92% of wealthy Americans are changing their financial plans because of this trend—and it’s reshaping how founders exit

As the average life span increases, entrepreneurs are able to run their businesses for an even longer period of time. However, this shift can make deciding when—and whether—to leave considerably harder. In a recent survey conducted by Bank of America, 92 percent of wealthy Americans said longevity was an important factor in their financial planning. And among business owners, 78% called succession planning critical to their wealth strategy. Yet, only 20% had a fully documented plan. To com...