After working hard to build your business, you certainly do not want to risk it collapsing in the event of an untimely disability or death. Failure to plan for these or other constringences could leave your assets unprotected and your family, employees, and others you care for unprepared. For help with planning for your future and other needs, you may benefit from the advice of a local Lombard business succession lawyer.

Having a sound business succession plan provides numerous benefits to business owners. It can ensure an agreeable value for the business and may eliminate costly disputes over valuation after an owner or partner passes away.

Moreover, an effective plan can take effect immediately without delay for probate or other legal proceedings. A skilled attorney could provide advice about planning for business succession in a way that minimizes losses and delays for the business and its owners.

Approaches to Business Succession Planning

For business owners in Lombard, a business succession plan is an essential part of comprehensive estate planning. In crafting a proper plan, a business owner and their partners must consider numerous questions, such as:

  • How much is the business worth?
  • Who will serve as a successor?
  • What mechanism is appropriate for transferring the business?
  • Who will put the business plan into effect?
  • What are the tax implications of succession?

The answers to these and other questions will depend on the exact circumstances of the business and will require careful consideration. Since there are a number of ways that an owner can exit a business, deciding how to accomplish this task can have significant implications for owners and successors alike.

Common succession mechanisms include selling the company to a third party and giving or selling the business to family members. In other situations, an owner may benefit from selling the business to employees through an Employee Stock Ownership Plan (ESOP) or by transferring the business into a trust.

For a small, family-run business, appointing a successor and planning for a transfer of ownership may be straight-forward. Alternatively, a larger business with many partners may require much more complex planning. A business succession lawyer in Lombard could help you consider the totality of the circumstances, so you can develop and implement an effective plan.

When to Contact a Business Inheritance Attorney

It is never too early to start planning for business succession. Whether a person is preparing for retirement or is simply seeking to sell his or her business interests to move on to other goals, a skilled lawyer in Lombard could help with pursuing any business succession plans.

Effective planning requires much more than merely selling the business or appointing a successor. It can involve forming an exit strategy, drafting complex legal instruments, ensuring the business is in order, and working with others to make certain an owner’s wishes are put into effect in a legally binding manner.

A Lombard Business Succession Attorney is Available to Help

Having a comprehensive business succession plan can be vital to securing your legacy and providing for yourself and your family as you mature. Considering contingencies ahead of time may also be important to avoid losses or disruptions in the event of an untimely death or incapacity.

A Lombard business succession lawyer could work with you, your accountants and bookkeepers, and others in developing a business succession plan that meets your needs. To find out more about getting personal assistance with planning that preserves or even enhances the value of your business, call today.