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What is estate planning? Here’s what Wikipedia has to say:
Estate planning is the process of anticipating and arranging for the disposal of an estate during a person’s life. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity.
Every owner of a closely-held family business wants to know the business will continue—even thrive—once they’re gone. A well run, well managed family business can provide for you and your loved ones long after you’ve stepped down from its operation. It can even support your family after you’re gone. Most owners I talk to expect that their business will continue long into the future.
The reality, though, is less encouraging. According to the Family Business Institute, only 30% of family businesses survive into the second generation—most often due to a failure in the succession planning process on the part of the business owner.
Click to learn how you can prevent these mistakes in your own business!