Identify and Review Priorities

For Business Owners

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.

At a Glance

An experienced Small Business Advisor can help you map out your plan
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
Take the next step

Try our unique business planning tools.

Find a Small Business Advisor in your area.

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1-877-552-5522