---
title: BUSINESS SUCCESSION PLANNING CHECKLIST
description: "| A.     GOALS AND OBJECTIVES  -        Identify the need for a succession plan -        Develop vision, goals and objectives  -        Establish personal retirement goals  -        Identify family/stakeholder goals  -        Establish a team of professional advisors    | B.     DECISION MAKING …"
url: "https://smeadvisors.in/docs/business-succession-planning-checklist/"
updated: "2023-01-25"
category: Knowledge Base
tags:
  - Transition Management
---

# BUSINESS SUCCESSION PLANNING CHECKLIST

| A.     GOALS AND OBJECTIVES  -        Identify the need for a succession plan -        Develop vision, goals and objectives  -        Establish personal retirement goals  -        Identify family/stakeholder goals  -        Establish a team of professional advisors    | B.     DECISION MAKING  -        Involve family members in the decision-making process  -        Establish a method for dispute resolution  -        Communicate wishes to family/stakeholders    |
| --- | --- |
| C.      SUCCESSOR(S)  -        Identify successor(s)  -        Ownership  -        Management  -        Identify required training for a successor(s)  -        Provide training to build a vision for the future of the business  -        Provide support to successors    | D.     ESTATE PLANNING  -        Address taxation implications to the owner/business upon sale or transfer of ownership  -        Develop an estate and personal financial plan for the owner, spouse and the succeeding generation  -        Detail retirement income needs  -        Provide for active and non-active family members    |
| E.      CONTINGENCY PLANNING  -        Identify potential problem areas  -        Develop “What If” scenarios  -        including action plans    | F.      CORPORATE STRUCTURE AND TRANSFER METHODS  -        Is the business to be transferred to family members or sold  -        Define roles and responsibilities for family members and key employees  -        Fill key management positions  -        Identify role(s) for retiring owner  -        Restructure the business, if required -        Consult with professionals (lawyers, accountant, financiers)   |
| G.     BUSINESS VALUATION  -        Obtain professional input into determining a fair market value for the business  -        Determine what is to be sold  -        Consideration to profitability, business location, inventory level, financing of buyout    | H.     EXIT STRATEGY  -        Determine the method of transfer  -        Establish a timeline for the implementation of the succession plan  -        Publish the Plan, so that affected individuals are aware  -        Communicate regularly with all affected parties    |
| I.       IMPLEMENTATION/FOLLOWUP  -        Review the Plan regularly and update it as necessary   |   |
| (http://cfsask.ca/images/newsask/pdfs/Newsask_Business_Succession_Checklist.pdf) |  |