When you have worked hard to build up a small business, you probably want that business to become a part of your legacy. There are steps you can take during the estate planning process to give your business the best chances of surviving and thriving long after you are gone. Or, if you know that your business is not likely to survive you for any reason, you can plan for the people you care about most to benefit from the company in another way. Small business owners should be represented by a Kendall County, IL estate planning attorney who is experienced in succession planning for small companies.
Tips for Small Business Owners
Some estate planning tips for small business owners include:
- Consider your successor – Is there someone else who can take over running the business? If you have business partners, consider using a buy-sell agreement so that they can buy out your ownership interest from your chosen beneficiary when you are gone. Or, if you have an adult son or daughter who can take over the business, you may be able to leave him or her your ownership interest directly.