While many entrepreneurs are focused on growing the business, they often neglect to consider what will happen if they are injured in an accident, suffer an illness, or suddenly die. Business owners failing to have an estate plan run the risk of undermining a lifetime of hard work, jeopardizing the livelihood of associates, and endangering the well-being of loved ones.
In addition to traditional estate planning tools such as a will, a power of attorney and a trust, business owners also need to take additional steps by instituting a buy-sell agreement, obtaining insurance and having a succession plan.
