Business Succession Planning Process Overview

This document is a guide on business succession planning, outlining a four-phase approach developed by Sikich. The first phase, Assessment, involves evaluating succession planning goals through a review of industry information, financial performance, and legal agreements. Business owners complete a workbook, followed by an interview with a Sikich lead advisor to gather insights. The second phase, Recommendations, presents findings and suggested strategies based on the assessment. Implementation, the third phase, focuses on assembling a team to execute the chosen recommendations. Finally, the Annual Checkup phase ensures that the succession plan remains relevant by reviewing it annually and making necessary adjustments based on changes in the business or personnel. The document emphasizes the importance of having a qualified team, including financial, industry, and legal professionals, to address the complexities of succession planning effectively.