If you who have worked hard to build-up a business and you want to pass it on to the next generation, whether during your lifetime or through a Will, business succession planning is absolutely essential.
Business owners need to plan about how they want their business to continue and be managed whilst taking into consideration the interests of those children who work in the business and those who do not.
At some stage you need to decide to how you will leave your business either through your Will or transferring ownership, perhaps when you retire or want to do something else.
Having a succession plan in place will help make this a smooth process.
Without a plan the future of your business could be at stake, while early planning can help you to maximise the value of the business.