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The Importance of Planning for Business Succession

As many of us can attest, both personally and professionally, business succession planning often takes a backseat to the day-to-day requirements of our lives and our businesses. With that in mind, it should not be a surprise to see that 73% of U.S. family businesses do not have a document succession plan in place, according to PwC’s 2015 U.S. Family Business Survey. Those results align with American’s general aversion to planning as evidenced by a 2016 Rocket Lawyer Make-a-Will-Month survey with Harris Poll showing that 64% of Americans do not have a will.

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