How long after my business has been running that I should start thinking about building a succession plan?Getty Images/iStockphoto
Q: How long after my business has been running that I should start thinking about building a succession plan?
A: It depends on the business. If you invest a lot money, take on debt, have many shareholders or otherwise have a complicated, expensive or valuable structure, you need an estate plan from the start. Your corporate lawyer may be a good starting point to advise you on timing based on your specific situation.