Succession planning is critical for the long-term success of a business, but many plans fail due to common pitfalls. A narrow focus on the leadership transition, neglecting key business operations, family members opting out of leadership roles, and a resistance to change often hinder successful outcomes. However, a well-prepared business significantly increases its chances of a smooth transition and higher sale value.

As a business owner, estate planning isn't just about protecting your personal assets—it's about ensuring a seamless transition of your business to the next generation or your chosen successors.

Business Owners: Estate planning is more than just safeguarding assets—it's about securing your business's future. Learn why estate planning matters for business owners and discover key components of effective succession planning…

Individuals who own 25% or more of a limited liability company, partnership, or other small entity that owns real estate or runs a small business, or who have substantial control over any company, will be required to register in a new federal database beginning in 2024.