There is a lesson to be learned from Tywin Lannister, the influential patriarch of Game of Thrones<\/em>. Despite amassing great wealth and power throughout this life, his attempts to create a business legacy for his family failed.<\/p>\n A family-owned business is a hard-won commodity and is considered a legacy to be passed from one generation to the next. However, that legacy is often lost in the transition because of poor estate planning. More than 70 percent of family-owned businesses do not successfully survive the transfer from one generation to another.<\/p>\n How can a business owner ensure their plans for the future are successful? \u00a0As a first step, he or she should communicate with family members about their intentions for the business. Then, a business succession plan that transfers control and ownership to primary family members (including in-laws or other relatives, if they are involved with aspects of the business) should be established.<\/p>\n