Business Exit Planning
in Morton Grove, 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 Morton Grove.
Morton Grove's commercial corridors along Dempster Street and Lehigh Avenue include a variety of small businesses whose owners are planning retirement through a sale. We help Morton Grove business sellers ensure the proceeds are managed conservatively enough to sustain a comfortable retirement in a community where the cost of living is moderate by Northern Suburbs standards but the income requirement is real.
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 Morton Grove.
Morton Grove clients frequently have significant equity in homes purchased decades ago at much lower prices, moderate retirement savings, and Social Security as a key income component. Our plans here often focus on tax-efficient home equity extraction, Social Security optimization, and building sustainable income at a cost of living that remains manageable.
Things Morton Grove families ask.
Down the shore.
Talk to a Morton Grove
advisor.
One free conversation about business exit planning, at your kitchen table, our Evanston office, or a video call.