You've invested time, effort and money to create one of your most valuable assets - your business.

As a business owner you rely on your company to provide family income, personal financial security and a legacy for the next generation.

Unfortunately, many business owners fail to take the next important steps: planning for the position of the business at death, retirement or permanent disability and protecting the business from the loss of a key employee. Whether you are a sole proprietor, a partner or a shareholder in a closely held corporation, you have several planning options to ensure the continuation of your business.

Business continuation planning considers the events that could jeopardize the viability of the business and offers strategies to protect against these eventualities.

Simply put, business continuation planning is developing and implementing a plan of succession.

Through what is usually called a Buy-Sell Agreement, Proper business continuation planning will determine who will take over your business if you die prematurely, become disabled or retire.

Ensuring the continuation of your business with a properly drafted Buy-Sell Agreement will provide more than just a mechanism for transferring the business. It may save you thousands of dollars -- and hours -- by eliminating the costs, delays and frustration of contests by Canada Revenue Agency and litigation.