Have you been looking forward to the day you can retire, or perhaps setup the business to be run by a business partner, employees, your children, grandchildren, spouse, or just sell off the business and its assets?
These are all variables to consider, even if you are not expecting to retire. It is a good idea to have a business plan in place especially, if an unforeseen illness or death occurs that could potentially cause business practices to come to a halt.
In the event that you continue to own the business until death, that business would be included in your estate and could be subject to substantial estate taxes. Furthermore, your family might be subject to sell the business or its assets.
Planning for how you will exit from your business should be an integral part of your estate and retirement planning. Proper planning now can provide you with retirement income, reduced income and estate taxes, and even let you benefit a charity.