Make 2019 the year you put a succession plan in place for your small business.

As a small business owner, planning for the continuation of your business after you’re gone can be grim, but it’s necessary. A common misconception is that you have plenty of time to do this. In reality, an accident could happen at virtually any moment, so it’s best to be prepared now. Having a contingency plan could be the difference between the life and death of your business.

A succession plan ensures that your business will continue on after you are unable (injury or death) or uninterested (retirement) in continuing to lead the organization. This plan will pave the way for your successor to take your place. Whether you’re young or old, having a successor in mind and plan in place is important. About 70% of family businesses fail, and only 42% of family businesses live to see the third generation takeover. A well-though-out succession plan is a must if you want the business to live on after you’re no longer involved and if you want you or your heirs to receive the full value from the business you’ve worked so hard to build.

You can find a successor by considering internal candidates, informing your stakeholders, and assessing their fit with your company, ideals, and vision for the future. To create your business succession plan, first write a mission statement and train your successor. This way, what is expected of the company and your successor is clear. For the rest of the steps on how to build your business succession plan, check out this infographic created by Bestow.