Business Successions

Chicago Metropolitan Area Business Law Attorneys

As business law attorneys, Simon, Lapidos & Uhler, LLC, have helped numerous clients establish and build their businesses. During our long and fruitful relationships with these business clients, we have come to appreciate the skill and dedication with which they conduct themselves.

Many of these clients wish to pass both the management and ownership of their business to their next generation of family members. Simon, Lapidos & Uhler, LLC, helps create sound business succession strategies that preserve businesses as productive and profitable enterprises.

Practical Advice to Protect Your Legacy

Our firm thoroughly understands business law and the legal system, but we also understand the practical realities of owning and managing a business in the Chicago area.

As such, we start the succession planning process by speaking with the business owner about his or her goals for their business and the role that they envision for each of their children in its future management. Working closely with the business owner, we are able to develop a business succession plan that enables the business to smoothly transition to the new generation, while ensuring that their vision is fulfilled.

Achieving a Workable Management Structure

In many of these situations, one or more children have been active in the management of the firm, while other children have pursued their own career interests. In these situations, the business owner wants to make a fair division of estate assets, while retaining a management structure that allows the business to continue as a viable and profitable enterprise.

In these instances, a business valuation is in order. Simon, Lapidos & Uhler, LLC will evaluate your situation, and put plans or strategies into effect that can help achieve your goals. These plans or strategies might include forming a limited family partnership, drafting management contracts, or arranging a buy-sell agreement, whereby the proceeds of the estate intended to pass to the children who are active participants will be used to purchase the business, with the non-active children splitting the proceeds of the sale.

Many of our clients have worked all of their lives to build their businesses, and want them to continue to be a source of profit, employment, and professional gratification for their children and employees. The business law and estate planning attorneys at Simon, Lapidos & Uhler, LLC, are skilled at crafting family business asset protection plans and other such strategies, which ensure the future of these highly-valued, personal enterprises.

For a consultation with a lawyer Simon, Lapidos & Uhler, LLC, call 847-329-7878 or contact us online. Our firm advises clients throughout the Chicago area, including the Northwest suburbs and the North Shore.

Our offices are conveniently located in Skokie, Illinois, near the intersection of I-94 and Old Orchard Road, just east of Old Orchard Shopping Center. We are available for appointments during business hours, and evenings and weekends by special arrangement.