Most business owners want to grow their business and maybe even pass it on to the next generation. But how many owners actually succeed? Relatively few, as it turns out. Studies show only a third of family firms make it to second generation and just a sliver get passed onto the third generation.* A key reason for this is that many companies lack proper succession plans.

Consider the situation your family, employees and company would be in if something unexpected were to happen to you. What would...