![Woman next to portrait](/study/colleges_schools/law/centers/family_small_business/_images/_list/business_succession_planning_124.jpg)
No one lives forever. When there is a leadership transition, whether because of death, incapacity, or retirement, many businesses fail. Often, this consequence could have been avoided with foresight and planning. Whether the goal is to sell to employees or an external buyer or to transfer control to a new generation of family owners, business owners cannot simply wait and expect that things will work out for the best. Carefully considered and regularly updated succession planning is a crucial component of family business resilience.