Developing a Succession Plan (Checklist) Part 1

Developing a Succession Plan (Checklist) Part 1


The lists and summaries that follow are GUIDELINES and should be supplemented by the advise and council of your business advisors in Developing a Succession Plan (Checklist).

Elements of an Effective Plan



q  What do you want to accomplish



Time Frame

q  When to start your plan? ____________________________________

q  When should plan be complete? _____________________________



q  Who is involved in the decision making?


q  Who will be affected?



” People support what they help create.”


Without a plan, you won’t know where you’re going or how to get there.

Putting the Pieces Together


Define Owner/Founder Goals and Business Goals

q  What do I want as my business grows?



q  Do I have a vision of the future?



q  Have I communicated the vision to others?




Analyze Your Business

q  Structure

q  Market

q  Operation Policies                                         

q  Personnel

q  Financial Condition and Future


Create an “Advisory Team” to Help Create/Sell/Implement the Plan

“Two Heads are Better than One — Three Heads Improve the Vision.”

q  Staff for Strength — Marketing, Financial … etc.

q  Analyze and replace existing advisors if required.

q  Go outside if needed.

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