| IN SOME CASES, THE BELOW CHOICES MAY NOT REPRESENT YOUR SITUATION, SO PLEASE PICK THE CLOSEST ONE: |
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| 1) |
Do you have a plan detailing what would happen if you cannot or are unwilling to manage your business anymore? |
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Yes, I do and my family is aware of its presence and location |
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It is incomplete or still in my head |
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No, I didn't know I needed one or don't know how to make one |
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No, I don't want to think about my life without the business |
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No, I haven't had the time to make one |
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| 2) |
How much longer do you expect to own and manage your business? |
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I am ready to retire now |
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1 to 3 years |
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4 to 6 years |
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7 to 10 years |
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10 + years |
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| 3) |
Have you structured tax-efficient methods for the transfer of your business? |
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I have a comprehensive tax-efficient transfer strategy implemented by CPAs and attorneys |
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I have a comprehensive tax-efficient transfer strategy but it hasn't been implemented yet |
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I know ways to reduce my taxes when I sell, but I haven't implemented them yet |
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I don't think the tax savings will compensate for the additional legal and accounting fees |
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I didn't know there are ways to legally reduce taxes |
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| 4) |
How much do you expect to spend per month during retirement? |
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$2,000 to $5,000 |
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$5,000 to $10,000 |
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$10,000 to $15,000 |
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$15,000 to $30,000 |
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$30,000+ |
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| 5) |
What factor will be most important in chosing to whom you would sell your business? |
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The selling price |
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Who the future owner would be |
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The amount of involvement required of me after the sale |
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The buyer's plans regarding my business |
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Keeping tax and legal fees involved in the sales process as low as possible |
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| 6) |
What is the primary reason you have not sold your business thus far? |
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It provides great income for me and my family |
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I am waiting to build income to increase company's value |
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I don't have anything else to do |
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I don't think anyone would be interested in my business |
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I am waiting for the market to improve |
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| 7) |
To whom would you be most likely to sell your business? |
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My family |
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My employees |
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The management team |
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A financial or strategic buyer (third-party) |
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It doesn't matter. The best deal is the most important |
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| 8) |
How would you sell your business? |
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By myself |
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Business broker, M&A intermediary/advisor, or an investment banker |
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Internet postings |
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I would contact my CPA, attorney, financial planner, commercial banker or other advisor |
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I don't know |
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| 9) |
What would happen if you immediately became unable to run your business anymore? |
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It would do fine, I have competent children with strong knowledge of the business and strong leadership skills |
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It would do fine, I have a strong management team in place and one or more members is groomed to take my place |
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It would stay afloat but not grow |
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The company would have to be sold immediately before its value decreased |
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It would probably fall apart and I would lose most of my customers and key employees |
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| 10) |
How much estate planning have you done? |
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I have a tax-efficient estate plan which includes life insurance and the disposition of my business |
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I have a tax-efficient estate plan, but no life insurance and my business is not included in it |
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I have a living trust to avoid probate |
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I have a will |
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I haven't even started |
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| 11) |
Why would you not use a exit planning specialist for your exit plan? |
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I trust my CPA, financial advisor, attorney to work together for my exit plan |
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I didn't know exit planning specialists existed |
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I could do a better job on my own |
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I won't get the return on the fees I pay |
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I plan on using an intermediary that is also an exit planner |
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| 12) |
Are you aware of the approximate value of your business? |
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I have a recent credible business valuation |
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I can make an estimate based on previous financial performance |
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I can make an estimate based on comparisons to other similar companies |
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I have had a business valuation done in the past |
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I have no idea how much my business is worth |
