3 OF 7: MAXIMIZING AND PROTECTING BUSINESS VALUE
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3:1 Do you have a key employee?
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3:2 Is your key employee incentive 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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3:6 Have you done any Key Employee Insurance planning?
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3:7 Do you have a covenant not to compete in place?
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3:8 Have you separated business assets from business operations?
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3:9 Have you completed an employee compensation review and analysis?
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3:10 Is there a qualified retirement plan in place?
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3:11 Do you have an established and diverse customer base?
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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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4 OF 7: OWNERSHIP TRANSFERS TO THIRD PARTIES
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4:1 Have you been approached by a third party to sell your business?
Please rate how important this area is to your overall business outlook.
4:2 In your best estimation, is your industry experiencing consolidation from large competitors?
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4:3 If you sold your business today, could you get all the money you want?
Please rate how important this area is to your overall business outlook.
4:4 Have you prepared your company for sale by completing a pre-sale due diligence?
Please rate how important this area is to your overall business outlook.
4:5 Have you reduced the company's debt in preparation for the sale?
Please rate how important this area is to your overall business outlook.
4:6 Have you conducted any pre-sale tax planning?
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4:7 Have you identified a list of potential buyers that would be suitable for your company?
Please rate how important this area is to your overall business outlook.
4:8 Do you have a sale bonus plan in place for your key employees?
Please rate how important this area is to your overall business outlook.
4:9 Have you conducted any pre-sale real-estate planning?
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5 OF 7: OWNERSHIP TRANSFERS TO INSIDERS
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5:1 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?
Please rate how important this area is to your overall business outlook.
5:2 Do you have family members active in the business?
Please rate how important this area is to your overall business outlook.
5:3 If they had money, would you sell your business to insiders?
Please rate how important this area is to your overall business outlook.
5:4 Is your company free of any family succession issues?
Please rate how important this area is to your overall business outlook.
5:5 Do you have an ownership skills development plan in place for your desired successor?
Please rate how important this area is to your overall business outlook.
5:6 Have you planned on any financing arrangements including bank loans, cash or carry-back notes?
Please rate how important this area is to your overall business outlook.
5:7 Are you planning on using a bonus or gift of ownership interest transition technique?
Please rate how important this area is to your overall business outlook.
5:8 Have you thought about using a Non-Qualified Deferred Compensation Plan for the new owners?
Please rate how important this area is to your overall business outlook.
5:9 Have you thought about implementing a Grantor Retained Annuity Trust (GRAT)?
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5:10 Have you thought about implementing a buy-back agreement for minority owners?
Please rate how important this area is to your overall business outlook.
6 OF 7: BUSINESS CONTINUITY
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6:1 Do you have a plan for your business if the unexpected happens to you?
Please rate how important this area is to your overall business outlook.
6:2 Have you identified who can operate the business in your absence?
Please rate how important this area is to your overall business outlook.
6:3 Have you identified who can control the financials in your absence?
Please rate how important this area is to your overall business outlook.
6:4 Have you communicated a written business continuity plan to senior management?
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6:5 Do you have business continuity insurance in place?
Please rate how important this area is to your overall business outlook.
6:6 Do you have a stay bonus plan to keep key employees during the transition?
Please rate how important this area is to your overall business outlook.
6:7 Do you have a current buy-sell agreement in place?
Please rate how important this area is to your overall business outlook.
6:8 Have you established a salary continuation plan?
Please rate how important this area is to your overall business outlook.
6:9 Do you have plans for retaining key employees after you are no longer able to run your business (i.e. death, disability, etc.)?
Please rate how important this area is to your overall business outlook.
6:10 Do you have a plan for establishing financial independence of your company?
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7 OF 7: PERSONAL WEALTH AND ESTATE PLANNING
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7:1 Have you taken any steps to protect your family's wealth?
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7:2 Have you thought about how your Exit Plan will affect your Estate Plan?
Please rate how important this area is to your overall business outlook.
7:3 Have you done any planning to ensure that your family receives full value of the company if you don't survive?
Please rate how important this area is to your overall business outlook.
7:4 Have you developed estate planning documentation that outlines your overall personal, financial and Exit Plan objectives?
Please rate how important this area is to your overall business outlook.
7:5 Do you have a plan to protect your personal assets?
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7:6 Do you have personal and family insurance in place?
Please rate how important this area is to your overall business outlook.
7:7 Do you have a plan in place to transfer specific non-business assets?
Please rate how important this area is to your overall business outlook.
7:8 Do you have a personal wealth management plan in place?
Please rate how important this area is to your overall business outlook.
7:9 Do you have a plan in place to allocate business cash flow after your death?
Please rate how important this area is to your overall business outlook.
7:10 Do you have a plan in place to transfer your business real estate after your death?
Please rate how important this area is to your overall business outlook.