Business Succession Planning
Chicago's North Shore Business Succession Planning Attorneys
Ciesla & Ciesla is a Chicago area law firm that is committed to helping business owners develop business succession plans. Succession planning is imperative for family owned and closely held businesses. Done properly, succession planning allows business owners to smoothly transfer ownership and management of a company to their heirs or other successors.
Business Succession Planning
Most business succession planning is related to businesses where family ownership is at the heart of the business. Generally, the business is family owned or the stock is closely held. Our firm has handled many business succession plans including those involving multi-generational transfers and multi-family transfers. Some of the issues typically involved in business succession planning include:
- Capital Restructuring
- Shareholder Agreement issues and covenants
- Buy / Sell Agreements
- Stock Restrictions
- Creating Family Limited Partnerships
Typically, business succession planning is about looking to the future. This often entails the future of the company and the future of your heirs. Our attorneys are experienced at developing succession plans that involve children taking over the management of companies as well as succession plans that financially care for heirs but place the management of the company elsewhere.
Business succession planning can be complex. However, if done properly, it can minimize tax liabilities passed down to heirs, preserve the strength of a company, provide security for heirs, and leave a legacy for the company founder.
Contact Our Business Succession Attorneys
From our office in Northbrook, Illinois, our firm represents business clients across the United States and throughout the North Shore of Chicago, including Cook County and Lake County. Please contact Ciesla & Ciesla to learn more about how our business succession attorneys can represent the future interests of your business.
