FAMILY BUSINESS SUCCESSION PLAN COMPANY NAME Street Address City, State and Zip webaddress.com Version 0.0.0 00/00/0000 FAMILY BUSINESS SUCCESSION PLAN

VERSION HISTORY
VERSION	APPROVED BY	REVISION DATE	DESCRIPTION OF CHANGE	AUTHOR

PREPARED BY	TITLE	DATE
APPROVED BY	TITLE	DATE

FAMILY BUSINESS SUCCESSION PLAN TABLE OF CONTENTS

1.	SUCCESSION DETAILS	3

A.	BUSINESS AND SUCCESSION DETAILS	3

B.	PROPOSED ORGANIZATIONAL STRUCTURE	4

C.	KEY PERSONNEL CHANGES	4

D.	SKILL RETENTION STRATEGIES	5

E.	TRAINING PROGRAMS	5

F.	REGISTRATION CHANGES	6

G.	LEGAL CONSIDERATIONS	6

H.	INSURANCE	6

2.	SUCCESSION TIME FRAME	7

3.	CONTINGENCY / RISK MANAGEMENT	8

4.	FINANCES	8

A.	CURRENT BUSINESS VALUE	8

B.	RETIREMENT INCOME / PAYMENT	8

C.	BUYOUT DETAILS	8

D.	TAXATION	8

5.	SUPPORTING DOCUMENTATION	8

succession details

business and succession details

Business Name: As registered; Business Structure: Sole proprietor, partnership, trust, company, etc.; Current Owners Covered: Who is covered by the succession plan? Does the plan apply to all partners?; Planned Succession Type: Will you be partially or completely removed from the company? If partially, detail future involvement.; Successor Details: Who will take over as successor - family member, business partner, or other?; Succession Time Frame: When will the plan be implemented?; Restrictions: Detail any applicable restrictions placed on the succession.

BUSINESS NAME
BUSINESS STRUCTURE
PLANNED SUCCESSION TYPE
SUCCESSOR DETAILS
SUCCESSION TIME FRAME
RESTRICTIONS

PROPOSED ORGANIZATIONAL STRUCTURE

TITLE	REPORTS TO
[ex. SUCCESSOR]	[ex. SELF]
[ex. MARKETING MANAGER]	[ex. SUCCESSOR]
[ex. OFFICE MANAGER]	[ex. SUCCESSOR]
[ex. EVENTS COORDINATOR]	[ex. MARKETING MANAGER]
[ex. SALESPERSON]	[ex. MARKETING MANAGER]
[ex. EXECUTIVE ASSISTANT]	[ex. OFFICE MANAGER]
[ex. OPERATIONS]	[ex. OFFICE MANAGER]

Key personnel changes

List all organizational positions and individuals expected to fill positions in the event of a succession.

JOB TITLE	NAME	SKILLS REQUIRED	TRAINING REQUIRED

SKILL RETENTION STRATEGIES

TRAINING PROGRAMS

REGISTRATION CHANGES

REGISTRATION TRANSFERS
CHANGE OF BUSINESS STRUCTURE
OTHER TRANSFERS Lease, memberships, etc.

LEGAL CONSIDERATIONS

CONTRACTS / LEGAL DOCUMENTS
BUY-SELL AGREEMENT
WILL / TESTAMENT

INSURANCE

CURRENT INSURANCE

SUCCESSION TIME FRAME

Detail each phase in the succession process.

PHASE	ACTION ITEMS	START DATE	END DATE

CONTINGENCY / RISK MANAGEMENT

SUCCESSION RISK	LIKELIHOOD	IMPACT	CONTINGENCY
What could go wrong? What is the potential impact?	• Highly Unlikely • Unlikely • Likely • Highly Likely	• Low • Medium • High	Should the risk occur, what is the contingency plan?

finances

CURRENT BUSINESS VALUE

RETIREMENT INCOME / PAYMENT

BUYOUT DETAILS

TAXATION

SUPPORTING DOCUMENTATION

DOCUMENT NAME	DESCRIPTION	LOCATION

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