All of your hard work building your business may someday lead to the question- how do I sell my business? Maybe you’re nowhere near thinking about exiting from your business, but planning ahead and knowing your options for selling your business only gives you more time to make sure you get what you’re worth. Whether [...]
No matter what the set up of the ownership of the business is, at some point it’s inevitable that an owner will leave. Retiring, changing careers, emergencies, or death, are all events to be prepared for. Having a plan ahead of time will keep operations running smoothly and keep every shareholder protected. A buy-sell agreement [...]
You’re always looking for ways to make your business better, but are you making sure your business is also protected? If your business has been established as an LLC, or Limited Liability Company, there are ways to transfer your assets to the next generation through your estate plan. Here’s how to include your LLC [...]
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 [...]
Leaving A Legacy You’ve heard the recent news that a billionaire died unexpectedly leaving a very surprising estate plan. Scholastic CEO M. Richard Robinson Jr. died unexpectedly in June 2021 and left behind a plan to leave control of the $1.2 billion company to its Chief Strategy Officer of the company, Iole Lucchese, whom [...]
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 [...]
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 [...]
