The Business Owners Quiz

Directions: Place a “Y” for yes and “N” for no at the end of each question.

Mistake # 1: “I know what my business is worth”

  • Have I ever had my business value appraised by an outside resource?
  • Do I have a formal buy sell agreement?
  • Is my buy sell agreement funded?
  • Has my buy sell agreement been reviewed within the last three years?

Mistake # 2: “I’m too busy running the company”

  • Do I have a will and is it up to date?
  • Do I have a plan to retain my key employees if something happens to me?
  • Have I had my Trust & Estate Plan reviewed in the last 3 years?
  • Are my assets protected from potential creditors?

Mistake # 3 : “That will never happen to me”

  • Do I have a formal succession plan prepared and on file?
  • Have I involved key employees and family in my succession planning?
  • Have I identified and written down who I want to run the company?
  • Do I have disability buy sell or overhead expense coverage?

Mistake # 4 “There’s plenty of time for that”

  • Do I know when I want to retire?
  • Do I know how much income I will need in retirement?
  • Do I know how much control in the business I must maintain in order to secure my retirement income?

Mistake # 5: “My business is my retirement”

  • Do I have substantial investments other than my business?
  • Will my business account for less than 50% of my retirement planning?
  • Have I created income from more than four sources outside my business?
  • Have I had my retirement income projected to identify shortfalls?

Mistake # 6: “You can’t beat Uncle Sam”

  • Have I determined and written down my financial goals?
  • Will any sources of my retirement income be received tax free?
  • Do I have an exit plan for my business and is it written down?

 

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