A succession plan for your business is one of the most important safeguards you can use to ensure the company’s
future success. Approximately one-third of family businesses that transfer to the next generation result in
success, and only 12 percent make it to the third generation. Choosing tomorrow’s leaders and formulating a plan
for your retirement, death, divorce or even disability are tasks that should be done early and tweaked often. The
transfer of power and wealth can provide a smooth transition or can be the demise of a company, depending on
how future leaders are chosen and groomed, and how tax and estate planning implications are handled.