Business Owner Resources
Questions to Ask Before a Business Transition
The quality of a transition often depends on the questions asked early. These prompts can help you prepare for conversations with the professionals who advise your business.
Review each item and note what still needs attention. Printing this page creates a working copy.
Questions for your attorney
- Does our current ownership agreement reflect today's owners and percentages?
- What happens legally if an owner dies, becomes disabled, or wants to leave?
- How is an ownership interest valued under our agreement, and when was that last reviewed?
- What documents would need to change if we brought in a new partner or family member?
Questions for your CPA
- How would a sale or transfer be taxed, and does the structure affect that?
- Do our entity structure and compensation approach still fit the business as it is today?
- What records would a buyer or successor expect to review?
- Are there timing considerations worth discussing before a transaction?
Questions for your financial professional
- How much of my retirement depends on the future sale of the business?
- If a transition were delayed, what would that mean for my personal plan?
- How would a funding arrangement be owned and designated, and who would pay for it?
- How would my family's income be affected if the business lost an owner unexpectedly?
Questions for your business partners
- Do we agree on what should happen if one of us leaves or is unable to continue?
- What timeline do we each have in mind for a transition?
- How would a buyout be funded, and are we comfortable with that mechanism?
- Who would step into leadership if one of us were unavailable?
Questions to ask yourself
- What does the business need to look like for a transition to be possible?
- Who else depends on the business — family, employees, clients — and what would they need to know?
- Which decision would be hardest to make, and who should be involved in it?
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.