Succession Plan

  • YesNo
    Owner has calculated a value of their business in the last 12 months
    Owner is not personally liable on a bank debt or to any business creditors
    Owner has calculated the death taxes, expenses, and other costs that will occur at their passing
    Owner's estate has the liquidity to pay the death-related expenses in the event of their passing
    Owner's business has no bank or other debt which becomes due at their passing
    Owner knows how much income/assets they will want before they exit from their business to maintain their lifestyle
    Owner's retirement plan is fully funded for lifelong income
  • YesNo
    Owner has a clear sense of self apart from the business
    Owner has multiple things they want to do after departing the business
    Owner is not primarily motivated to exit to relieve current work-related stress
    Owner is completely comfortable with the successor's leadership style
    Owner is completely comfortable with new innovations in the business