of skilled business succession planning attorneys provide advice and counsel to clients in DuPage County, Cook County, Kane County, DeKalb County, Kendall County and throughout Northern Illinois.