If it wasn’t for her husband’s decision to have a plan and sufficient insurance, she doesn’t know what the outcome could’ve been.

“Whatever you do not only affects you, but it also affects everybody else,” Jolley said, who is now the president of AcuTech.

There are a number of business plans that could help determine a company’s future, including buy-sell agreements, life insurance on business partners in case of death that would decide how to handle the business, trusts, and estate planning.

Myra Roberts, a shareholder of accounting firm Barfield Murphy Shank & Smith who specializes in estate planning, said a business owner must look to a team of experts to help them come up with a plan that will best fit their business. The team could consist of a number of different specialists, including lawyers, accountants, investment advisers, insurance specialists, and trust officers.

“There’s not any time that would be too early to start planning, but it really does make all the difference in the world to have that in place,” she said.

“It is important to incorporate the knowledge, skill sets, and expertise from each professional to provide the most comprehensive planning,” Roberts said. “Only then is the client and family well served.”

While hiring specialists can be expensive, it would be more expensive not to do it, Roberts said.

“Estate and succession planning is about much more than money and finances. While it is important to be a good steward and maximize the amount passing to heirs, maintaining legacy and preserving family heritage is of great value, and you cannot put a price on that,” she said.