Business Succession Planning is intricately tied to business leadership plans, family business goals, estate planning, retirement planning, insurance goals and tax planning.

In some situations, the planning issues are relatively straight forward. Two owners simply agree that they will hold key man insurance on the other and if something happens, the survivor will buy the interest of the deceased owner. In situations similar to this, they will enter into a Stock Buy-Sell Agreement or their business documentation (ie. a parnership agreement or LLC Operating Agreement) will provide for similar results. In other situations, a business owner wants to retire and pass the business to the next generation.

A family business has so many opportunities to pass on the business and wealth to the younger generations with tax savings that are often not used. And while some prefer not to pass the wealth to an undeserving generation, others find that the younger generation has new and exciting ideas and opportunities. The mix of plans and goals described above involves not only business and legal issues, but brings with it all of the personal issues of human and family dynamics.

To contact Mr. Cooke about your opportunities and plans, call him at (312) 497-9002 or email him at "gc@Cookeslaw.com". Mr. Cooke's fee is $300.00 per hour.