Your Legacy Has Meaning For Employees Too.
How Will They See You?
As a business owner, estate planning brings a whole new set of questions. For example, how much or how little do you want your family involved? Do you really want the state of your legacy to be left up to a board later on? Here are some important considerations Windy City Legal can help with for all phases of your business ownership.
When you’re forming a business entity, Windy City Legal can help you evaluate which are the best structures to get your goals accomplished and provide some protection against the liabilities of the business.
In the same discussion, we’ll talk about the potential succession issues that are out there in the distant future. What strategies do we want to put in place, either for growth in the number of people involved in the business or a change of ownership?
Of course, over a long period of operations, people may come and go. You’re thinking about very different kinds of factors here, such as:
- What executives are going to be in place over the long haul?
- If you add people, will there be ownership or governance issues?
- Do you need or want a board?
- Are you looking to go public eventually or attract investment and operate privately?
With retirement closer than ever, you’re starting to wonder what the next phase beyond your ownership should be. Are you simply winding it down and closing it out? Are you trying to sell? Are you looking to transfer ownership to other family members or to employees?
If a business sale is going to factor into your retirement plans, Windy City Legal will help you discover any outstanding issues that need to be addressed to maximize the value of your business.