Succession plans are an important aspect in any business, but are especially important in a family business. Your succession plan can fall apart if the framework of your plan is not already in place. Many business owners don't have a succession plan that covers the unexpected – and sadly, sometimes the business dies with them. Long Term PlansLet's start with long-term succession planning. Hopefully you won't need a short-term succession plan, but every business needs a long-term plan.

Source: Forbes October 29, 2017 12:33 UTC