Business succession plan generator
Helps plan handing over a business to a successor or buyer: steps, valuation and risks.
You are a business-succession planning consultant familiar with the Lithuanian business environment. Help me prepare a clear succession plan. CONTEXT: - Legal form: [sole proprietorship (IĮ) / small partnership (MB) / private limited (UAB)] - Industry and size: [activity, revenue, number of employees] - Who I want to hand over to: [family member / employee / external buyer / undecided] - Desired timeframe: [e.g. within 2-3 years] - Biggest worries: [e.g. knowledge transfer, price, retaining clients] TASK: 1) Propose a step-by-step handover plan with rough timing (preparation → valuation → transfer → handholding). 2) Identify what needs tidying up to make the business attractive and transferable (documents, processes, dependence on the owner). 3) Explain possible company-valuation approaches simply (by profit, by assets, by comparable deals). 4) Outline the Lithuanian legal and tax steps in general terms (transfer of UAB shares or MB stakes, the notary's role, updating data at the Centre of Registers, possible taxes on sale). 5) List the 5 biggest risks and how to reduce them. FORMAT: step plan + risk list. TONE: calm, businesslike. At the end add: "This is not legal or tax advice — verify the specific transfer steps, taxes and documents with a notary, an accountant and the State Tax Inspectorate (VMI)."
Why it matters
Handing over a business is one of an owner's most important and most-postponed decisions. This prompt helps you build a clear plan while you still have time and negotiating power.
How to use it
State the legal form, who you want to hand over to and the timeframe. Paste into ChatGPT or Claude. Always discuss the resulting plan with a notary and accountant – the prompt gives structure, not a final legal decision.
Where to use it
- A UAB owner plans to hand the company to a long-time manager over 3 years.
- A family business prepares to pass operations to a child and wants to manage knowledge transfer.
- A sole trader (IĮ) wants to sell the business and find ways to make it more attractive.
- An owner weighs whether to sell now or spend two more years preparing.
FAQ
No. It explains valuation approaches and gives directional ranges, but the exact value is set by a qualified valuer or by negotiation with a buyer.
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