Business Formation issues are important, but Business Succession Planning is equally as important. Business Succession Planning is a series of logistical and financial decisions about who will take over your business upon retirement, death, or disability. While it may seem very abstract to be planning to leave or sell a business, at a time when you are just beginning, there are compelling arguments that this is the best time to create such a plan.
Having a comprehensive Business Succession Plan in place from the beginning sets proper expectations. It removes elements of uncertainty and the potential for surprises among your partners, managers, and owners. Planning early in the life of your business also means that should an unforeseen event occur; your business would not be thrown into a state of disarray.
Businesses are not immune from conflict, if you have a business, a Business Succession Plan can help prevent future disagreements or misunderstandings from crippling your business.