Many small business owners have put all of their effort into developing their company and believe that their whole identities are wrapped up in it. This is often because building your small business is the fulfillment of your personal dream. But according to a study recently completed by Wilmington Trust of 200 privately held businesses, nearly two-thirds had no succession plan in place. 
Most of those who didn’t have a plan said that their lack of planning was due to the fact that they were largely enjoying their current role in the company and did not want to think about a future transition. Nearly half felt that the succession was too far in the future or that they were too busy to plan. However, running a business and completing effective business succession planning are not tasks that are mutually exclusive. In fact, they can and should occur at the same time. All too often, it is the business owner who does not realize the potential downsides of failing to plan until it is too late. A sudden incapacity, divorce or death could leave your business in a very difficult position, and one that is altogether unnecessary.
When you have the support of a business succession planning lawyer to assist you with all phases of looking at the future of the company now and years down the road, your loved ones or other key stakeholders in the business are empowered to make a decision as quickly as possible in the event of a problem.
This might not seem like too much of an issue in the current moment, but it is strongly recommended that you consider the benefits of business succession planning not just for your company but for your family members as well. They deserve to have clarity and peace of mind and be able to take prompt action if something were to happen to you.
