Business Owner Resources
Business Succession Planning Checklist
A succession plan is not only a legal document. It is a description of what should happen, who should be involved, and how a transition would be funded. This checklist helps organize the pieces.
Review each item and note what still needs attention. Printing this page creates a working copy.
Ownership structure
- Document the current legal structure of the business and any related entities.
- List owners, percentages, and whether ownership is held individually or through a trust or entity.
- Identify family members involved in the business today and any who may be in the future.
Agreement status
- Confirm whether a buy-sell or shareholders' agreement exists and is currently signed.
- Verify the agreement references current owners and ownership percentages.
- Confirm the triggers it covers: death, disability, retirement, voluntary departure, and dispute.
- Ask your attorney whether the agreement has been reviewed in the last few years.
Valuation
- Determine whether a valuation method is described in the agreement.
- Note when the business was last valued and by whom.
- Ask how a valuation would be updated if the business grew or a partner left.
Funding
- Identify how the business or buyers would pay for an ownership interest if a transition happened soon.
- Note whether any life or disability coverage is designated for that purpose.
- Confirm that any funding arrangement and the agreement describe the same mechanism.
Transition readiness
- Describe who would run day-to-day operations if the current leader were unavailable.
- Identify which responsibilities, relationships, and knowledge are documented versus held by one person.
- Note the timeline you would want if you began a transition within the next five years.
Adviser coordination
- Confirm your attorney, CPA, and financial professionals have seen the current agreement.
- Ask who is responsible for updating the plan when circumstances change.
Content is provided for general educational and informational purposes only and is not individualized insurance, investment, legal, or tax advice. Insurance availability, eligibility, benefits, and costs depend on applicable policy terms, underwriting, and other factors. Consult qualified legal, tax, and financial professionals regarding your specific circumstances.