Succession Plan Assessment

We have developed The Succession Solution Score Card to help you understand and assess your own succession plans by determining where you fall in the continuum of the process. The Succession Solution Score Card consists of twenty-five questions you ask yourself, your team, or you family will give you a score compared to other plans our professionals have worked with and researched. Additionally, it will reveal which areas in your plan need more focus. By highlighting potential trouble spots, the scorecard acts as a diagnostic tool for determining the health of your plan.

If you would like a free copy of The Succession SolutionSM Score Card please send us your email and we will send you a copy

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Below is The Succession Solution Scorecard. Not only will it help you identify the state of your current succession plan, but it will also highlight any areas you need to work on as you move forward.
1. You have identified a date when you would like to exit or relinquish control of your business.
2. You have calculated a value for your business.
3. You have talked with your family about the succession of your business.
4. You have a written succession plan in place for your business.
5. You have identified a specific successor for your business.
6. Your identified successor is prepared to assume your role in management.
7. You have identified who will receive the ownership of the business.
8. Senior management is in place to operate your business in the event you are unable to do so.
9. If there is more than one owner of your business, then a written agreement is in place to address the transfer of ownership.
10. You are not personally liable on a bank debt or to any business creditors.
11. You have calculated the death taxes, expenses, and other costs that will occur at your passing.
12. Your estate has the liquidity to pay the death-related expenses at your passing.
13. Your business has no bank or other debt which becomes due at your passing.
14. You have an estate plan that reconciles with your succession plan.
15. You have a Power of Attorney that addresses your business.
16. Your business and the rest of your estate can be divided fairly (as determined by you) among your family.
17. The business has a defined dividend policy.
18. No family members wish to own or work in your business.
19. You have a family employment policy.
20. You have a competent team of professional advisers (CPA, attorney, etc.).
21. You have decided how you will transfer ownership of your business, either by gift, sale, or other form of transfer.
22. You have developed your personal goals for after you leave your business.
23. You know how much income/assets you will want before you exit from your business to maintain your lifestyle.
24. There is a consensus among your key stakeholders over the current succession plan.
25. You have an active board of directors involved in the succession of your company.