ExitSMART Succession Assessment

Objectives

Have you set clear objectives (i.e., timelines, terms, price, and buyer) for the transition of your business’s ownership and leadership over the short and long term?

I have not considered it.

I have thought about it but have not put anything in writing or made a plan.

I have a clear answer to some of these questions but not others.

I have set clear and defined objectives for the future of my business.

Emergency Planning

Have you considered and planned for what would happen to your business in the event of an unplanned exit (serious health issue, death, etc.)?

I have not considered it.

I have a will in place but have not reviewed it for some time now.

I have a will in place and have discussed my objectives with my lawyer.

I have an up-to-date will, power of attorney, emergency / business continuity plan, and shareholders agreement (if applicable), which would address my wishes concerning my family, and my business and ensure continuity of my business.

Business Valuation

Do you know what your business is currently worth and what it could be worth in the future?

I have not considered it.

I have thought about it but not yet sought a valuation.

I have an idea of what my business is worth through research and following industry activity.

I have sought advice and have a clear formula and qualified valuation report in place for my business.

Value Enhancement Plan

Are you confident the current plan for your business optimizes its value?

I have not considered it.

I have thought about it but have not formalized a plan.

I have a business plan, but I am unsure if it will optimize business value as market conditions change.

I have sought advice and have a current and up-to-date business plan that reflects my value objectives.

Retention of Employees

Have you identified all key employees that will be involved with the transition of your business and created a retention plan?

I have not considered it.

I have thought about who would be important to the business through a transition.

I have an idea of key individuals and a retention plan in place, but it needs to be updated to reflect the business more accurately.

I have sought advice and created role descriptions, skill requirements, a performance management system, and a rewards or sharing plan to ensure retention of key team members.

Tax & Estate Planning

Are you confident the net value (after tax) of your business will align with your financial goals when you decide to transition or sell?

I have not considered it.

I have considered it, and do not believe that my net value will meet my financial goals.

Somewhat confident; however I have not sought professional advice to confirm my understanding.

I have sought advice and have a structured tax and estate plan for when I exit the business.

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ExitSMART™ Succession Assessment

Objectives

Have you set clear objectives (i.e., timelines, terms, price, and buyer) for the transition of your business’s ownership and leadership over the short and long term?

Emergency Planning

Have you considered and planned for what would happen to your business in the event of an unplanned exit (serious health issue, death, etc.)?

Business Valuation

Do you know what your business is currently worth and what it could be worth in the future?

Value Enhancement Plan

Are you confident the current plan for your business optimizes its value?

Retention of Employees

Have you identified all key employees that will be involved with the transition of your business and created a retention plan?

Tax & Estate Planning

Are you confident the net value (after tax) of your business will align with your financial goals when you decide to transition or sell?

Information