Business Exit Strategy Checklists – This Goes For Farms Too!

Business Exit Strategy Checklist – This Goes For Farms Too

Business succession planning is about planning for the future. It is about making sure that your family and employees won’t be left in the lurch if something happens to you. It is also about planning for retirement, and exiting your business.

old business ownerHere’s a checklist of topics and questions to get you thinking:

Your personal priorities

  • Comfortable retirement income
  • Minimise taxes
  • Maximise community involvement
  • Preserve wealth for children and grandchildren
  • Spend everything
  • Ensure business survival
  • Never retire
  • Always be needed
  • Health
  • Other:

Family priorities

  • More time with loved ones
  • Travel
  • Harmony/conflict resolution
  • Create family legacy
  • Other:


  • When?
  • Complete or partial retirement?
  • Need capital or income? How much?
  • Safe to leave capital in business?
  • Superannuation or pension plan?

Potential successors

  • Business partner
  • Family member
  • Employee
  • Competitor
  • Outsider

Sudden death or illness

  • Who takes over?
  • How does your business continue?
  • Insurance funding?
  • Is your family dependent on the business?
  • What is in your head that no one knows?

Legal things to think about

  • Business structure: sole trader? Partnership? Unit or family trust? Company?
  • Debt insured? Key person insurance?
  • Is a shareholder agreement/partnership agreement/buy-sell agreement in force?
  • What evens trigger a buy out?
  • What is the valuation procedure on your partner buying your share?
  • Is there a provision for your disability or illness?

You can download a version of this checklist from here.

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