Written by Joseph Russo in February, 2009

The other day a friend of mine was involved in an accident that put him in hospital for about a month.  It’s surprising how much we appreciate life when we are faced with death.

It’s not something he wanted, not by a long shot. However, being in that position, lying helpless on the hospital bed, it made him think. – If he were to die, not only does his family lose him, they also have the headache and stress of looking after the family business as well as the prospect of having insufficient financial stability for the family he loves so much.

It’s typically been a taboo subject. No one likes talking about death and very few people plan for it – however inevitable death is. However, on thing is for certain; if you are currently running a business, at some point you will leave it. Be it a sale of the business, retirement, or misadventure, it is important to have a succession plan.

Planning the next business phase in advance can help you achieve the best out of the business and help enable you to meet your future needs and requirements.