Proposed Law Aims To Help Business Owners With Succession

Feb 17, 2021

A new bill could aid Illinois business owners in creating succession plans.

Illinois Rep. Cheri Bustos helped introduce the legislation. She said it’s important, especially during the pandemic, to have provisions if an owner retires, falls ill or dies.

“The whole idea here is that you have almost six in 10 business owners don’t have a succession plan. These are people who in some cases, they own the only business of its kind in a community.”

The Small Business Succession Planning Act would have the SBA host workshops on setting up these plans, develop an online tool for the same purpose, and put forth tax breaks for businesses that set up and implement these plans. The Democrat said the bill has support from both parties, and hopes the Senate will take up the measure.