EDWARDSVILLE – Todd Sivia, of Sivia Business & Legal Services, P.C., has become the first attorney to receive the Certified Exit Planner in the St. Louis Metro area.
His Edwardsville and St. Louis-based law firm focuses primarily on asset-protection, estate planning, real estate, business law and business succession.
“For me, getting the CExP certification seemed like a natural step in providing the best possible services to my clients and business owners,” said Sivia (left) . “Planning for an exit does not always mean retirement. Exit planning is about ensuring that you have a plan in case of death, disability or transferring the business to the next generation and making sure that next generation or key group of employees are ready for the transfer.”
Many business owners have no exit strategy for their businesses in the event of their death, disability or retirement. An exit plan maximizes the value of a business in the event of the unexpected. It also outlines the plan for succession or transfer of ownership should the business owner decide to retire.
“Just like everyone needs an estate plan, every business owner needs a governing document that handles the details of a timely or an untimely departure. I have seen it too many times,” he said. “There are so many business owners that fail to have a well-thought-out plan for exiting their business.”
With an unforeseen death, disability or departure of a business owner, many companies are forced to shut the doors, he said. When there’s not a set plan, whoever is left in the company is forced to make decisions or sell it. However, if you’re not familiar with the business, you could potentially underestimate the value, pay more in taxes and receive significantly less than deserved. If there’s a strategy in place, these and several other complications can be avoided.
To receive the CExP certification, you must undergo distinct training and prerequisites. This assures that professionals have all the knowledge and understanding necessary to provide these combined and competent services. The certification also holds its recipients to a high degree of consistency, professional quality, industry standards and credibility.
Sivia Business & Legal Services, P.C. focuses on general business law, personal injury, real estate, estate planning, litigation and elder law. The firm is located at 217 S. Main St., Edwardsville.
— From the Illinois Business Journal