Some would say “No.” And they might be right. However, I would encourage them to talk with Jay (not his real name) before they make a final decision.
We had been talking with Jay for several months about why a succession plan would be important to him. “My children have no interest in the business,” he told us. And, since he had no brothers, sisters, or other generational family members involved or interested in the business, he could see no practical value in moving ahead with our recommendations regarding succession planning.