I always thought that an inflatable 2-3 man raft (with oarlocks & oars) would be the perfect small boat/lifeboat. Attached to the line that is run along the topsides of the raft would be the PVC tubes with Abandon Ship supplies.

I would make a couple of 4"x4' PVC pipes, capped on one end and with a watertight threaded plug on the other end.

Supplies would consist of:

2-4"x4' PVC sealable tubes lashed to port & stbd sides of liferaft
(stores abandon ship supplies & will hold rain water caught by the tarp)

406MHz registered Epirb
(attached to the liferaft via a halyard clip/lanyard while mounted on the boat in the "safe" position)

4 water pouches per person
(for open ocean sailing-6person crew x 4 = 24 water pouches)

1 pack of Datrex 3600 calorie food bars per person
(for open ocean sailing-6person crew x 4 = 24 Datrex packs; shiny aluminum foil can also supplement signal mirror)

1 orange or red tarp, large enough to cover the raft (6'x8')
(shade during the day, wind and temp protection during the day & night, & a rain catcher; shelter if landed)

1 deep sea fishing kit
(you can fish for "sushi" while waiting to be found & if landed)

2 different firestarters + 2 Bics in 4 qt size Ziplock bags
(if landed, fire to: signal, cook, heat source; Ziplocks-too many uses to recite)

1 large pocket/lockblade knife

1 signal mirror on a lanyard
(kept around the neck of who's on watch, in the liferaft)

1 flare pistol on a lanyard, with 6 red rocket flares
(kept around the neck of who's on watch, in the liferaft)

Note: Depending on the size of the crew, fill any remaining spaces in the tube with water pouches.

The person on the boat, standing watch, always keeps a handheld VHF-FM radio (turned off), in a radio condom, around their neck on a lanyard.

Each person in my crew has regular duties, collateral duties/specialties, and emergency duties via a Watch, Quarter, and Station Bill (WQSB).

The WQSB lays out the reponsibilities of each crewmember for every type of emergency that can be expected to arise at sea. For Abandon Ship, 1 person is charged with getting blankets, 1 is to grab whatever extra water they can grab, 1 is to get out Distress Calls for as long as possible, 1 is to grab extra food, 1 is to grab the logbook, charts, and nav gear, and so on and so on.

There are other things that I'd want to have with me but this is the general outline for a small sailboat with a small crew.

NOTE: Those 4" PVC pipes also make great anchor buoys.