Obviously it is an important issue! Many business owners have created a very successful business by working incredibly hard to develop something that is worth a fair amount of money. Unfortunately, a lot of these same people have not implemented a succession plan.
Many of these same people do have an Estate Plan, including a well drafted Living Trust – obviously some do not – but it is silent regarding the business. When planning ahead to protect the legacy that you have created, creating a thoughtful business succession plan is vital. Depending on the size and nature of the business, it may require the company's CPA, a financial advisor, an insurance professional, and an estate planning attorney.
Estate Planning and Probate Attorney, Manhattan Beach Local, Sports Enthusiast