Business Succession Planning Checklist

We believe the true starting point should be your needs and those of your spouse.When you have a clear idea of what you want, then it makes sense to broaden the discussion out to include the desires of the rest of your family.Succession planning is the process of pinpointing key needs for leadership and intellectual talent throughout the organization over time and preparing individuals for present and future work responsibilities.

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Surprisingly, succession planning isn’t just about the future. In fact, most business owners find that creating a succession plan improves their current operations and opportunities in startling ways.

Preparing successors for leadership is one of the most important aspects of a succession plan.

Our goal is to ensure that your interests, your family’s interests and the business’ interests are equally well served, and to make you a more sophisticated — and efficient — consumer of the other professional services you will require as you prepare to exit your business.

The process comprises seven steps, each involving an exploration of several key questions.

Your financial adviser will be able to help you determine which options will work best for your business.

The valuation of your business may change substantially before you exit, but a proper assessment will assist your succession planning.

A skilled facilitator with a deep understanding of the dynamics of the family business can help you avoid the assumptions and miscommunications that can threaten family harmony and the long-term viability of your business.

Make Things Happen can help you set up the structures and create plans that will prepare you, your family and your business for your eventual exit.

Here’s why it’s important to see the process through to the end.

Your business and estate planning attorney at Carlile Patchen & Murphy LLP would like to review these issues with you.

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