It is important for business owners to seek advice on developing a separate succession plan for their businesses.

There are a variety of circumstances, obligations, taxes and responsibilities that arise for families, spouses, business partners, suppliers and clients should a business owner become incapacitated or pass on. These implications only increase where family members are involved in many businesses across multiple jurisdictions.

Whether passing a business on to a family member, selling an ownership share to a partner or third-party buyer, or closing the business down entirely, a professionally guided formal estate planning process is key to ensuring that a business delivers even after its founder is gone.

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