Most business owners probably have at least a vague idea of what should happen to their business after they let it go or after they're gone. But an idea that you don't detail in writing isn't likely to help you or your heirs in matters of business succession.
More and more American baby boomers are reaching retirement age and planning their estates. Remarkably, it's been estimated that in the next 35 years, $30 trillion will change hands in the biggest transfer of wealth in the nation's history. However, according to a recent survey of wealthy Americans, 43 percent of respondents said they didn't feel that inheritance planning was a pressing issue.