Why Your Will Should Include Your Business Succession Plan
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Include a Business Succession Plan in Your Will
When you are a business owner, it is important that you take steps to ensure that the business is handled according to your wishes after your death. A business succession plan can be established in your last will and testament, to dictate how to continue or be managed when you pass away. Chicago IL business lawyers from Anthony J. Madonia and Associates can help you develop a business succession plan that is comprehensive and enforceable.
Why do you need a business succession plan?
Most business owners have worked hard to build their business. You likely have developed a certain reputation and instilled certain values in your work. If you have a business succession plan, you can ensure that the organization is managed according to your desires. You can set forth what individuals are to be involved and what is to be done with leadership and other directives.
Through a business plan, you can ensure that the business either continues according to you wishes or that it is wound up in such a way that protects the persons you care about. If you do not have a business succession plan, then a court may dictate how things are to be handled. This can result in contention and expense.
What to include in your plan?
A business succession plan can address many issues, including:
- Business management
- Transfer of ownership
- Preservation of information
- Winding up of business
- Asset and liability management
- Tax planning
- Leadership
How Our Chicago IL Business Lawyers Can Help
An attorney can help you develop a business succession plan that is specific to your situation. They will help you understand your options and why a plan is beneficial. They can help you prepare a will that includes a comprehensive and clear succession plan.
At Anthony J. Madonia and Associates our Chicago IL business lawyers strive to find solutions to your business concerns. Contact us to schedule a consultation.