A business succession plan is an important component of any business strategic planning process. It is important for the following reasons. 
A poor management transition plan can have a negative impact on business results and can even result in business failure.
The value of your business may represent a substantial source of income in retirement. Proper succession planning can therefore help ensure that risks to your retirement's capital are minimized as you approach the end of your career.
Read more: https://www.entrepreneurshipsecret.com/components-of-a-good-business-succession-plan/