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Please indicate whether or not the following components of the business transition process have been completed.
Please indicate whether or not the following components of the business transition process have been completed.
No, not yet
In the process of completing
Yes, this has been completed
Have you defined your personal goals?
Have you defined your financial needs and goals?
Has a future owner(s) for the business/farm operation been identified?
Have other family members been given the opportunity to become engaged in the business/farm operation?
Have discussions about the transition of the business operation taken place between the current and potential future owner(s)?
Have business goals been established?
Is there a business plan (formal or written document) in place?
Have discussions about the transition of the business operation taken place with financial, legal and/or insurance professionals?
Has the business been assessed and the current value of its assets calculated?
Has your estate plan been updated with documentation in place, and coordinated with the business transition plan?
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