Did you know that the number one reason why small family businesses fail is because of lack of planning? Without a proper succession plan, your family business may not last beyond your lifetime. In fact, only one third, 34%, of all small businesses have a robust, documented succession plan. Business owners often get caught up working in their business and forget to work on their business.
![The Importance of having a Business Succession Plan](https://tier1capital.com/wp-content/uploads/2023/04/a-fam-28-760x428.png)