For a business, especially the one that is closely-held or family-owned, a succession plan is an essential estate planning tool to protect and ensure its continued operation after a business owner has passed away or become incapacitated. It enables the owner to outline how the transition from one owner to the next will take place. Some people know that their children are not interested in taking over their family business, and may consider a trusted employee or partner to be a better choice. Even in some cases, you may find that instead of passing the business to an employee or family member, it may be better to sell the company.
While there are several ways to lay out a succession plan, in any case, it allows you to plan ahead for uncertainty and provide alternatives, when the planned scenario cannot be implemented. At the Law Office of Constantine G. Tzamouranis, P.C., we have worked with many business owners and helped them create effective succession plans. By combining our extensive experience and knowledge of business law, commercial litigation, tax law, and estate planning, we are able to establish a comprehensive business succession plan that accounts for their specific business goals and needs.
We Help you Create a Strong Succession Plan
A succession plan not only ensures that the right person takes over your business, but your goals and interests are carried out as well. Our attorney, Constantine G. Tzamouranis, will walk you through different succession planning models and provide competent legal counsel to reach an effective solution. To make sure that your business succession plan caters to all your needs, we assist you in creating:
- An ownership plan: We will help you in choosing the right person or people to take up the ownership of your business.
- A plan for management succession: We will help you determine the right person to manage and fulfill your business’s daily operation needs.
- A transition plan: After evaluating your business needs, we will assist you in determining the right method of transition, such as gifting the business, buy-sell agreement, and any other applicable to your specific situation.
The right estate planning tools required for establishing a business plan will depend on your individual family and business circumstances. At the Law Office of Constantine G. Tzamouranis, P.C., we attentively listen to you and thoroughly analyze your needs in order to determine the most effective way forward to achieve your desired outcomes.
Talk to an Experienced Succession Planning Attorney Today
Every business is different and there is no one-size-fit-all solution to cater to specific succession planning needs. Before you make the decision regarding passing on your business to your heirs or someone else, it is important that you consider all your options.
To get more information about setting up a strong succession plan to protect your business, you may contact the Law Office of Constantine G. Tzamouranis, P.C., at (708) 873-5300 to schedule an initial consultation. Our experienced attorney provides reliable legal counsel and services to clients throughout Illinois.