Every Business Needs A Succession Plan
Many entrepreneurs work tirelessly to create a business plan, yet neglect to spell out how the business will operate upon the founder’s retirement or death. The attorneys at John J. Pembroke & Associates LLC help business owners in Greater Chicago develop business succession plans that protect assets and ensure a business owner’s long-term wishes are in place.
Business succession plans can address a wide range of issues, including:
- Growth and sustainability
- Generational transition
- Alignment of family interests
- Tax issues
- Partnership buyouts
- Estate and inheritance issues
A Succession Plan Provides Peace Of Mind
Like other components of a comprehensive estate plan, a business succession plan helps prevent disputes during estate administration. It may also incorporate tax planning, which will prevent hefty estate taxes during the probate process. Without a succession plan in place, a family may face such hefty taxes during estate administration that they are forced to sell a family business.
Our lawyers have extensive experience in estate planning, tax law and business law. This provides them the insights necessary to establish goals and objectives, develop decision-making processes for family members, identify active and nonactive roles for family members and other partners, and establish timelines for succession, leadership transition, sale or other decisions addressed in the succession plan.
By proactively addressing all potential points of dispute, it is our aim to prevent costly litigation regarding how a business is treated following the retirement or death of a founder. Once a business succession plan has been created, it is important to review it regularly to make sure it continues to accomplish your objectives.