Sell your business quiz

1. Do you have a transition strategy in place to gracefully change ownership of your business?

a. Yes - I have put careful planning into my business transition strategy as I near retirement.

b. Not sure - I have an idea of how the transition will go, but haven't really planned it out.

c. No - I haven't considered or don't see the need for a transition strategy.

2. Have you engaged professional help to plan and oversee your business ownership transition?

a. Yes - an independent manager acts as my "quarterback" to help establish and achieve my goals.

b. Not yet - but I've considered the benefits of having a professional oversee my business transition.

c. No - why hire outside help when I can handle it myself?

3. How soon do you plan to sell or transition your business to new ownership?

a. Within ten years

b. Within five years

c. Within one year

4. Do you choose your personal and business insurance strategically to protect your most critical assets?

a. Yes - I regularly assess my areas of risk and adjust my insurance policies strategically.

b. Not sure - I haven't considered insurance beyond basic liability protection.

c. No - I only need the bare minimum insurance protection for my business and personal needs.

5. Does your business have management in place to make decisions and executive tasks, or is your involvement required for everything?

a. Yes - I delegate many important tasks to team members and executives I trust.

b. Somewhat - But most decisions have to go through me.

c. No - my involvement is required in every key aspect of my business.

6. Do you incentivize key executives to boost morale and ensure they remain loyal through transition?

a. Yes - I have "golden handcuff" benefits in place to ensure top executives are happy.

b. Not sure - I haven't analyzed the benefits my key executives received.

c. No - This isn't an important element of my business strategy, or I can't afford extra incentives.

7. Have you worked to minimize the impact of taxes on your business's profitability and retirement income?

a. Yes - I utilize professional guidance to ensure my tax strategy maximizes profitability.

b. Not sure - I am unaware of how my current tax strategy impacts my business or personal income.

c. No - I haven't considered this or it's not a priority.

8. Do you have an asset protection plan in place to shield your business and personal assets from claims brought on grounds subject to debtor-creditor law?

a. Yes - This is a key element to my risk-mitigation strategy.

b. Not sure - I am unaware of how my current protection plans relate to these types of claims.

c. No - This is not a risk to my business or personal wealth.

9. Have you performed a long-term, in-depth cash flow analysis of your business to enable advanced planning?

a. Yes - I "stress test" my business on an ongoing basis to project possible future outcomes.

b. Not really - I've considered future financial scenarios but haven't run the numbers in-depth.

c. No - This kind of in-depth planning isn't necessary to run my business, or I just keep putting it off.

10. How adaptable is your current plan for how your business will transition ownership?

a. Very - My business transition plan is flexible to allow for a number of possible scenarios.

b. Somewhat - I would prefer my business transition to go a certain way, but I have considered other options.

c. Not at all - I know exactly how the sale or transition will play out, so I haven't prepared for other scenarios.

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