One of the most important considerations in a small business is management continuity. Never assume that an adult child or senior employee is willing and able to do so. Even if they are, does he/she have the legal authority and practical capacity to step into your shoes? If not, the business could falter rapidly. Both customers and suppliers can become reluctant to do business with an operation when they are unsure who is running the show. A well thought out succession plan will ensure that a successor is ready to step up and take over should the need arise.