Planning is critical in any business endeavor. You made all of these plans to start, build, and continue your business. Now it is equally important to do your business succession planning and your estate planning. Of course you should do them together.
Why this is important
Even though they are different, they are so interrelated that for a smooth transition, you should have your succession plan where you have the valuation. This is particularly important if death is the reason why a person is no longer in the business.
That way you can ensure that the person who is the successor steps up, and we don't have to deal with a family member trying to be part of the business that they don't know anything about or care about.
What you should do
So designate your business succession plan and have a way of financing the succession if the departure is by death. On the estate planning side, have your designation and your will or trust as to who gets your interest in that business.