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Succession planning is planning in advance. What is going to happen in your business if you retire or there’s an unlikely or bad scenario where someone passes away unexpectedly. So every single business needs it, even if you’re a sole practitioner or you’re one person, and some of it’s simple to do, like getting a life insurance policy.

That covers the person who you know was, was gonna get the business if it fails because someone passes away. But succession planning, I think is extremely important.