Planning for an owner's death or disability makes perfect sense. For the business to run efficiently and survive, everyone involved needs to manage tax issues, financial matters and possible confusion or conflict between other owners, key employees and family members. However, the business owner also needs to plan for the business's success, and the opportunity to turn over a vibrant, profitable company to the next generation of entrepreneurs or decision makers.

Documents such as Stockholder Agreements, Buy-Sell Agreements as well as other estate planning tools can be involved in addressing the issues that come up when the business goes through a transition. Investing a little time and effort into these arrangements pays great dividends down the road when the business and family members have a clear and well-organized roadmap to follow.