Vermont Small Business Development Center



2021 COVID-19 Roadmap:Succession Planning ChecklistPlanning for succession is a multilayered, lengthy task in the best of times. If this path is your choice based on the pandemic you will want to, of course, speed up the process. But there are still many factors to consider and decisions to make so use the checklist below to begin to gather your thoughts. We suggest that once you have gathered your initial thoughts the next step would be to contact one of our advisors. We can strategize with you and help create a list of next steps. *Click underlined text to access essential resources TO DOAction and/or CommentsIdentify your goals:Future income from the business?How much?Continued involvement in the business?How much?Cash out now?Cash out over some years?Maintain an equity stake in the business?How do you want to leave the business?Do you want the business to continue?What sort of legacy do you want to leave behind?What are your personal values?Other:Identify the needs of your stakeholders:Other OwnersShareholdersEmployeesThe communityIdentify the needs of your business:ProfitabilityWorking CapitalSustainabilityTO DOAction and/or CommentsWho is already on your team of advisors (or who do you have in mind):Accountant LawyerFinancial PlannerBusiness Succession SpecialistWhich of the four exits plans is your top choice:LiquidationSale to OutsidersSale to FamilySale to Managers/EmployeesStaff training on messagingAdditional Resources that might apply:SBA Guide to Selling a Small Business and Succession PlanningVermont Employee Ownership Center ................
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