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Luke Kumanchik from Honeycrisp discusses three important aspects of employee termination from an IT perspective. 1. Property - Ensure you have signed receipts for all company assets like computers and phones. 2. Access - Check for shared emails and files that may be transferred to personal accounts. 3. Passwords - Be aware of employees sharing or keeping account information. Terminations can lead to missing property, damaged files, or stolen client lists, so it's essential to handle these three aspects efficiently.