ExitSMART™ Succession Assessment

Knowing the facts about your business can make all the difference. Take this three minute survey to find out if you're on the right track! We'll deliver customized results detailing where you're at in your succession planning. A business advisor will get in touch with you to discuss your results and how you can structure your business for success so you can exit on your own terms.

Objectives

Have you set clear objectives for the transition of your business 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.

Tax & Estate Planning

Is your tax framework and estate plan structured to ensure you retain the maximum amount when you sell?

I have not considered it.

I have a family trust in place but have not discussed how it will be maximized at exit.

I have thought about tax and estate planning, but have not yet acted on it.

I have sought advice and have a structured tax and estate plan for when I exit the 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 my own personal research and following industry activity.

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

Transition Planning

Have you considered all options for transitioning your business and are on track to transition or retire on your terms when you want to?

I have not considered it.

I have thought about retirement but haven't thought about the impact on my business.

I have an idea of my retirement needs and have thought about options for transitioning my business (family, selling to employees or a third-party sale) but haven't reached a decision.

I have sought advice and have a comprehensive retirement plan in place that considers a number of different factors.

Value Enhancement Plan

Does your current business plan reflect your retirement goals so you can make strategic decisions for the future with confidence?

I have not considered it.

I have a business plan in my head, but have not formalized it.

I have a business plan, but it requires attention and updating to reflect my business as it is today.

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

Governance Structure

Does your business, its ownership and potentially family stakeholders have a governance structure that reflects your transition goals?

I have not considered it.

The company requires governance structures but we're not sure where to begin or who to involve.

The systems in place for reviewing governance structures are there but have not been assessd or updated in some time.

The business has a detailed governance structure in place, which includes a leadership team, advisory board and a family council that work together and keep our structure current.

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 job descriptions, skill requirements and a formal performance management system in place to ensure the right people are in the right positions.

Emergency Planning

Have you considered, and planned for what would happen to your business in the event on 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 plan, and shareholders agreement (if applicable), which would address my wishes with respect to my family, and my business and ensure continuity of my business.

Information

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About ExitSMART™

Leveraging nearly 60 years of business succession experience, MNP created ExitSMART™ to offer owner-managers and large organizations the means to successfully exit their business on their own terms through careful planning.

Learn more about MNP's Succession Services