Do you have a plan for your business after you retire or leave?

"Although 76% of business owners plan to transition over the next 10 years, only 35% of businesses have a formalized succession plan in place."

"Thoughtful planning in advance can help give business owners peace of mind knowing that both you and your business will be cared for in retirement. A plan can also ensure your employees are cared for and, if you choose, allow your business to continue serving the local community."

"A financial advisor can be a helpful partner in putting together your plan. They can also identify how you can work towards your personal and retirement goals, separate from equity you may have in your business."

"A basic estate plan for most business owners should include: a revocable trust, a will, a financial power of attorney, a health care power of attorney and beneficiary designations. Make sure to review these documents periodically with your attorney to ensure they still reflect your wishes."

Many business owners juggle daily operations and may not plan for later life transitions. While most plan to transition within the next decade, few businesses have formal succession plans. Planning ahead can reduce future stress and provide peace of mind for both the owner and the business. Thoughtful planning can support retirement outcomes, employee care, and continued service to the local community. A financial advisor can help align personal and retirement goals with business equity. An estate planning attorney can incorporate the business into an estate plan using documents such as a revocable trust, will, financial power of attorney, health care power of attorney, and beneficiary designations, which should be reviewed periodically. Building a trusted team of professionals helps ensure preferences are honored and supports business valuation.

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