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!

  1. Do you have a succession plan in order?
  2. Is it current?
  3. What is your age?
  4. Do you have family members in the business?
  5. Do you plan on transferring ownership to family members?
    1. Are they currently capable of running the business on their own?
    2. What are you doing to ensure that they will be if not now?
  6. Do you have long time key employees in the business?
  7. Do you plan on transferring ownership to your key employees?
    1. Are they currently capable of running the business on their own?
    2. What are you doing to ensure that they will be if not now?
  8. What would happen to your firm if for some unfortunate reason you had an untimely death?
  9. Do you have a current valuation on your firm?
  10. Have you recently appraised your real estate?
  11. Have you taken any steps to prepare your firm for transfer of ownership?
  12. What kind of Corporation do you own? C-Corp, S-Corp, LLC, other?
  13. Have you considered your tax consequences and what you keep from a transfer?

Get Ready for Summit 2021 March 1-4.