Why Business Owners Need a Succession or Exit Plan

For decades, vast wealth has been created for millions of Americans through growing private businesses. As Baby Boomer business owners reach the later stages of their careers, a 2016 U.S. Trust Wealth and Worth Survey shows that nearly two thirds have no formal succession plan or exit strategy. Since most business owners rely on their businesses for income, the lack of such planning means that their main source of income could be in  jeopardy.