According to Resnick, the No. 1 cause of business failure is inefficient succession and estate planning. He also noted two of three family businesses will not make it from the founder to the second generation.
Resnick’s hour-long presentation covered a wide-range of topics related to proper succession and estate planning, including tax issues, dealing with family members as they relate to the business and even how life insurance policies can factor into the process. “Life insurance is the second-largest asset for most business owners,” he said.