Succession planning is a process not an event. It should began when your company starts to make money. That is when you need to begin to think of the future. You will go through many wills and estate plans. You will need help dealing with the personal/emotional, operational, financial and legal ramifications of being in business and as a potential family business. When
family members enter business full time, you need to identify what you want out of the business, what you want for your heirs and what is the best possible way to help them succeed. This is where many family business fail. They wait too long, and don't do the proper planning and preparation of themselves or their successors for what is to come. Waiting has created way too many statistics of families in business. It can negatively impact your income, end a legacy and even strain family relationships of those who had hoped to make the business a career. Now is the right time to begin planning. Don't wait until you are gone. Let another become part of the statistics.