Business Exit Planning
in Lincolnwood, IL.
You built something worth selling. Now make the proceeds last.
For most business owners, the sale is the retirement plan. The proceeds have to replace the salary, the benefits, and the income stream you've depended on for decades. That's a high-stakes transition, and it requires more than just a financial advisor who handles 401(k)s.
At our firm, we've guided business owners in Chicago's Northern Suburbs through exits and liquidity events for nearly 50 years. We know the questions to ask before you sign, and the mistakes to avoid after the wire hits.
What this looks like in Lincolnwood.
Lincolnwood's commercial strip along Touhy Avenue and Dempster Street includes a variety of small businesses, restaurants, retail, and service firms, whose owners are approaching retirement through a sale. Business exits in Lincolnwood are often simpler in scale than those in wealthier communities, but the need for installment sale planning, purchase price allocation strategy, and post-sale income planning is equally real regardless of the transaction size.
The county details.
Cook County business sellers face a tax environment with two important state-level considerations. Illinois taxes capital gains at the flat 4.95% rate with no preferential capital gains treatment, adding to the federal capital gains tax on the full gain. On a $3 million gain, the Illinois tax alone is approximately $148,500. The Illinois estate tax is equally important: business sale proceeds that substantially increase net worth can push a Cook County family well above the $4 million Illinois exemption, making pre- and post-sale estate planning essential. We address both the Illinois capital gains exposure and the post-sale estate tax picture before any deal closes.
Why Lincolnwood.
Lincolnwood's proximity to Chicago and relatively affordable housing make it popular with retirees who want to stay close to family and urban amenities without the city's cost of living. We help Lincolnwood residents maximize their retirement savings for a comfortable local lifestyle.
Things Lincolnwood families ask.
Down the shore.
Talk to a Lincolnwood
advisor.
One free conversation about business exit planning, at your kitchen table, our Evanston office, or a video call.