It is natural to want to avoid thinking about these issues, but the age of the business owner is irrelevant to the need to create a business succession plan, as unforeseen events such as death or disability can occur at any time to anyone.

FORBES: Identifying a Successor for Your Family-Owned Business

Meet with an attorney who focuses in small business law, estate planning attorney and tax attorney in advance to discuss the tax implications of agreements such as a Buy-Sell Agreement, Shareholder Agreement, or a Stock Redemption Agreement which are commonly used in business succession planning and may be necessary to execute your succession plan.

FORBES: Identifying a Successor for Your Family-Owned Business

In the latter scenario, the owner is looking for a succession plan, plus there is a longer-term need to grow the business.

FORBES: AWC Gives Business Owners A Gradual Exit Option