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Business Killer Risk Assessment Test
6 common mistakes
Take the test below to find out if your Business is at RISK.
Mistake #1:
“I know what my business is worth.”
Have I ever had the business value appraised by an outside resource?
YES
NO
Have I had the appraisal reviewed within the last three years?
YES
NO
Do I have a formal buy/sell agreement?
YES
NO
Is my buy/sell agreement funded?
YES
NO
Does my buy/sell agreement adequately protect my heirs, my business, and my partners?
YES
NO
Has my buy/sell agreement been reviewed within the last three years?
YES
NO
Do I know where my buy/sell document is kept?
YES
NO
Mistake #2:
“I´m too busy running the company.”
Do I have a will and is it up to date?
YES
NO
Do I have a living will?
YES
NO
Do I have a plan to retain key employees if something happens to me?
YES
NO
Have I had my Trust & Estate Plan reviewed in the last three years?
YES
NO
Are my assets protected from potential litigation?
YES
NO
Have I identified and written down my trusted advisors?
YES
NO
Mistake #3:
“That´ll never happen to me.”
Do I have a formal succession plan prepared and on file?
YES
NO
Does my succession plan have a provision for disability?
YES
NO
Have I involved both key employees and family members in my succession planning?
YES
NO
Have I identified and written down who I want to run the company?
YES
NO
Do my family and my employees know who is going to run the company?
YES
NO
Do I have disability buy-sell or overhead expense coverage?
YES
NO
Do I have contribution protection for my retirement account?
YES
NO
Mistake #4:
“There´s plenty of time for that”
Do I know when I want to retire?
YES
NO
Do I know how much income I will need in retirement?
YES
NO
Do I want to be running my company full-time, five years from today?
YES
NO
Do I know how much in control in the business I must maintain in order to secure my retirement income?
YES
NO
Have I explored financing opportunities for key employees to buy the company in the future?
YES
NO
Mistake #5:
“My business is my retirement.”
Do I have investments other than my business?
YES
NO
Will my business assets account for less than 25% of my retirement planning?
YES
NO
Have I created income from more than four sources outside my business?
YES
NO
Do any of my retirement assets have guaranteed returns?
YES
NO
Have I had my retirement income projected/analyzed to identify shortfalls?
YES
NO
In the past year, have I spent more than one hour planning for retirement?
YES
NO
Mistake #6:
“You can´t beat Uncle Sam.”
Have I determined my financial goals?
YES
NO
Am I proactively planning to deal with changes in the tax laws?
YES
NO
Do I have a financial expert(s) working with me?
YES
NO
Will any sources of my retirement income be received tax free?
YES
NO
Do I have an exit plan for my business, and is it written down?
YES
NO
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