The secret to succession planning success is to be ready to sell, even if your business is not for sale. By being proactive, you’ll maximize the value of your business when the time, buyer and terms are right.  Selling or otherwise exiting a business is, by far, the most complex transaction that most entrepreneurs will ever undertake.  Detailed planning is instrumental and ideally begins long before any decision to sell.  Starting your transition checklist is key to the end result.   

Some general key points to include:  

• Define overarching goals – Self-assessment of primary reasons for transition: When is the right time to transition or otherwise exit?  
• Plan for successors  
• Value assessment: What is your company worth? Common methods of assessing value will be addressed. 
• Confidentiality and effectively communicate your succession plan  
• Protecting shareholders 
• Explore tax opportunities and maximize retirement income 

• Build a contingency plan