An Illinois business is a huge asset that you must allow for in your estate plan. If you are the only owner of the business and you either have no heirs or your heirs do not want to take on the business when you die, then you need to think about what you will do with it. It is not likely that you want to see it close upon your death because you put a lot of time, energy and dedication into building it. So, what are your options?
CNBC explains that without heirs to take over your business, you may need to get creative. One option is to sell the business before you die to a new owner. You could even bring on a partner if you want to remain active in the business, and then leave the company to your partner upon your death. This can give you a chance to see how the new owner handles the business and give you some peace of mind that things will be okay when you are no longer around. Plus, you get the added benefit of having someone there to run the business if you become sick or otherwise unable to do it.
You may also allow employees to take over the business upon your death. They already know the business operations and have a stake in its success, so they could make the most logical solution. This is especially true if you consider your employees as family.
Another option is leaving it to another family business. If you have friends who own a similar company, they may be willing to take over your business when you die and merging it with their company. This information is for education and is not legal advice.