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Think about the fate of your business after you die

All small business owners need to think about what is going to happen to the business when they die. You need to put a plan in place so that your business isn't left without leadership when you are gone.

Coming up with a succession plan now can help your business and your loved ones. This might not be something that you are considering because you might plan to sell the business so you can enjoy your retirement. This is what around 78 percent of small business owners are planning on doing. But, what happens if you don't sell the business before you die?

A written succession plan can take the guesswork out of what will happen in this case. This plan is something that fewer than 30 percent of the 28 million small business owners in this country have taken the time to make.

You might not realize this, but a succession plan can also help you to remain financially secure in your retirement. You might be able to use the succession plan to write out what is going to happen with the business so that you can retire.

Before you make any firm plans, you need to talk to the people who are likely going to take over the business as part of the succession plan. You might be surprised to learn that your children don't want the business or that a trusted employee really doesn't want the responsibility of running the company in your stead.

Once you know the basic information about what you want in the plan, you can get it drawn up. You can revisit it periodically to ensure it still reflects your wishes.

Source: Entrepreneur, "Now Is the Time to Think About Your Small-Business Succession Plan," Stephen Sheinbaum, accessed Oct. 20, 2017

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