Your Comprehensive Transition Planning Assessment

This Assessment will help you to identify and evaluate your preparedness in the the most important areas of your business and personal planning, in order to successfully transition your business. Whether you want to transition in to a more passive role and retain your business, or transfer your business through an Inside Transfer, or through a Third Party Sale, identifying these key elements and you comfort level in each of them is an important first step.      

Step 1 of 6

  1. Have you chosen your Exit Path and/or successor?
  2. Have you established the date (e.g., May 1, 2027) on which you wish to stop working in and for your business?
  3. Have you prioritized your Exit Objectives?
  4. Do you know how much money you may need, annually, after you leave your business to live a comfortable post-business life?


Step 2 of 6

  1. Do you know the current value range of your business?
  2. Do you know the projected cash flow your business will likely generate over the next few years?
  3. Do you know what value you will need from your business to meet your future financial needs and objectives?
  4. If there is a shortfall between the value you will need from your business and its current value, do you have a written plan to achieve the necessary growth in value?
  5. Do you know what income your personal financial resources will likely generate beginning on your planned business exit/retirement date?


Step 3 of 6

  1. Is your company's future performance insulated from your departure or the or departure of one or more key employees?
  2. Do you have a management team capable of running the company in your absence?
  3. Are key employees/managers incentivized to increase the value of your company?
  4. Do your current compensation programs promote the retention of key employees/managers?
  5. Will company performance or your plans to exit the business remain unchanged if one or more of your key employees dies or leaves suddenly?
  6. Have you completed an employee compensation review and analysis in the last 12 months?
  7. Does your company have a qualified retirement plan that is well matched to your employee incentive and retention goals?
  8. Does your company have an established and diverse customer base?
  9. Do you have a realistic, documented growth strategy that aligns with your overall business and Exit Plan?
  10. Does your company have effective financial controls to monitor and minimize expenses and maximize profits?
  11. Have you done anything to transition your management responsibilities to others so that they are ready to take over your business when you are ready to leave it?
  12. Have you taken steps to protect your most valuable business assets (e.g., having key employees sign covenants not to compete or limiting access to trade secrets)?
  13. Have you taken steps to isolate risk to protect business value?
  14. Do you periodically review and adjust your strategies to minimize taxes upon an eventual sale or transfer of the business?


Step 4 of 6

  1. Do you intend to transfer the company to a family member or employee?
  2. Are you confident in the ability of insiders to pay you for your company?
  3. Are you comfortable with the means insiders will use to pay you for your ownership interest (e.g., financing through bank loans, cash, or carry-back notes)?
  4. Are you certain that your insider transfer plan eliminates unnecessary risk and minimizes income and gift taxes?
  5. Can you describe how you will create tax efficiencies in your insider transfer?
  6. Do you know how you would unwind an insider transfer if it turns out to be a mistake?
  7. Do you understand the planning strategies that reduce taxes while meeting your financial needs in an insider transfer?
  8. Are you comfortable that your inside transfer plan will not upset other family members?
  9. Does your successor have the necessary skills and knowledge to run the business?


Step 5 of 6

  1. Are you the sole owner of your business?
  2. Do you have a written plan for your business if you die or become incapacitated?
  3. Have you identified a person who can operate the business in your absence?
  4. Have you identified a person who can manage your business finances in your absence?
  5. Would your company's ability to secure or maintain financing arrangements be unaffected by your death?
  6. Is your plan for the disposition of your ownership at your death coordinated with your plans for an exit during your lifetime?
  7. Will employees essential to operations stay with the business if you die or become incapacitated?


Step 6 of 6

  1. Have you taken steps to protect your family's wealth from unnecessary tax liabilities and investment market volatility?
  2. Have you done any planning to ensure that your family receives the full value of your company if you don't survive?
  3. Have you considered gifting business interest today to eliminate or reduce future tax liability?
  4. Do you have a plan to protect your personal assets from personal and business liabilities?
  5. Have you reviewed your current life insurance to confirm that it is sufficient to satisfy the needs of your family and estate?
  6. Do you have a personal wealth accumulation plan?
  7. Does your estate plan clearly reflect your desires about the ownership, control, and ultimate disposition of your business interest?
  8. Will your family's long-term financial needs be met if you were to die unexpectedly?
  9. At your death, will any real estate interest associated with business operations be resolved according to your wishes?


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