If you are a business owner, succession planning is always important, but can be even more so under unforeseen circumstances, such as the additional challenges that have emerged as a result of the Covid-19 pandemic.
Business succession planning is simply the process of planning for what you want to happen if you (or your co-owner, if you have one) were to die or fall seriously ill.
If this happens, family and business partners can be left in a complex situation. In some instances, the business ends up in the wrong hands, or in worst cases can fail. These situations can befall sole traders, partners and shareholders in limited companies, although they can all be avoided with sensible business succession planning.
Find out what you need to do in our guide below: