The four main goals of business succession planning are the following:
(1) to minimize and plan for the financial burden of transfer taxes (estate, gift, and generation skipping taxes);(2) to better provide liquidity to the business owner;
(3) to provide continuity in the management of the business (passing the business to willing and able hands); and
(4) to fairly and adequately provide for the needs of the family members, beneficiaries, and any other interested parties (like key employees).