Seth Godin said it again–that ‘no plan’ is a plan, but one with little chance of turning out the way you want it to. It’s especially true for family businesses. http://sethgodin.typepad.com/seths_blog/2014/12/backing-into-your-future.html

Whether in a closely held business or a family business, lack of a transition or succession plan, or a buy-sell agreement, is a recipe for loss of an inheritance, a business and possibly a family as well.