The Importance of Digital Asset Succession Planning for Small Businesses

Abstract

The digitization of business assets has created a new challenge for the development of succession plans for small business owners. Without a well-defined and managed succession plan that considers digital assets, these valuable business intangibles may perish resulting in irreversible damage. This paper defines digital assets, identifies types of digital assets used by small business owners, and expands upon traditional challenges faced by small business owners who must now account for digital assets in succession planning. Guidance is provided on how to create a successful digital asset succession plan for a small business with current legal mechanisms and best business practices.

Keywords: internet, digital, assets, law, legal, money, wealth, death, estate, succession, planning, business, small