Why is business succession planning so important?

Phoenix, AZ estate planning attorney Chikk Myers talks about why it’s vital to have business succession planning.

Contact Chikk Myers

Phone: (602) 234-1178

Transcript:

Business succession planning is so important because a lot of owners of closely held businesses do not think about what would happen upon their death or incapacity so they haven’t planned for it. What’s going to happen with your clients, your customers, your employees all of whom are deeply involved in your business. And we just had one recently where the individual had a stroke and there’s no one in place to take over the business. So no one really knows what’s going on, there’s a number of contracts that are still in place that need to be serviced, and there is no way – well, nothing has been prepared to have someone step in to take over the business.