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.