Small business owners should do business succession all through the life of their business. A succession plan isn't just for retirement, but for unexpected emergencies or just a general review of the business. Create a succession plan as soon as possible and review it at least once a year. Consider changes in the economy, employment, taxes, and the legal landscape. Get a new business valuation every few years to make sure the value is up to date. Consider the changes in the structure of the business, and in the plans of the owner.