Category: Business

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.