Business Succession Planning

boznos law office naperville il

Business Succession Planning

Your business is your life’s work. There comes a time in any entrepreneur’s life when it is time to hand over the reins. Perhaps retirement is on the horizon. Perhaps the business has reached a point where day to day operations are no longer completely dependent upon you individually. No matter the reason, a properly formed, well thought out, and structured business succession plan will ensure the smooth transfer of ownership to the heirs and successors of your enterprise.

While most businesses don’t survive long after a change in leadership, Boznos Law assists its clients in establishing a plan to ensure their business’ continuation and helps to maximize the return for the founders of the business.

Business succession planning is an investment in the future of your business for the owners, employees and clients. Planning is the key to future success for everyone whose efforts have helped the business to grow. The existence of a succession plan emphasizes your commitment to your business’s long-term growth and creates confidence with customers, lenders, employees and key suppliers.

The Process

Developing a succession plan is a multi-phase process that begins with the reorganization of equity, updating wills and trusts and reviewing existing insurance policies. Next, Buy-Sell Agreements are drafted, compensation procedures are reviewed. The process involves the counsel of independent professionals who contribute objectivity, specialized skills and experience. Boznos Law maintains close working relationships with some of the most skilled financial planners, and accountants, dedicated to assisting our clients in reaching their retirement goals.

Once a succession plan has been established, it is critically important that the completed plan be continually reviewed and updated as circumstances change. Business succession plans outline in detail the who, what, when, why, and how changes in ownership and management are to be executed.

There is no substitute for experience. Boznos Law business attorneys have crafted several business transition agreements to ensure that business owners and the achievements they worked so hard for are protected, even through probate. Whether it your business is a sole proprietorship, corporation or limited liability company, we will work to make sure it transitions according to your desires. Call Bill Boznos today at (630) 375-1958 or contact us through our website at www.boznoslawoffice.com

 

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