Exit Planning: Self-Assessment Checklist
ShareHow do your exit planning efforts measure up against our experts’ practices? Print and complete this checklist to find out!
Self Scoring Guide: For each section below, scoring is as follows:
1 or less = serious problem area.
2 = area needs major improvement.
3 = area needs moderate improvement.
4 = area needs minimal improvement.
5 = world-class!
| Exit Planning | |
| _______ | I know when I want to exit the business and how I will do it. |
| _______ | I have a written exit plan that addresses the separate needs of my two roles as CEO and primary shareholder. |
| _______ | I know how much my business is currently worth and how much it needs to be worth in order to achieve my financial goals and support my retirement. |
| _______ | I have identified and begun working toward the exit option that best suits my exit and life planning goals. |
| _______ | I review and update my exit plan on a regular basis. |
| Succession Planning | |
| _______ | I have a written succession plan that identifies my successor and accounts for all possible contingencies. |
| _______ | I have all the documents (i.e., buy-sell, partner agreements, life insurance) needed to support and fund my plan. |
| _______ | I have a written “love letter” to my spouse, explaining in detail what should happen to the business in the event of my untimely death or disability. |
| _______ | I have identified an independent board of advisors to help my spouse in the event of my untimely death. |
| _______ | I have created a team of specialists to assist with my estate planning needs and have identified a team champion who can clearly communicate my goals to each team member. |
| Life Planning | |
| _______ | Life planning, including identifying who and what I am beyond the business, is an essential part of my exit plan. |
| _______ | I actively pursue outside interests in order to find something that will provide the same sense of fulfillment that my business currently provides. |
| _______ | I pay attention to the inner voices that might lead me in different directions. |
| _______ | I involve my spouse, significant other, or partner in my life planning. |
| _______ | I use outside resources, such as mentors, spiritual advisors and personal growth books, in my journey to create a rewarding second half of life. |
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Category: Asset & Estate Planning Personal Development
Tags: Best Practices
About the Author: Vistage Staff
Vistage facilitates confidential peer advisory groups for CEOs and other senior leaders, focusing on solving challenges, accelerating growth and improving business performance. Over 45,000 high-caliber executi…