Business Succession Planning For Illinois and New York Business Owners
If you are like most business owners, you have worked hard to build your business. You have expended numerous resources. Your employees and your family rely on you to keep your business moving ahead and staying profitable. Despite the time, effort, and resources business owners spend in building a business, most fail to plan for retirement, death or disability.
If something happened to you today, what would happen to your business? Does it go out of business? Does it get sold for a drastic discount because you are not around? If required, does your family have the liquidity to pay the estate tax due? What happens to your family if your income is lost? These are among numerous issues that should be addressed if you own a business.
Risks of Not Creating a Business Success Plan
Although creating a strong succession plan (and often an estate plan as well) can seem overwhelming, it is much better than the financial and emotional consequences that can result from avoiding it. Without a business succession plan, you risk a lack of clear direction and leadership, which can lead to power struggles, employee dissatisfaction, family conflicts, potential litigation costs, and loss of business value. With our experience in business law and estate planning, our attorneys are well-equipped to help you navigate complex decisions and relationships.
Our Business Succession Planning Services
Bielski Chapman, Ltd. has a wealth of experience in advising business owners. We assist clients with:
- Transferring the business to the next generation of family members
- Planning for the business to run in the event of disability or death
- Minimizing or avoiding estate taxes
- Avoiding shareholder/partner disputes
- Selling/purchasing a business
- Planning for management succession
- Coordinating business and estate plans
As business owners, it is important to plan for expected life changes, such as retirement, as well as unexpected life changes, such as sudden incapacity. We work with clients to plan for both, by developing a succession plan for their business. A good succession plan enables our clients to retain control during a future business transition. Our clients are confident that the investment they’ve made in time, money and hard work will not be lost when it comes time to transition the company.