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A business succession plan is far more than a legal document designed to pass your possessions on to beneficiaries.

If you’re a business owner, you’ve most likely worked hard to build and manage a company that provides for you and your family. As a result, the income and wealth derived from your business success has become a significant portion of your estate.

A business succession plan helps reassure all parties a business will continue to operate and helps prevent problems by coordinating each owner’s estate plan with the business.

Business owners are often so busy with the day to day issues of running and growing their companies that the issue of business succession is often overlooked or left on the “back burner” until it’s too late.

Timing is everything. As a result, it is prudent for today’s small business owner to consult with insurance, legal, and tax professionals to devise a plan of action that will provide security for his or her business and family.

Planning for certain contingencies, such as death, disability, or retirement, is a concern that affects all business owners.

A family business may grow to the point where you, the owner, are called upon to undergo a radical transformation and change from being the “doer” to being the manager.

What would happen to your business and your family should you become disabled or die unexpectedly? Do you have key employees or family members who could step in and run the company in your absence?

As a family business grows, the owner must ultimately consider how the business will prosper when he or she exits the company.

If you wish your business to continue—and thrive—after you are gone, consider taking the time now to create a business succession plan.