There are numerous events that can disrupt a successful business. Whether it is the death or incapacitation of an owner, a divorce, or retirement, plans for how the business will survive and under whose leadership are essential. Every business must have an effective succession plan in order to protect itself from unforeseen events. At Gateville Law Firm, we have over 15 years of experience providing businesses with succession planning services. We also assist clients with asset protection and wealth preservation strategies. We are dedicated to making sure our clients’ businesses are protected both in the short-term and the long-term.
Estate Planning for Businesses
Expressing your wishes for how your estate will be handled in the event of your death is critical. We assist individuals in creating wills, trusts, powers of attorney and other estate planning documents to transfer assets. If you are a business owner, it is also critical to make a comprehensive estate plan. It took hard work and determination to build your business. You do not want it to suffer or even fail because of the lack of transition planning.
Attorney Sean Robertson is skilled at working with business owners and professionals to make plans for what will happen to their businesses when they are no longer in control. Many options are available for business succession planning. The most common two are:
- Selling the business – In some cases, selling the business and distributing the sale proceeds amongst beneficiaries is the most appropriate option. This is often the case with professional practices. If that is your choice, we are experienced in helping clients with the purchase and sale of a business.
- Preserving the business for family or others – Whether you have a family business or a solo entrepreneurial venture, how you structure your business could make a significant difference on how it is passed on to your successor(s) and how taxes are levied against it. We help clients with business structure, incorporations, and entity planning.
Regardless of the objectives for the business’ future, a smooth transition is in the best interests of everyone involved as well as the bottom line. We can help you think through your options and draft the necessary legal documents to make your wishes known.
If you own a business or professional practice and are interested protecting it for the future, contact our firm at 630-780-1034 to schedule a consultation. Our firm works with clients throughout Will County, DuPage County, Kendall