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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.

Contact The Partnership

For more information about succession planning for your small business, contact Meg Schneider, Senior Vice President of Business Resources and Community Development.