If a business has multiple owners, eventually a change in ownership will need to happen. An owner will retire or move on for another reason. Don’t forget that emergencies can also happen. Changing ownership doesn’t need to be complicated. Planning ahead will help dispel disaster when the time comes for a transition. The plan [...]
Updating your business succession plan should be a regular part of managing your business. We previously wrote about common succession planning mistakes that are made and one of the biggest mistakes that needs to be highlighted is not updating your succession plan regularly. Like your estate plan, your business succession plan is not set [...]
As a business owner, you probably feel that your business is your baby. Business succession planning always seems so far off. It’s hard to think about what may happen to your business when you’re no longer able to run it. To ensure your business will keep running once you leave it, or to get [...]
Estate Planning for Business Owners Business owners have so much going on that estate planning is usually at the bottom of this list. You work so hard to build your business and to keep it running successfully, the to-do lists are endless. But one task you should have on your list is completing your [...]
Maximize the Value of Your Business It’s anticipated that during the next two decades, retiring business owners will sell over twelve million businesses. So, if you are over the age of forty and your business is the main asset of your life’s work, it’s important to preserve your legacy. This is especially true when it [...]
Our clients often ask us where to keep their important documents, such as estate planning documents (wills, trusts, and powers of appointment), insurance policies, contracts, and other important financial documents. The answer to this question often depends on how quickly you need to gain access to such documents. For instance, without the requisite power [...]
Good news! On December 20th, the Illinois Governor Bruce Rauner signed SB 867 into law, reducing Illinois' excessive limited liability company's (LLCs) filing and maintenance fees. This law went into effect immediately upon signing, i.e. December 20, 2017. Although Illinois has a long way to go to make this state attractive for small businesses [...]
The holidays are quickly approaching and many of you will have a chance to see your parents and, for some of you, your grandparents. This would be an excellent opportunity to discuss your parents’ future and estate planning needs among the loved ones. Yet, discussing the retirement plans and estate planning needs with your [...]
Every small business owner is faced with various business risks, whether related to an injury, theft, damage to property, employee discrimination claims, or liability suits. As much as you plan for success, as a business owner, you must have these risks on your radar. You should be prepared if and when they materialize. What [...]
Recently, I received a phone call from a good friend of mine, telling me that he is going through a divorce. Although he was expecting an amicable split of his liquid assets and share custody of his minor children, he could not say the same about his business ownership. My client’s divorce is now at risk [...]
