It's very important to look at your formation documents. If you are a limited liability company, we would like to look at your operating agreement. We would also like to look at your organizational chart that deals with the departments, the people, how your business is run, and who the key people are.

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Is there a human resources component? Is there a way of gathering new talent or a database of talent, even if you are not trying to replace anyone? What kinds of resources will you put in place so you're not scrambling if you get an unexpected announcement that someone is going to a competing firm? What is in place in case one of the business owners should meet with an unexpected injury or even death, or should become incapacitated?

We also want to look at your business structure and at the valuation of your business. These are the starting documents that need to be presented when you come to speak with an attorney or someone else to craft your business succession plan.