It depends on what you’re trying to do:
- Estate Planning is about passing your assets along to other people or organizations.
- Succession Planning is about ensuring the business remains operational once you are gone and involves your attorney, accountant, financial planner, and operations team.
PriceWaterhouseCoopers did a study of 1,600 family-run businesses and found the following:
- 36% of these businesses survived passage into the 2nd generation;
- 19% survived into the 3rd generation;
- 7% continued into the 4th generation.
If you want to make sure your business survives and retains its value, then succession planning is something you should take a serious look at.