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Will Power

Money-management strategies.

This story appears in the June 1997 issue of Entrepreneur. Subscribe »

Although reports of your death may be greatly exaggerated right now, there comes a time in every entrepreneur's life when this is no longer the case. If you have not yet written a will, your business and family could be in for a bumpy transition.

"One of the biggest mistakes I see business owners make is not having a will [or doing estate planning]," says John Ventura, a lawyer in Brownville, Texas, and author of seven consumer-oriented legal books. If, for example, you want your business to continue under the ownership of the manager who worked with you for 20 years to build the company, you need to specifically provide for that in a will, says Ventura, who outlines why a will is so vital in his newest book, The Will Kit (Dearborn Financial Publishing).

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