Every successful business journey eventually reaches a transition point. Whether you're planning for retirement, considering a sale, or ensuring business continuity, having a comprehensive exit strategy is crucial.

For how to get started, read our guide to creating an exit plan here. This checklist will give you even more detail and guide you through all the essential steps of exit planning, helping you maximise value and ensure a smooth transition that honours your legacy.
Why Start Exit Planning Now?
Exit planning isn't just about preparing for departure, it's about strengthening your business now.
A well-structured exit plan can take years to implement effectively, and the earlier you start, the more options you'll have. You can read more about all the options when it comes to an exit plan here.
To get started, use the checklist below and think of it as building a roadmap that aligns your business goals with your personal aspirations.
Your Complete Exit Planning Checklist
Step 1: Define Your Goals and Timeline
□ Personal Objectives
Write down your ideal retirement lifestyle and financial needs
Define what "success" looks like for your transition
List any non-negotiable conditions for the exit
□ Professional Goals
Determine your desired level of future involvement
Outline your expectations for the business's future
Set specific timeline milestones for the transition
□ Legacy Considerations
Document your vision for the company's future
Define how you want to be remembered in the business
Identify core values you want to preserve
Step 2: Assess and Organise Business Operations
□ Operational Assessment
Document all key business processes and workflows
Create standard operating procedures for critical functions
Review and update employee handbooks and policies
□ Management Structure
Map out current organisational structure
Identify key positions and responsibilities
Evaluate management team capabilities and gaps
□ Risk Assessment
Reduce dependency on key individuals
Document client relationships and agreements
Review and secure intellectual property
Step 3: Evaluate Your Business Value
□ Financial Assessment
Gather historical financial statements
Prepare current year projections
Review key performance indicators
□ Value Drivers
Identify and document unique selling propositions
List competitive advantages
Analyse market position and growth potential
□ Professional Valuation
Engage a qualified business valuator
Understand different valuation methods
Identify areas for value improvement
Step 4: Develop Your Succession Strategy
□ Exit Options Analysis
Compare internal vs. external succession options
Evaluate management buyout possibilities
□ Successor Development
Identify potential successors
Create training and development plans
Establish performance metrics for candidates
□ Transition Planning
Design leadership transition timeline
Create knowledge transfer strategy
Plan for gradual role reduction
Step 5: Financial and Legal Preparation
□ Financial Organisation
Clean up financial statements
Resolve any tax issues
Update accounting systems and processes
□ Legal Documentation
Review and update contracts
Ensure compliance documentation
Address any pending legal matters
□ Tax Planning
Develop tax-efficient exit strategy
Consider estate planning implications
Review retirement account structures
Step 6: Assemble Your Advisory Team
□ Core Team Members
Business transition advisor
Accountant
Legal counsel
Tax specialist
□ Additional Experts
Business broker (if selling)
Estate planning attorney
Financial planner
Insurance advisor
Step 7: Plan for Post-Transition Life
□ Personal Financial Planning
Create retirement budget
Review investment strategy
Update estate plans
□ Professional Transition
Define post-exit role (if any)
Plan for knowledge transfer
Establish consulting agreements if desired
□ Emotional Preparation
Develop interests outside the business
Plan for use of newfound time
Build support network for transition
Making Your Plan Action-Ready
Remember that exit planning is an iterative process. Review this checklist quarterly and update your strategy as circumstances change. Key actions to maintain momentum:
Set specific deadlines for each checklist item
Assign responsibilities to team members or advisors
Schedule regular review meetings
Document progress and adjust timelines as needed
Your Next Steps In Your Exit Planning Process
Your exit planning journey starts with a single step. Begin by focusing on the areas where you can make immediate progress while developing longer-term strategies for more complex aspects. Consider these immediate actions:
Schedule time to complete the personal goals section
Gather your latest financial statements
List potential advisory team members
Start documenting key business processes
Use this checklist as your roadmap, but remember that every business is unique. Working with an experience team, can help you customise this framework to your specific situation and ensure no critical details are overlooked. For more information get in touch with us here.
Comments