To succeed and thrive in a competitive marketplace, small and mid-sized businesses need to hire a knowledgeable business lawyer who has experience and business acumen to provide practical legal advice. Lexern Law Group provides quality legal advice for a fraction of the legal costs of a large firm.
From advising on corporate formation, to business transition, to contract negotiations, we have the expertise in business law to customize solutions for a broad spectrum of small and mid-sized businesses. Think of us as your legal board of advisors.
Whether you are an established business owner or an innovative start-up located in Illinois or Southeastern Wisconsin, we can help you decide whether you want to operate as a close corporation, limited liability company, partnership, S-corporation, or C-corporation. We will use our legal knowledge and experience to help guide your business through the challenges typically associated with business start-ups, such as lack of legal expertise and business acumen.
When it comes to helping our clients achieve their business objectives, whether through strategic alliances or business acquisitions, there are no shortcuts. Our clients expect more from us. In fact, many of our clients use our firm as the “quarterback” for all their professional needs. We’ve built an extensive network of qualified professionals ― such as accountants, business brokers, and bankers ― who are able to help our clients to gain the knowledge and expertise they need to build and grow their successful businesses.
Within the next 10 years, there is likely to be a tidal wave of businesses “for sale” flooding the marketplace, primarily due to baby boomers seeking retirement. The sheer number of businesses for sale will inevitably affect the purchase prices due to simple “supply and demand” economics. To further complicate the acquisition market, buyers are currently facing a challenging and uncertain economic environment, coupled with tight lending standards.
In such an environment, trying to stand out in a crowd of businesses for sale will be difficult. Those business owners who truly plan ahead and start executing their exit strategy today will be prepared for the challenging marketplace of the future. We can help.
Whether you are a new entrepreneur or a seasoned buyer or seller, we know how to weigh-in the key factors for a business transaction. We can help you to achieve your business inspirations or plan for an exit or acquisition strategy well in advance of the contemplated transaction.
Unlock Legal, Medical, Dental, or Veterinary Practice’s Potential
A business with the most value is the one that has been planned and prepared for transition long before the contemplated transition. A professional practice, such as a legal, dental, or healthcare practice, is no different.
By starting early, the professional practice’ owner has the confidence and peace of mind that comes from closing gaps in its legal, tax, and financial foundation. Most successful practice transition plans contain the following basic steps:
Assemble the professional practice transition team. This team may include a banker, business and estate planning attorney, accountant, financial planner, and a third-party appraiser (CPA-provided appraisals are inadmissible under the IRS regulations).
Set the practice transition’s goals. Answer the questions important to the practice owner’s personal and professional objectives. “When do I want to retire?” “How much money will I need?” “Who do I want to take over my practice?” And the most important question, “do I know how to achieve my goals?”
Prepare the practice for the transition. Examine the practice’s legal, tax, and financial strengths and weaknesses. Typically, the practice’s last three years of performance are the most relevant. Prepare a plan that puts the professional practice in the best possible position for the transition.
Implement the practice transition plan. Prepare or update the estate plan, buy-sell agreement, and other asset protection documents, the critical business and practice enhancement processes, and the tax and financial plans.
Review the plan to stay on course. Stay on top of the financial and estate plans via periodic reviews with the practice transition team. Make sure that the plans are on track and still meet the chosen goals.
Lexern Law Group also offers an in-house outsourcing program where, for a monthly retainer, small business owners can call our lawyers to receive legal advice and answers to questions about their personnel issues, business contracts, vendors, and regulatory compliance. The program’s main goal is to, at reasonable and predictable costs, offer our clients a proactive approach to managing their legal needs. Such proactive business planning helps business owners to have a piece of mind that receive quality legal representation at a fraction of the costs of an in-house counsel.