Kane County Business Succession Planning Lawyers
Skilled Guidance with Business Succession Planning in Chicago and Throughout Illinois
Within family-owned and closely-held businesses, there is often an owner or key member of the company that would be difficult to replace. To ensure that the business remains viable well into the future, it is important to have a proactive succession plan in place. Business succession planning starts with a thorough examination of your unique circumstances by experienced legal counsel, so you can develop a plan that protects your interests and accomplishes your goals.
With over 100 years of combined experience, Kinnally Flaherty Krentz Loran Hodge & Masur P.C. has established a legacy of integrity and exceptional advocacy on behalf of each client we serve. Our Illinois business attorneys have in-depth knowledge of all areas related to business success planning, business counseling, estate planning, and commercial litigation. Over the years, we have helped countless clients with business formations and startups, business acquisitions and sales, corporate and partnership matters, simple and complex estates, and similar issues. We understand the common issues that arise when working to preserve the future of your business and we use our experience to give our clients the wise and skilled guidance they deserve.
Business Succession Planning in Illinois
When set up properly, a strong business succession plan can help facilitate a smooth and seamless transition of management/ownership to the next generation. The plan should clearly state the intentions of the owner regarding who will own, operate, and control the company when he/she retires or passes on. Once the wishes of the owner are identified, steps should be taken ahead of time to ensure the transition process is peaceful. Other important goals of the plan include limiting liability exposure, tax planning, and asset preservation.
The right entity structure is one of the most critical elements of a business succession plan. The entity you choose largely determines the rights of owners/shareholders, liability exposure, how business income is taxed, and transfer of ownership. Family limited partnerships can be an effective vehicle for the owners of family-owned businesses to transfer their interests in the partnership to their heirs and beneficiaries. There are other entities, however, that may be better suited to your specific needs.
Contact Our Business Law Attorneys Today
Business succession planning can be a complex process, but once everything is set up properly, it will spare you and your loved ones numerous headaches down the road. At Kinnally Flaherty Krentz Loran Hodge & Masur P.C., our top priority is protecting the interests of our clients. We work closely with each client to fully examine their unique goals and develop the most practical and effective solution to accomplishing those goals. Our long-standing tradition of creativity and innovation gives our clients the confidence we will do everything possible to create the right plan to fit their needs.
To get started planning the future of your family-owned or closely-held business, contact our office today at 630-907-0909. From our offices in Aurora, IL, we provide skilled business succession planning in Chicago, Rockford, Naperville, Oswego, Montgomery, Sugar Grove, DuPage County, Kane County, Kendall County, Will County, DeKalb County, Cook County, and communities Northern Illinois.