Many remodelers are delaying long-term decisions, such as choosing an heir, due to how involved running a remodeling business can be. In her latest video, Remodelers Advantage's Victoria Downing lists six reasons for having a succession plan.
One of the reasons that she gives for having a succession plan for any sort of circumstance is to avoid taxes:
"A business can represent one of your greatest life accomplishments. So if you don't have a plan and, for example, you die suddenly, the government's going to take much of the value of the business in taxes and leave little for your heirs."
To see the other six reasons for why you should have a succession plan, head over to Remodeler's Advantage.