Minimizing conflict when exiting a business is always the main goal of an exit strategy. From choosing the right successor, to avoiding other challenges that come with succession planning, minimizing conflict goes hand in hand with an effective plan. Learn how to keep your business running smoothly, even after you're gone. Even if you [...]
How to choose the right successor for your business means having the right process and plan for your business. You don't typically go into business considering how you'll exit that business, but starting your succession plan early can help you with the best plan for how to choose a business successor. Giving yourself time [...]
Challenges of business succession planning shouldn't keep you from having a plan for your business. A bad business succession plan is a plan that fails to effectively transfer ownership or management of a business from one generation to the next. Business succession planning is crucial for the long-term success of a company, as it [...]
Selling a family business isn't always an easy process... You've worked hard to build your business, or to keep the family business you've been handed going, but what happens when it's time for the next generation to take over? A family business, no matter how long it's been in the family, has sentimental value [...]
New year means new employment laws for 2023! If you are a business owner, now is the time to take a look at the new laws that went into effect at the beginning of the year. Here is a quick rundown of the laws you should know. Minimum Wage Minimum wage in Illinois has [...]
One of the most common questions we get is "when should I start estate planning?". The answer is if you're asking the question then you probably need an estate plan. It's a common mistake thinking that you aren't "old enough" or "wealthy enough" to have a plan, but realistically everyone over the age of [...]
Do you need to give up control of your assets with an irrevocable trust? A trust-based estate plan protects you in many ways, but knowing the types of trusts and how to use them to your benefit is the key to protecting your assets long-term. When estate planning, you're not only planning for what [...]
Reasons to update your estate plan may not be as obvious as you think. While completing your estate plan brings peace of mind, don't forget that your estate plan should change as your life changes. As you move through the different phases of your life, your plan should move along with you. There are [...]
Protecting your assets in retirement may not be the first thought as you’re getting closer to the next phase of your life. Much of our working lives is focused on saving enough to be comfortable in retirement, not necessarily what happens once we get there. But learning now how to protect your assets in [...]
Giving gifts from your estate doesn't need to be complicated. If you're feeling the generous spirit this year and are looking to spread your wealth to your loved ones, we have a guide for giving gifts from your estate. Here is a quick recap for giving gifts from your estate and an update for [...]
