Schlueter Ecklund & Davitt
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The business of planning for your business's future

If you own a small business in Illinois, you have put in countless hours and immeasurable effort while you were first building your business. It takes a lot of work to make a small business succeed, and you know how hard you worked to get where you are today. For this reason and many more, you would be wise to have a strong succession plan in place for your business.

You can include your succession plan as part of your complete and updated estate plan. Not only does this outline your future objectives for your company, it can ensure that you have a plan in place in case you ever become ill or injured and are unable to either run your business or make decisions for yourself.

What should be in your plan?

Just as there is no one-size-fits-all estate plan, there is no cookie-cutter business succession plan that will work for everyone. You would be wise to consider all factors as you develop your plan, ultimately coming up with a strategy that suits your unique needs, the nature of your business and your goals for the future. You may consider including the following factors in your plan:

  • Your successor: Unless you completely close up shop, someone will follow in your footsteps, whether it is someone who currently works for you or a family member. You would be wise to have a few options in mind.
  • Training your successor: Your successor -- or the person who buys your business -- should know how to carry out business operations. Your plan should include a plan for training and preparing the person who will run your business in the future.
  • Know your timetable: After you have a succession plan in place, you then will plan on when you want to retire or step away from your business. This will allow every person involved to adequately prepare for what is ahead.

With a plan in place, you can feel confident about the future of your business. Whether you retire, sell or pass it along to a loved one, you should have a say in what happens to the business you worked so hard to build.

Taking control of your future

With a solid estate plan in place, you can have more control over your future. As a business owner, your estate plan should include a business succession plan. Preparation and planning can go a long way toward helping yourself and members of your family avoid complications in the future.

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Schlueter Ecklund & Davitt
4023 Charles Street
Rockford, IL 61108

Toll Free: 800-207-5133
Phone: 815-516-8264
Fax: 815-229-0733
Rockford Office Location