Transitioning Your Business, Succession Planning Vancouver

1) You invested resources getting educated on the process of how to transition your business, and you discussed transitioning with your loved ones.

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2) Your personal, financial and business goals are defined and aligned.

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3) You created your core team of advisors – an exit advisor, a CPA, a lawyer, a wealth or financial advisor, and spouse or partner or other family who is a “significant other” in your life.

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No

4) You created a contingency plan (that includes buy-sell instructions, appropriate insurance and specifies what happens if you are unwillingly forced into transition) AND you reviewed this contingency plan with your core team of advisors.

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5) You completed a strategic analysis, business valuation and personal, financial and business assessment(s) within the last year.

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6) You considered of all your exit options and optimum deal structure and weighed the pros and cons of each in relation to your stated goals and objectives.

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No

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8) You considered and designed a “post business life plan”, which is part of your wealth management plan prepared by a professional financial advisor in concert with estate planning, insurance, tax and charitable foundation specialists.

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9) You have a pre-transition value enhancement / preliminary due diligence project underway to de-risk your business, maximize value, minimize taxes upon transition and improve the probability of a smooth transition to the next owner (including family). This plan ideally has a multi-year implementation timeline.

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No

10) You have a management program underway to ensure post transition leadership operates the business successfully after you exit and you secured the appropriate specialists to handle your desired transition option.

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No

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Transitioning Your Business: Succession Planning in Vancouver and Langley

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