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Identify and Review Priorities
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The first step in developing your business succession plan is to identify and review your personal, family and business priorities. Business owners should ask themselves, "What do I want for my future, my family and my business?" In doing so, you need to cover all contingencies, not just retirement.
Personal/Family Considerations
- When to exit the business
- Post-succession involvement in business
- Family member interest and involvement in the business
- Retirement/post-succession income needs
- Wealth preservation/transfer
- Philanthropy
- Ensuring business survival
- Minimization of taxes
- Family harmony/equality/fairness
- Other
Business Considerations
- Retention of key employees and customers
- Shareholder agreement
- Preservation of wealth
- Philanthropy
- Ensuring business survival
- Minimization of taxes
- Minimization of disruptions
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