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Luke Kumanchik from Honeycrisp discusses three important points to consider regarding employee termination from an IT perspective. Firstly, ensuring proper tracking and retrieval of all company property issued to the employee. Secondly, managing and revoking access to company systems such as emails and files. Lastly, addressing the issue of password sharing and safeguarding sensitive information. It's crucial to be prepared for such situations to prevent loss or damage to company assets.