I was reading a report from the AICPA the other day regarding succession planning. Only 17% of sole proprietors have a succession plan in place or are close to finishing. You may have the understanding that you are relatively young and aren’t considering retirement anytime soon which is fine. However it is my mindset that every business needs a plan for its future. There are unforeseen consequences that may occur to any of us at anytime, and then what happens to the business? You probably have spent a lot of time building, working for and caring about your business. I would advise to at least have a contingency plan in place. It may be a good idea to discuss this with a key employee, a friend in the industry or obviously Naab Consulting to better form a plan for your future.

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