Most business owners know they need to protect their business from common threats such natural disasters, theft, and fire. In fact, one of the first things you probably did when you decided to start your business was to purchase insurance that would compensate you in the event of a covered loss. Imagine the potential loss to your business, however, if something happened to you. Without your guidance and management, everything you worked so hard to build could fall apart in a relatively short period of time. Business succession planning provides the legal and practical structure necessary to ensure that your business is prepared in the event of your death or incapacity.