Accountancy Associates, LLC

What is your succession plan?

10 key questions for the closely-held business owner

1. Have you had your business valued recently by a professional, accredited business appraiser?
2. Have you defined your personal goals and vision for the transfer of ownership and management?
3. Have you identified a successor and are they ready in place?
4. For family owned businesses, is your successor a qualified candidate or have you appointed him or her only because they are family?
5. Do you have a buy/sell agreement in place?
6. Do you have a contingency plan should you become temporarily or permanently disabled?
7. Do you have enough liquidity to avoid the forced sale of the business?
8. Have you considered other corporate structures or stock transfer techniques to help achieve succession goals?
9. Are you currently using techniques to reduce or eliminate estate and gift taxes?
10. Are your personal retirement savings sufficient to fund your retirement cash flow needs?