Oftentimes, a major component of a family's wealth comes from the business which the progenitor builds up with much hard work and determination. The owner of the business usually desires to make it last long after he is gone so as to benefit not only his children but also the succeeding generations. Perpetuation of the business is the main objective of business succession planning.
Business succession planning not only deals with transfer of ownership of shares. A well thought out plan also takes into consideration other things like creating a vision for the business, formulating a good transition of leadership to ensure continuity of management, or encouraging the next generation to get involved in the business.