Illinois Lawyers Providing Business Succession Planning in Chicago, IL
Protecting the legacy of your business
If you are a small-business owner or you have a family-owned entity, it is important to create a succession plan for your company. Failure to do so could mean that your retirement, disability or death could be the end of the business you took years to build. At Klein, Thorpe & Jenkins, Ltd., we focus on developing a creative and effective strategy for handling the transfer. We can help you anticipate the obstacles and difficulties you may encounter, then work to overcome those hurdles with your succession plan.
Succession planning to safeguard your business’s future
Succession planning is the process of strategizing the exit of owners or key employees of a business. It is a comprehensive approach to selecting the leaders to take over and continue the company. All aspects must be taken into account, including:
We can help you develop a solid plan that gives you the confidence of knowing the future of your business is protected.
Asking the tough questions to protect your entity
Succession planning can be overwhelming to some business owners. It is difficult to know where to begin. We walk you through the process, step-by-step beginning with asking key questions such as:
- Who will run the business after you?
- Is your spouse or one of your children qualified to operate the company?
- Is your family financially dependent on your business?
- Is your estate protected from creditors, ex-spouses, in-laws, etc.?
- If your grandchildren were to inherit the business in the future, have you exposed them to the industry?
- If your successors inherit a healthy business, will it be forced into bankruptcy because of an inability to pay inheritance taxes and other taxes?
We can discuss each of these questions and more to provide your business with a solid succession plan. We also provide help with estate administration and litigation matters.
Explaining the succession planning process
We walk you through each step of succession planning for your business. Below are a few guidelines for succession planning:
- Getting started. You do not want to wait until something unexpected occurs. Succession planning is not an effective means of crisis management.
- Focusing on the position. When selecting the replacement person to manage your business, focus on the position being filled, not replacing the person.
- Ensuring personnel policy compliance. Your succession plan must comply with the most current personnel policies to ensure fairness and equality in your choices.
- Providing training. The more time you invest in training family members or your employees, the easier the transition will be when you are gone.
Contact an Illinois business succession planning lawyer for an initial consultation
If you are the owner of a business, contact Klein, Thorpe & Jenkins, Ltd. to schedule an appointment to discuss your succession plan. We have two convenient locations. Contact our downtown Chicago office at 312.984.6400 or our Orland Park office at 708.349.3888. We can also be reached by using the online contact page.