Owner Preparation Checklist

Have spent some time and money getting educated on the process of how to transition your business. You have discussed transitioning with your loved ones.

Your personal, financial and business goals are aligned with meaning they are defined, co-dependent, and linked.

You have established a transition advisory team.

You have created and reviewed with key advisors and family members a contingency plan which should include buy-sell instructions, appropriate insurance, and specifies what should happen if you could no longer operate the business.

You have completed a strategic analysis, business valuation and personal, financial and business assessment(s) within the last year.

You have considered all of your exit options and optimum deal structure and weighed the pros and cons of each in relation to your stated goals and objectives.

 You have a pre-transition value enhancement/preliminary due diligence project underway to de-risk the business, maximize its value, minimize taxes upon transition and improve the probability of a smooth transition to the next owner (including family). 

 You have a written transition plan.  

You have a management program underway to ensure the post transition leadership is capable of operating the business without you at the helm.

You have a designed a post business life-after plan and it is linked to your wealth management plan.