As a business owner, you’ve spent your life building your company and creating a legacy that will carry on into the future. However, have you thought about what will happen to your business once you retire or decide to pass it on?

Many family-owned businesses are unsure of how to transfer ownership to the next generation. When the time comes, effective leaders will take into account a variety of factors in order to ensure the longevity of their company.

Aside from having a clear plan for succession, successful family-owned companies will also have the following:

The first step in creating a succession plan is to identify the current state of your business. A thorough assessment will help you identify the company’s strengths and weaknesses and will highlight potential areas for improvement. You can then use this information to create a plan that will set you up for success in the years ahead.

Having a well-thought-out plan will allow you to create a more sustainable business that is more likely to survive into the future. In addition, it will also give your family peace of mind knowing that their investments are secure.

A slew of licensed shows are headed to Netflix in October and that includes all four seasons of Carl Weber’s The Family Business. Based on a best-selling crime drama book series, the show follows the upstanding Duncan family who operates an exotic car dealership by day but leads a dangerous, crime-fueled double life. The series stars Ernie Hudson as L.C. Duncan, Valarie Pettiford as Charlotte Duncan, Armand Assante as Sal Dash, and Darrin DeWitt Henson as Orlando Duncan.