Illinois bill would help small business owners plan for succession after retirement, death

Local News

SPRINGFIELD, Ill. (WTVO) — Illinois lawmakers are proposing legislation to make it easier for small business owners to pass along their business after their retirement or death.

Rep. Cheri Bustos (D-17th Dist), who supports the bipartisan bill, says entrepreneurs across the state tell her they need help creating a plan for succession of ownership.

“The bill would help our business owners by providing the necessary tools to make sure our small businesses can plan for a stronger future. It would direct the small business administration, SBA, to create an online tool kit, to walk small business owners through the process,” Bustos said.

Fifty-eight percent of business owners in the U.S. say they do not have a business succession plan.

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