Just as individuals engage in estate planning to put their financial and health care needs in order before incapacitation and death, so should businesses. Particularly if your business is family owned, a professional practice, or sole proprietorship, making logistical and financial decisions about who will take over your business upon retirement, death or disability should be top of mind. Succession planning involves creating a plan for someone to own or operate your business after you retire, become disabled, or die. Business succession planning is common at publicly traded companies, but all entities, regardless of status or size, should be prepared to pass control of the business to others.