Business Exit Planning
in Northbrook, 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 Northbrook.
Northbrook is home to a number of business owners in healthcare services, professional services, and specialty manufacturing who have built companies serving the broader Northern Suburbs market. When these owners approach us about selling, the first priority is often tax planning, particularly around the allocation between goodwill (capital gains) and other asset categories (ordinary income) in an asset sale, and the interaction of the sale proceeds with the Cook County property tax burden of a sustained Northbrook retirement.
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 Northbrook.
Many Northbrook residents are retiring from careers along the I-94 corridor and want to age in place in their community. Our plans account for Northbrook-specific factors like Cook County property taxes and local cost of living.
Things Northbrook families ask.
Down the shore.
Talk to a Northbrook
advisor.
One free conversation about business exit planning, at your kitchen table, our Evanston office, or a video call.