Business Succession Planning in Chicago

Need a seamless transition of ownership and leadership in Windy City? Our specialized business succession planning services at Lewis CPA in Chicago will safeguard your business's legacy and pave the way for continued success.

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4000+ Happy Clients
We service 1,000+ businesses and 3,000+ individual clients, many of them located nationwide.
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38 Years of Experience
Since 1986, we’ve provided comprehensive tax and accounting solutions for individuals and businesses.
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52 States Serving
With our technology stack, we provide remote accounting services for you and your business, regardless the location.

Expert Succession Planning Consulting

A smooth transition of ownership and management isn't always easy, but it is vital for businesses that want to succeed. Whether you're a family-owned enterprise or a closely-held corporation, the importance of business succession planning can't be overstated. When you plan thoroughly, you lay the groundwork for a successful transfer of leadership, secure the legacy you've built, and safeguard the future of your business.

At Lewis CPA, we take this kind of strategic planning seriously. We bring our accumulated wealth of expertise and experience to guide you through this critical process, ensuring an easy transition that aligns with your objectives. We'll leverage our specialized knowledge and industry insights, and help you navigate the intricate landscape of succession planning in Chicago.

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Benefits of Strategic Planning in Business Succession

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  • Preserving Business Continuity

    With strategic planning, you can enable the continuation of your business's operations and minimize disruptions during the transition period. It can help your organization remain stable, retain valuable employees, and sustain relationships with clients and stakeholders.

  • Maximizing Business Value

    Thoughtful succession planning helps maximize the value of your business. By identifying and addressing potential gaps or areas for improvement, we can enhance the attractiveness of your company to potential buyers or successors, ultimately maximizing your return on investment.

  • Protecting Family Interests

    For family-owned businesses, succession planning is particularly crucial, and we don't take that lightly at all. It allows you to protect family interests, maintain harmonious relationships, and facilitate a smooth transfer of ownership and management from one generation to the next.

  • Mitigating Risks and Uncertainties

    Succession planning allows you to proactively identify and address potential risks and uncertainties associated with the leadership transition. By implementing certain strategies, you can minimize the financial, legal, and operational risks that may arise during the succession process.

  • Ensuring Employee Stability

    An often overlooked benefit, succession planning helps maintain employee morale, stability, and trust. By providing clarity and transparency about the future of the organization, you can instill confidence in your workforce and retain key talent during the transition.

Our Business Succession Planning Services

Successfully navigating business succession is paramount for long-term stability and growth. Our specialized business succession planning services in Chicago provide strategic guidance and expertise to ensure a seamless transition of ownership and management.

Initial Assessment and Strategy Development

We start by conducting a comprehensive assessment of your business, goals, and owner's objectives. Based on this analysis, we'll develop a tailored succession plan and business strategy that addresses your specific needs, considering factors such as leadership continuity, family involvement, and future growth.

Exit Strategy Planning

We can also assist business owners in defining and developing their desired exit strategy, whether it involves a sale, family succession, or other options. Our team will develop a step-by-step plan for executing the chosen exit strategy, ensuring a smooth and successful transition.

Ownership and Management Transition

Navigating the transfer of ownership and management roles is critical. We provide expert guidance on the intricacies of transferring ownership to successors or potential buyers, ensuring a well-structured transition.

Valuation and Financial Planning

It's vital to determine the value of your business before making any decisions. Our team conducts thorough business valuations to assess its worth and inform your strategic planning. Our succession planning consultants develop tax-efficient strategies and optimize financial outcomes during the succession process.

Secure Your Business's Future Today!

When it's time to move forward, partner with us and get expert business succession planning and tax optimization in Chicago.

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Our Succession Planning Process

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  • Initial Consultation

    We begin with a comprehensive consultation to understand your business's ownership transfer goals and tax-related considerations. We gather key information about your company's structure, assets, and desired outcomes.

  • Comprehensive Assessment

    Our team conducts a thorough assessment of your business, analyzing financial records, organizational structure, and key personnel. We identify strengths, weaknesses, and opportunities for a successful succession.

  • Tax Planning Strategies

    Based on the assessment, we develop tailored tax planning strategies to optimize the ownership transfer process. We consider tax-efficient structures, exemptions, deductions, and other provisions to minimize tax liabilities and maximize your financial outcomes.

  • Structuring Agreements

    We work closely with you to structure agreements that address tax considerations. This includes determining the most advantageous tax treatment for the transfer, such as asset sales, stock sales, or other tax-efficient strategies that align with your goals.

  • Tax Compliance and Reporting

    We guide you through the tax compliance and reporting requirements associated with the ownership transfer. Our team ensures that all necessary tax forms, such as IRS Form 8594, are accurately completed and filed within the required timelines.

  • Tax Considerations for Buyers and Sellers

    We provide comprehensive tax advice to both buyers and sellers involved in the ownership transfer. We analyze the tax implications for each party and strategize ways to optimize tax outcomes and minimize potential tax risks.

  • Ongoing Tax Support

    Even after the ownership transfer is complete, our team remains available to provide ongoing tax support. We assist with post-transfer tax planning, compliance, and any tax-related inquiries or challenges that may arise.

Why Choose Us for Your Succession Planning in Chicago?

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Customized Solutions

We understand that every business is unique. Our team takes a personalized approach, crafting customized succession plans tailored to your specific goals, challenges, and industry dynamics to ensure maximal business continuity.
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Collaborative Partnership

We believe in building strong relationships with our clients. We collaborate closely with you, ensuring open communication, active listening, and a deep understanding of your vision and objectives.
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Expertise in Tax-Advantaged Succession Strategies

Rely on our deep understanding of tax laws to implement succession strategies that qualify for valuable tax advantages. We leverage our knowledge to help you minimize tax burdens, such as estate tax exemptions and preferential tax rates.
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Seamless Tax Compliance and Reporting

Trust us to handle the complexities of tax compliance and reporting throughout the business succession process. Our dedicated team ensures accuracy, timeliness, and adherence to regulations, providing peace of mind and safeguarding against penalties or audits.

Client Reviews

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The office is professional, the staff is responsive, and most importantly the work is exceptional. The depth of Sue's knowledge, and the support of her team are truly unmatched
Marieantoinette Zamora
We have been using Susan for over 20 years, she has provided excellent service and helped us through many of our life changing moments: new homes, college expenses, employment changes and more. We would recommend her for all your financial needs
Michael Parent
Susan and her team are the absolute best! Their work is exceptional and the service is unmatched! I would highly recommend them
The Aesthetic Professional
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FAQs about Succession Planning

  • What are the key elements of a successful succession plan?

    A successful succession plan includes identifying key positions and potential candidates for successors, defining clear roles and responsibilities, addressing legal and financial considerations, and ensuring effective communication with stakeholders.

  • When should a business start succession planning?

    It is advisable for organizations to start succession planning well in advance, ideally years before the expected transition, to allow for thorough preparation and strategic decision-making.

  • What is the role of tax planning in business succession?

    Tax planning is vital in business succession to minimize liabilities and maximize financial outcomes. A CPA firm's expertise ensures compliance, identifies tax-saving opportunities, tailors strategies, and navigates complex considerations. With the guidance of a succession planning consultant, you can optimize your succession plan, preserve wealth, and secure a prosperous future for your business and successors.

Ready to Start?

Ready to secure the future of your business through effective succession planning? Contact our team today.

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