If you plan to leave your business to an heir or heirs, you must make nurturing and growing the value of the business an annual priority throughout the life cycle of your company. This ensures that your successors receive a business that is in good financial health and at its full value, rather than one that is on the downslide or beginning to fail.

Creating a philosophy and vision for running your company that keeps these goals in mind, and communicating it to everyone involved with your business, can help make your succession planning goals a reality. For example, you should decide now how much of your business' profits will be reinvested in your company, plan ahead for how you will grow and nurture your business so it remains profitable and continues to gain customers, and outline who will be responsible for making decisions regarding the business.

Taking steps like these when your business is still in the midst of its life cycle can help ensure that you hand off a vital and profitable business to your successors, rather than one that is in decline.