When approaching the important topic of success planning, we like to ask our clients the following questions. Consider the below a good start to venturing down the succession planning trail. Our valuation services along with our comparable sales from our mergers & acquisition services, makes for good support to your succession plan!
- Do you have a succession plan in order?
- Is it current?
- What is your age?
- Do you have family members in the business?
- Do you plan on transferring ownership to family members?
- Are they currently capable of running the business on their own?
- What are you doing to ensure that they will be if not now?
- Do you have long time key employees in the business?
- Do you plan on transferring ownership to your key employees?
- Are they currently capable of running the business on their own?
- What are you doing to ensure that they will be if not now?
- What would happen to your firm if for some unfortunate reason you had an untimely death?
- Do you have a current valuation on your firm?
- Have you recently appraised your real estate?
- Have you taken any steps to prepare your firm for transfer of ownership?
- What kind of Corporation do you own? C-Corp, S-Corp, LLC, other?
- Have you considered your tax consequences and what you keep from a transfer?