Family Business Succession Planning Checklist

Updated: Oct 27, 2020

Here is a Family Business Succession Planning Checklist to help you create a sound succession plan for your family business.

Family Business Succession Planning Checklist
Follow Our Family Business Succession Planning Checklist

Family Business Succession Planning

1. Establish Goals and Objectives

- Start with clearly defined goals.

2. Identify Successors

- Objectively determine if any family members are capable of running the business AND want to run the business.

3. Develop a Structure for Communication & Decision Making

- Regular scheduled meetings focused on the family business succession plan are a must to ensure timely and transparent decision making and communication.

4. Estate Planning

- Make sure you get expert professional advice to help you plan for your future after the business.

5. Business Valuation

- A fair sale price is important for both the buyer and the seller. Using an independent third party business valuator will help you determine the fair market price of your business

6. Legal Documents

- Use a lawyer experienced with family business transactions to help you draft and organize all legal documents such as:

- Legal Will

- Power of Attorney / Personal Directive

- Property Deeds, Titles, Bill of Sales, etc.

- Rental or Lease Agreements

- Customer Lists

- Professional Service Advisors Contact List

7. Schedule and Timetable

- Include a schedule of events for all leadership and ownership turnovers.

8. Contingency Plan

- Sometimes the unexpected happens. Have a Plan B ready.

9. Corporate Governance

- Set your family members and successors up for success with a formal corporate governance structure.

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