SUCCESSION PLANNING CHECKLIST

Succession planning is more than just a safety net for your business; it’s a strategic move that ensures your company can thrive for years to come. Whether you're planning to retire, take a step back, or simply prepare for the unexpected, establishing a solid foundation for a smooth transition is essential. Yet, many business owners postpone this critical process, uncertain of where to begin or how to evaluate their readiness.

To help you take those first steps, we have put together a list of ten essential questions every business owner should ask themselves. These questions are designed to assist you in evaluating your current strategy, identifying gaps, and paving the way for a successful handover when the time comes. By addressing these key considerations, you will not only protect the legacy of your business but also position it for future growth and success

 Here are ten essential questions every business owner should ask to evaluate their readiness for succession planning:

1. What are my personal goals and vision for the business’s future?

2. Have I identified a successor who meets the business's needs?

3. Are there unresolved family issues that could affect ownership or leadership decisions?

4. Does my plan minimise estate taxes effectively?

5. Is there enough liquidity to prevent a forced sale of the business?

6. Have I executed legal agreements, such as a buy-sell agreement, to prepare for an ownership transition?

7. Have I created a contingency plan for sudden illness, incapacity, or unforeseen circumstances?

8. Should I consider alternative business structures or ownership transfer techniques?

9. Will I or anyone else depend on the business for income during retirement?

10. Have I recently assessed my business’s market value and financial health from the perspective of potential buyers

CONSTRUCTING A MORE ROBUST FUTURE

Succession planning focuses on protecting the future of your business and its stakeholders. By dedicating time to develop and implement a strong plan, you ensure that the years of effort you’ve invested will continue to yield benefits. Working with us as your trusted advisers will make the process more efficient and secure. Taking this step now means you’re not just planning your exit; you’re building a more robust future.

If you want an informal chat about your future drop me an email on greg@pecuniafp.com or call 07821 524942