The difference between an estate plan and a business succession plan are is that the estate plan really looks at the individual in a wholistic way. It covers everything that the individual may own from beginning to end. The concept behind a business succession plan really is designed to implement a strategy for a small business owner, whereby they’re taking a look at how they’re exit strategy is going to be implemented, whether it is through retirement, through disability, possibly, through a long-term illness, or ultimately through death, that’s the things that we’re trying to look at in terms of a business succession plan for all small business owners that are encompassed inside of a larger estate plan.
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