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   

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