Local law firm grows in Rolling Meadows
An interview with Maritess Bott, owner of Bott & Associates Ltd.
Q: Describe your business. What do you do?
A: We are a law firm primarily providing estate planning services, along with probate and trust administration, asset protection, corporate, elder law and real estate. In a nutshell, I like to help people make sure that everything they worked hard for during their lives, gets to the right people, at the right time, handled by a person they have chosen, all at the least possible cost without giving more to probate attorneys and the IRS than they have to. There are many emotional reasons to do an estate plan like protecting your estate so that the assets go down the bloodline and not to in-laws, or making sure that the child or beneficiary receives assets in stages so he/she does not use it too fast and ruin their lives. What we find is that once a client writes things down, then he/she can have peace of mind. In addition, when a person has to deal with a loved one who has passed or is in a situation of being incapacitated, I enjoy being able to hold the client’s hands through the process of probate. It is such an emotional time for them, and I feel that I have the ability to put them at ease that everything will be taken care of with as little frustration as possible. Similarly, selling and buying real estate is another chaotic process in a person’s life. We like to help them through the transaction and handle any negotiations for them. While we cannot control everything, we can at least use our experience to make the closing go smoothly so the client can move in to their home in peace. Another area that we practice in that is becoming more in demand is elder law services. There are fewer ways for clients to be able to pay for long term care services and the sooner they address it, the better position they will be. We try to help families review their options in often very difficult situations.
Q: What made you start your business?
A: When I was in my second year of law school I worked for a small firm downtown and stayed there for 3 ½ years, then moved to another firm and worked for another 4 ½ years. During that time, I got married and became pregnant. Initially I was determined to be “Super Mom” and commute downtown (by Metra train 90 minutes one way) from Elgin, work my 8-10 hour “law firm life,” and still have quality time for my infant son. Then a year and a half of trying later, I knew that it was always going to be a struggle for me. So I moved on and worked at a firm in the suburbs, ten minutes from my house. I stayed there a little over four years and realized that “I can do this on my own!” and held my breath … here we are five years later. In short, I did not come out of law school thinking I’d have my own practice, but my path led me here, and I am so happy to be able to do what I love to do and not compromise my family time. I have since had two additional children and my office is 5 minutes from home. I am a room mom for my 5th grader’s class, I attend almost all of my boys’ basketball practices and games, and spend a lot of time with my 3-year-old daughter.
Q: Is there anything new at your business?
A: As of Jan. 1, 2012, Illinois finally adopted the DRA rules which were passed on a Federal level in 2007. These rules drastically change the opportunities for people to qualify for the Medicaid program. It is important for clients to have a plan early to address long term care issues. Otherwise, everything they worked hard for may just end up going to a nursing home when they get older.
Q: What has been the most difficult obstacle in running or starting a small business?
A: Getting bogged down with the administrative duties of running a business is definitely an obstacle. I try hard to delegate as much of the duties as possible, but there are certainly some things that I know I have to be in charge of, and they do take up time. I have gotten better through the years and having staff that I can trust is also a huge help.
Q: What do you enjoy most about operating your business?
A: I enjoy the hugs that I get from clients when something has been accomplished, or when I see the look of fear and stress, become a look of relief. I work with two of the most important aspects in a person’s life … their money and their family. Both can create a lot of stress and anxiety. I love being able to bring that peace that we can take care of the situation, or create the right plan that will reduce if not eliminate any hassles and fighting for their family members when they pass away.
Q: Is this what you pictured yourself doing when you were young? When you were young, what did you want to be when you grew up?
A: This was definitely not what I pictured when I was growing up. I had a creative side when I was younger. I enjoyed art, I sewed my own clothes in high school, and I was always doing crafts. So naturally I thought I was going to be a fashion designer or interior designer. I got my marketing degree from NIU and wanted to go into advertising. I never did get a job in that field, and thought going to law school would be a good challenge for me. I always say “things happen for a reason.” This is what I was meant to do.
Q: What keeps you up at night?
A: Not much. By having young children and running a business, I’m too busy to be staying up at night! I would say that client issues and cash flow are always on my mind. On top of did my children do their homework, did they take a bath today, what is for dinner, do they have any clean underwear …
Q: If you could give one tip to a rookie business owner, what would it be?
A: Network, network, network! When I worked for law firms downtown they never emphasized the importance of networking and meeting new people. But since I’ve been in the suburbs, I have learned that networking is invaluable in growing your business. The more people you know, the more people you help, then people will just know you and refer you business. Although it’s great to be a lawyer and draft documents, one of the best parts of owning your own practice is meeting new business people all the time.
Ÿ Every Monday we feature a local business. We want to hear about yours. Contact Kim Mikus at kmikus@dailyherald.com.
Bott & Associates Ltd.
<B>Address:</B> 3701 Algonquin Road, Suite 712, Rolling Meadows IL 60008
<B>Owner:</B> Maritess T. Bott
<B>Year business started:</B> January 2007 (We are celebrating our five-year anniversary.)
<B>Web Address: </B>www.bottestateplanning.com