Are business owners leaving the fate of their life's work to the courts? They may be doing exactly that if they don't have a strong business succession plan.
Advisors have a significant opportunity to quarterback the business succession planning process for their business-owner clients. A recent study for Nationwide conducted by Harris Poll revealed that three in five small business owners do not have a succession plan in place. To make matters worse, of those without a succession plan, 47 percent view a plan as unnecessary.
Related: Less than half of surveyed independent agents have a perpetuation plan for their businesses
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