Business/Corporate Law: Family Owned Businesses


Family-owned businesses have their own unique issues to face transitioning the business operations from one generation to the next, ownership succession planning, marriage and divorces, complex estate planning, and other complicated relationships. The family-owned business is often times more at risk of litigation and in-fighting than non-related business partners because of the high level of emotion that occurs during confrontation and division. That is why it is of utmost importance that proper documentation is in place to help address these and other issues when they arise.

Family-owned businesses also have a unique perspective when it comes to the more routine issues that emerge around compensation structures, employee benefits, vendor and supplier relationships, and processes for strategic decision-making. The attorneys of WPD understand that family-owned business owners frequently feel that their employees, vendors and agents are also family. The attorneys of Waltz, Palmer & Dawson, LLC understand that planning for the future can be an emotion-fraught issue when family and friends are involved, and we are skilled at negotiating both the legal and personal aspects of such a plan.

Should you have any questions about your family owned business any other laws that may affect your business, or would like to schedule a free initial consultation, please contact Waltz, Palmer & Dawson, LLC at (847)253-8800 or contact us online.

Waltz, Palmer & Dawson, LLC is a full-service law firm with various areas of service to assist your business, including: Employment Law, Intellectual Property, Commercial Real Estate, Business Immigration, Litigation and general Business Law services. Individual services include Estate Planning, Wills and Trusts, Probate, Guardianship, Divorce and Family Law.

This article constitutes attorney advertising. The material is for informational purposes only and does not constitute legal advice.

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Waltz, Palmer & Dawson, LLC

3701 Algonquin Rd. Suite 300
Rolling Meadows, Illinois 60008

Phone: (847) 253-8800
Fax: 847-253-8822

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