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Small-Business Succession Basics

The Business Continuity plan covers the next two weeks. This is different — what happens to the business permanently, if you die, retire, or simply decide to stop.

This is not legal advice. If you have a business partner or co-owner, what you actually need is a buy-sell agreement — a real contract between owners, drafted by an attorney, usually funded by life insurance. This generator is for the more common gap: a solo owner with no partner to buy them out. A sole proprietorship has no legal existence separate from its owner — when the owner dies, the business itself ends; only its assets pass through the estate. Without a plan, heirs inherit assets but not a running business, and employees, clients, and vendors are left with no direction. This draft names a decision-maker and your wishes — pair it with your will and financial POA.

1. Your Business

Your Name *

Business Name *

Entity Type

I have a business partner or co-owner

If you have a co-owner, this generator isn't the right tool — you need a real buy-sell agreement drafted by an attorney, usually funded by life insurance on each owner. You can still fill this out for your own planning notes, but treat the buy-sell agreement as the actual governing document.

2. If I Can No Longer Run This Business

Sell it — to a specific person/employee if possible, otherwise on the open market. Pass it to a family member who wants to run it. Wind it down in an orderly way — finish existing client obligations, then close. Let my decision-maker (below) decide based on the circumstances at the time.

3. Who Decides / Acts

The person authorized to make business decisions if you can't — often the same person as your financial power of attorney or estate executor.

Name *

Phone *

Preferred buyer or successor, if you have one in mind (optional)

4. Key Contacts & Where Things Live

Accountant, attorney, banker, key vendor — one per line.

Key Contacts

Where the important business documents/access are

5. Employees & Clients

What should happen for the people who depend on this business

6. Anything Else (optional)

Other Instructions

Your Draft Succession Plan

Generated on this device only — nothing was saved or sent anywhere. If you have a co-owner, get a real buy-sell agreement from an attorney — this is not a substitute for one.