Succession Planning

Are you ready for when there is a change in leadership at your company? Succession planning and management will ensure you are. Identify critical positions within your company and develop a plan to maintain the success of your business during transition.

Succession Planning Quiz

Take the quiz below to help identify if next steps are needed:

1. Have you defined your goals and vision for the transfer of ownership and day-to-day management of your business? 

Yes / No

2. Do you have an identified successor(s) in place?

Yes / No

3. If applicable, have you resolved any family issues that might interfere with your plan?

Yes / No

4. Do you have formal buy-sell agreements in place?

Yes / No

5. Do you have a contingency plan should you die or become unable to continue working? Are those scenarios covered by insurance?

Yes / No

6. Do you have a plan to account for the most desirable nature of the transaction in regards to structure and taxes?

Yes / No

7. Have you recently had your business valued and analyzed the same way potential buyers and competitors would?

Yes / No

If one or more "no" answers reveal deficiencies in your succession planning, know that you are not alone – and it's never too late to being and/or revise what you have in place!

Succession Planning Checklist

Download the Succession Planning Checklist to learn more about how to prepare for these changes in your business.