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Don't leave your business out of end-of-life plans

If you are a small business owner, then you probably have a lot on your plate. We've met with many business owners who are so busy getting their business up and running and remaining successful, they often put off other things -- especially if the tasks seem like things of a personal nature. One thing that might be shifted to the back burner is estate and succession planning, which is not just bad for you and your family. It could be disastrous for the longevity of your business.

Successful small business owners are good at facing hard truths and taking action, so here is a hard truth every business owner should consider: You won't be around forever to run your business. You might decide you're ready to retire, or you might pass away before you pass the reigns on. Either way, if you want your legacy to continue, then you have to set some foundation stones in place for that to happen.

It's essential for every adult to have a will so their assets can be divided according to their wishes, and it's critical for every business owner to have a succession plan. Don't keep putting this off for a better or less busy time, but start working on it today. You need time to groom the people who will take over your business, especially if you want to ensure they run things in a way you would be happy with.

Another tip for business succession planning is to seek professional assistance. A legal professional can help you document your plan and set up trusts and other tools that allow you to maintain some control over things even after you're gone.

Source: CNBC, "4 succession-planning tips for small businesses," Anna Robaton, accessed Oct. 07, 2016

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