Imagine that your business partner dies tomorrow. Do you know exactly what will happen to their share of the business? Will their spouse take over their share, and how will this work for you? Do they understand the business and will you be able to work with them as the new co-owner? The reality of this situation is more common than many business owners would like to think, and is just one amongst a myriad of critical reasons why business owners should take the time to do financial planning. Jannie Rossouw, head of Sanlam’s Business Market, says many business owners fail to see the importance of financial planning in their businesses because they simply don’t dwell on what they don’t know. “A business owner typically focuses on the nitty gritty of the business, because this is where his interest and his passion lies. Yet, taking a simple step back may help him realise the need to take care of his personal finances beyond the day-to-day running of business. Failure to do so will ...