Business succession is likely at the forefront of the mind of any owner of a Illinois closely-held corporation or family owned business. At The Law Offices of Alan E. Sohn Chartered, a Chicago, Illinois business succession attorney will work with you to help you ensure that your succession objectives are carried out.
It is imperative that you plan for the future of your business by clearly specifying your intentions today regarding the ownership, operation and control of your business when you are ready to pass the reins on to someone else. An effective business succession plan that is discussed, developed and legally drafted well in advance will serve many purposes. The benefits of a proper business succession plan include:
- Continuity of business operations when ownership, control or management of the business changes hands
- Reduction of the risk of shareholder disputes among family members related to the business ownership, control and management
- Protection of business assets
- Establishment of various degrees of control in business succession decisions
- Minimization of negative tax consequences
The Law Offices of Alan E. Sohn Chartered, in Chicago, has vast experience advising clients regarding business succession planning and can help to:
- Advise and guide you through the various complexities involved with the selection of a business successor while fairly accommodating other family members and/or business associates.
- Ensure that the proper documentation and business structure is in place to allow for the succession of the business at the appropriate time.
- Avoid or minimize any disruption of the business or of valued interpersonal relationships, such as those among family members or trusted employees.
- Establish the appropriate business infrastructure to allow for a smooth succession with minimal transactional costs or negative tax impacts.
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