One of the most important challenges that small business owners must tackle is how to most effectively transfer the business to the next generation or a qualified nonfamily member. The most successful business transfers are the ones that are properly planned in advance.

Not having a systematic business succession plan in place can mean financial loss and even loss of the business. Estate taxes may force a business into extensive debt and/or liquidation.

Proper planning can help minimize tax liabilities and insure that the money to pay estate taxes is available. Business succession plans must also consider the transfer of the trust, respect and goodwill that the business has earned.

Successful planning for your business's continued health, without sacrificing your own retirement plans, improves dramatically by starting early and working with qualified advisors. An accountant, attorney, insurance agent and financial planner are essential to assure that your business and personal objectives are being optimized from legal, profitable standpoints.

If seeing your business continue into the future -- without compromising your own retirement needs -- is important to you, proper planning is vital.