Business owners deal with a unique set of challenges. One of these challenges includes succession planning. A succession plan is the process of the transfer of ownership, management and interest of a business. When should a business owner have a succession plan? A succession plan is required through the survival, growth and maturity stage of a business. All business owners, partners and shareholders should have a plan in place during these business stages.

What happens when the children grow up and they are no longer dependent on their parents? What happens to your other "baby"- the business? Estate planning for business owners deals with the personal and business assets.