Business Succession

Exit Strategy Planning for Business Owners

What is your Exit Strategy?

 

What is Business Succession Planning?

 

If you are a business owner, your business often represents one of your most valuable assets as well as your life’s work. A highly effective estate or asset protection plan is predicated upon having an effective business plan. Such a plan should help you earn the greatest possible return on your initial investment, minimize your tax liability, protect your family and the business entity itself, while allowing for the possibility of growth and success. A well thought out plan will also offer protection against the financial consequences of operational problems or downturns in the economy. Finally, it must take into account the timing and manner of your exit from the business.

​

Who Benefits from Business Planning?

The Estate Planning Law Group assists owners of businesses – both large and small – at start-up, exit, and every stage in between. It has been our experience that the very best plans depend upon collaboration. We welcome the opportunity to work closely with your company’s financial advisors, attorneys, CPAs, CFOs and whomever else you view as a trusted advisor. We can provide you with all of the following business planning services:

• Entity selection and formation

• Contract preparation and review

• Buy-sell agreements

• Sales and acquisitions of business concerns

• Shareholders and partnership agreements

• Strategies for structuring capital investments and infusion of capital

• Exit and succession planning strategies

• Non-profit Formation and 501c(3) Charitable Foundations

 

A comprehensive and thoughtful Business Plan can address these issues.

 

 

What Should You Expect During the Planning Process?

 

The first step in the planning process is to call our office at 630-871-8778.  Our staff will ask you a few questions about your planning needs and let you know how our firm works. If you would like to schedule an initial meeting with an attorney, our staff will send you a new client information packet, which includes instructions about what type of information we will need to assess your situation.

 

The packet includes a Personal Information Worksheet, which will help you start the information gathering process. We request that you fill out the Worksheet and return it to our office prior to your initial meeting.  Completing the Worksheet prior to the initial meeting allows you to get the most out of the meeting.

 

At your initial meeting, the attorney, either Bill Deitch or Kirsten Izatt, will explore your hopes, dreams, fears, and aspirations to determine how to best address your unique circumstances.