Exit Planning Process

Exit Planning Process

OVERVIEW






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CHOOSE AN ANSWER


RATE IMPORTANCE

1. Do you know your exact retirement goals and what it should take - in cash - to reach them?(*)

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Please rate how important this area is to your overall business outlook.(*)

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2. Do you know how much your business is worth today, in cash?
(*)

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Please rate how important this area is to your overall business outlook.(*)

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3. Do you know the best way to maximize the income stream generated by your ownership interest?(*)

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Please rate how important this area is to your overall business outlook. (*)

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4. Do you know how to sell your business to a third party and pay the least possible taxes?
(*)

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Please rate how important this area is to your overall business outlook. (*)

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5. Do you know how to transfer your business to family members, co-owners, or employees while paying the least possible taxes and enjoying maximum financial security?(*)

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Please rate how important this area is to your overall business outlook. (*)

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6. Do you have a continuity plan for your business if the unexpected happens to you?
(*)

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Please rate how important this area is to your overall business outlook. (*)

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7. Does your family have financial contingency plans if the unexpected happens to you?
(*)

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1 OF 7: IDENTIFY OWNER OBJECTIVES






1:1. Have you identified your exit path and/or successor?
(*)

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1:2 Do you know how much money you may need on an annual basis, after you leave your business to live comfortably in your post-business life?(*)

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Please rate how important this area is to your overall business outlook.

(*)

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1:3 Have you established the date (ex: Jan 15, 2025) you wish to stop working in and for your business?(*)

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1:4 Have you quantified and prioritized your Exit Objectives and goals?(*)

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If you answered yes, please list your additional Exit Objectives and rank their importance (0-N/A, 1-Not Important, 2-Somewhat Important, 3-Important, 4-Very Important, 5-Crucial)

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Please rate how important this area is to your overall business outlook. (*)

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2 OF 7: IDENTIFY BUSINESS AND PERSONAL FINANCIAL RESOURCES






2:1. Has your business been valued in the past year?
(*)

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2:2 Based on future cash flow, do you know how much your business is worth today?
(*)

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2:3 Do you know the projected cash flow your business will generate in the next 5 to 10 years?
(*)

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Please rate how important this area is to your overall business outlook.(*)

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2:4 Do you know what value you want or need from your business in order to leave it on favorable terms?(*)

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Please rate how important this area is to your overall business outlook.(*)

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2:5 Is there a shortfall between the value you need from your business and it's current value, do you have a written plan to achieve the growth in value needed in order for your to leave your business in style?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3 OF 7: MAXIMIZING AND PROTECTING BUSINESS VALUE






3:1 Do you have a key employee?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3:2 Is your key employee incentivized to increase the value of your company?
(*)

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3:3 Is your key employee "handcuffed" through vesting of performance incentives?(*)

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3:4 Do you have an incentivized management team operating the business?
(*)

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3:5 Is there a plan in place to transition management responsibility that aligns with the timeline of your business exit?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3:6 Have you done any Key Employee Insurance planning?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3:7 Do you have a covenant not to compete in place?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3:8 Have you separated business assets from business operations?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3:9 Have you completed an employee compensation review and analysis?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3:10 Is there a qualified retirement plan in place?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3:11 Do you have an established and diverse customer base?(*)

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Please rate how important this area is to your overall business outlook.(*)

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3:12 Do you have a realistic growth strategy that aligns with your overall business and Exit Plan?(*)

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3:13 Do you have efficient financial controls?(*)

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3:14 Do you have a tax efficient business structure in place?(*)

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Please rate how important this area is to your overall business outlook.(*)

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4 OF 7: OWNERSHIP TRANSFERS TO THIRD PARTIES






4:1 Have you been approached by a third party to sell your business?(*)

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Please rate how important this area is to your overall business outlook.(*)

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In your best estimation, is your industry experiencing consolidation from large competitors?(*)

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Please rate how important this area is to your overall business outlook.(*)

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If you sold your business today, could you get all the money you want?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you prepared your company for sale by completing a pre-sale due diligence?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you reduced the company's debt in preparation for the sale?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you conducted any pre-sale tax planning?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you identified a list of potential buyers that would be suitable for your company?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have a sale bonus plan in place for your key employees?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you conducted any pre-sale real-estate planning?(*)

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Please rate how important this area is to your overall business outlook.(*)

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5 OF 7: OWNERSHIP TRANSFERS TO INSIDERS






Do you know how to transfer your business to insiders (family, employees, or co-owners) while paying the least possible taxes and enjoying maximum financial security?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have family members active in the business?(*)

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Please rate how important this area is to your overall business outlook.(*)

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If they had money, would you sell your business to insiders?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Is your company free of any family succession issues?(*)

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Do you have an ownership skills development plan in place for your desired successor?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you planned on any financing arrangements including bank loans, cash or carry-back notes?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Are you planning on using a bonus or gift of ownership interest transition technique?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you thought about using a Non-Qualified Deferred Compensation Plan for the new owners?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you thought about implementing a Grantor Retained Annuity Trust (GRAT)?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you thought about implementing a buy-back agreement for minority owners?(*)

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6 OF 7: BUSINESS CONTINUITY






Do you have a plan for your business if the unexpected happens to you?(*)

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Have you identified who can operate the business in your absence?(*)

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Please rate how important this area is to your overall business outlook. (*)

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Have you identified who can control the financials in your absence?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you communicated a written business continuity plan to senior management?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have business continuity insurance in place?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have a stay bonus plan to keep key employees during the transition?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have a current buy-sell agreement in place?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you established a salary continuation plan?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have plans for retaining key employees after you are no longer able to run your business (i.e. death, disability, etc.)?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have a plan for establishing financial independence of your company?(*)

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7 OF 7: PERSONAL WEALTH AND ESTATE PLANNING






Have you taken any steps to protect your family's wealth?(*)

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Have you thought about how your Exit Plan will affect your Estate Plan?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you done any planning to ensure that your family receives full value of the company if you don't survive?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Have you developed estate planning documentation that outlines your overall personal, financial and Exit Plan objectives?(*)

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Do you have a plan to protect your personal assets?(*)

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Do you have personal and family insurance in place?(*)

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Do you have a plan in place to transfer specific non-business assets?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have a personal wealth management plan in place?(*)

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Please rate how important this area is to your overall business outlook.(*)

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Do you have a plan in place to allocate business cash flow after your death?(*)

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Do you have a plan in place to transfer your business real estate after your death?(*)

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