Manifestly: A Checklist App for Teams

Engage an independent business appraiser

Document the current ownership and entity structure

Pull three-year financials and trial balance

Identify key-person and client-concentration risks

Catalog candidate successors by transition path

Assess each candidate against readiness criteria

Hold confidential successor conversations

Draft or update the buy-sell agreement

Model gift and estate tax exposure

Structure the installment sale or SCIN

Commission an ESOP feasibility study

Refresh stock-transfer restrictions

Document client relationships and engagement history

Draft the successor's role description and authority limits

Build a 12-month shadowing and training plan

Transfer signature authority on bank, tax, and payroll accounts

Execute closing documents and equity transfer

Notify clients, vendors, and lenders of ownership change

File IRS Form 8822-B and update state registrations

Update payroll, benefits, and 401(k) plan-sponsor records

Confirm buy-sell funding and key-person insurance remain adequate

Conduct the 90-day successor performance review

Update the succession plan and minutes annually

Develop a successor remediation plan

Free Checklist Templates for Succession Planning