Chicago and Mokena

Business Succession Planning

Monday, January 14, 2019

New Belgium Brewing’s Unique Succession Plan

New Belgium Brewing makes one of the most popular independent beers in America, and it is sometimes credited with starting the craft brewing craze, so are you surprised that it is also doing things differently when it comes to succession planning? Instead of selling out to a larger brewer, or bringing on investors, New Belgium has gone 100% employee owned

When Kim Jordan and her then-husband Jeff Lebesch first started brewing beer in the late 1980s, it was in their basement. They slowly gained a cult following from beer lovers who couldn’t find similar tasting suds anywhere else.

Read more . . .

Monday, October 22, 2018

In Focus: Business Succession Planning

Running a closely-held business can be a rewarding experience as well as a lucrative adventure, however, a lifetime of hard work can be undermined without proper planning. One common mistake of many small business owners is failing to plan for the possibility of incapacity or the inevitability of death. If you intend for your business to survive into the next generation, it is crucial to establish a business succession plan.

Key Elements of Succession Planning

The first consideration in designing a business succession plan is selecting a successor, whether that individual will be a family member, another partner or business owner.

Regardless of who takes the reins, it is crucial for a successor to have the necessary skills, experience, as well the desire to lead the business. At times, a family member may be positioned to take over, however, often times other business partners or key people are better equipped to do so. In any event, the succession plan must clarify the rights and responsibilities of the successor, specify guidelines for operating the business, and establish a method for resolving disputes. Of course, a critical component of any business succession plan is determining the value of the business.

Read more . . .

© 2023 Grant Park Legal Advisors LLC | Disclaimer
307 N. Michigan Avenue, Suite 820, Chicago, IL 60601
| Phone: 312-392-0310
18700 S. Wolf Road, 250, Mokena, IL 60448
| Phone: 815-412-9377

About | Practice Areas | Estate Planning | FAQs

Law Firm Website Design by
Amicus Creative

Probate Attorneys near me
John Neil WoodReviewsout of 5 reviews