Business Succession Checklist

Define clear succession goals and objectives.

What are the desired outcomes for the business and its stakeholders?

00:00:00

Goals 10 min

Establish a realistic timeline for the succession process.

Consider potential transition periods and key milestones.

00:00:00

Timeline 5 min

Obtain a professional business valuation.

Determine the fair market value of the business for transfer or sale purposes.

00:00:00

Valuation 10 min

Identify potential internal and external successors.

Assess their skills, experience, and leadership potential.

00:00:00

Candidates 10 min

Develop a training and development plan for chosen successors.

Provide opportunities for skill enhancement and mentorship.

00:00:00

Development 15 min

Establish a mentorship program to facilitate knowledge transfer.

Pair successors with experienced leaders for guidance and support.

00:00:00

Mentorship 10 min

Review the companys legal structure and make any necessary adjustments for the succession.

Consider tax implications and liability issues.

00:00:00

Legal Structure 10 min

Develop a financial plan to address funding for the succession and any potential buyouts.

Explore financing options and tax strategies.

00:00:00

Financial Planning 10 min

Coordinate the succession plan with personal estate planning.

Ensure alignment with personal financial goals and objectives.

00:00:00

Estate Planning 10 min

Communicate the succession plan to key stakeholders (employees, customers, suppliers).

Maintain transparency and address any concerns.

00:00:00

Communication 10 min

Implement the succession plan according to the established timeline.

Monitor progress and make any necessary adjustments.

00:00:00

Implementation 5 min