Business Crisis Protection Assessment
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This assessment is designed to look at the extent to which you have planned for your unexpected exit (illness, family crisis, or your sudden demise) from your business. We will use the term “sudden exit” to mean your departure from the running of your business for whatever reason.
Please answer each of the following 13 questions, one at a time. Answer each as rigorously honest as you can. This assessment is of no use to you if you fudge your answers.
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You have significant exposure in the event of a sudden exit, and you need to do something about it NOW. But don’t feel bad. Few business owners actually plan for these types of events, but research shows up to ONE THIRD of them actually experience having to temporarily or permanently exit their businesses sometime in their careers. Read INSIGHT or contact us today!
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You have at least given this issue some consideration.
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You demonstrate that you take the potential seriously enough to make some plans. You just need to tighten things up a bit.
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Congratulations!!! You have done everything you can.
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Question 1 of 13
1. Question
Does your spouse know exactly what to do with respect to the business in case of your illness (longer than 90 days), incapacitation, or death?
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Question 2 of 13
2. Question
When was the last time you carefully considered a “sudden exit” possibility?
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Question 3 of 13
3. Question
If you had to suddenly exit the business today, what do you think would happen to your business?
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Question 4 of 13
4. Question
How much time have you spent over the last year planning for what would happen in the event of your sudden exit?
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Question 5 of 13
5. Question
Have you chosen a successor who would take over in the interim should you exit the business?
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Question 6 of 13
6. Question
Do you have a set of written instructions/guidelines for your successor?
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Question 7 of 13
7. Question
Has you designated successor been introduced to your CPA, attorney, and banker?
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Question 8 of 13
8. Question
What funds do you maintain to see the business through any disruption that may be caused by your sudden exit?
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Question 9 of 13
9. Question
If you have personally guaranteed any business debt, what would happen in the event of your death or disability?
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Question 10 of 13
10. Question
Do you have a separate family attorney to protect your family’s interests regarding your business should you no longer be able to do so?
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Question 11 of 13
11. Question
Do you have clear, written agreements with any partners, investors, family members, or creditors regarding both your temporary and permanent sudden exits from the business?
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Question 12 of 13
12. Question
Do you maintain a complete set of important business documents (e.g., incorporation papers, partnership agreements, employee agreements, sales and vendor contracts) in a safe deposit box or other location where they would be immediately accessible to your spouse and/or family attorney?
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Question 13 of 13
13. Question
Have you sought the advice of a professional business advisor regarding these matters?