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Readiness Quick Check

You're Either Ready,

Or You're Not

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Question 1 of 16

I have set personal, business and personal financial goals. 

A

Yes

B

No

Question 2 of 16

Are your personal, business and personal financial goals aligned with one another?  For example, your personal financial plan takes into account the value of your business and your plans post-ownership. 

(Select all that apply)
A

Yes - I have fully aligned and integrated my personal, financial and business goals

B

Very loosely - I have ideas but they aren't well aligned

C

No - I have not set these goals for myself or my business

D

I'm not sure how to best structure an integrated set of goals with a supporting plan for accomplishing them.

E

I'm committed to putting an integrated transition plan (personal, financial and business) in place

F

Goal setting and planning isn't my thing

Question 3 of 16

I know these three key numbers:

Wealth Gap - The difference between my present net worth and my target net worth  (both without the value of the business)

 

Profit Gap - The difference between my re-casted net income and the net income that the Best-in-Class player in my industry earns

 

Value Gap - The difference between my current business value and what it would be at a Best-in-Class multiple

A

Yes - I know what my gaps are and what I am going to do to close them

B

Yes - I know what my gaps are but I'm not sure what to do about them

C

No - I don't know what my gaps are

D

No - I'm not sure where to start in measuring these gaps

Question 4 of 16

I have completed a strategic analysis of my company in the last two years, including a business valuation and risk analysis, and objectively understand what contributes to or limits its attractiveness. 

A

Yes

B

No

Question 5 of 16

I plan to exit/transition the ownership of my business: 

A

As soon as possible

B

Within the next one to two years

C

In three to five years

D

In five to ten years

E

It's more than a decade away

F

I'm not planning to transition the business ever

Question 6 of 16

I have  educated myself on what is required to successfully manage a business ownership transition, including exit options, potential deal structures, what drives or takes away from the value of my company, and the best practices for the exit process

A

Yes - I've have a deep knowledge of these topics

B

Yes - I have had some education and know there's more to learn

C

No - I've just started thinking about this

D

No - I have not educated myself on these topics at all at this point.

Question 7 of 16

I am willing to invest in obtaining the support and guidance necessary for an effective and successful transition

A

Yes - Fully committed

B

Maybe - I need to learn more

C

No - I can handle the transition myself

Question 8 of 16

I have assembled a team of experienced advisors to lead the transition process, including a financial planning advisor, accountant, business transaction attorney, estate attorney, investment banker and exit planning advisor 

A

Yes - I have a full team assembled

B

Partial - I have some of these advisors in my circle but not all

C

Partial - I only have my accountant and general business lawyer

D

No - I don't have advisors I feel comfortable with for this level of change

Question 9 of 16

     I am confident in the strategy I have in place for growing and maximizing the value of my company in advance of an ownership transition. 

A

I have not formalized a strategy

B

I have a strategy to maximize profitability. I do not have a strategy to maximize business value.

C

I have ideas about what and how to build value in my company but have not mapped out a formal plan

D

Absolutely - I understand what it takes to grow value in a company, have identified our risks and opportunities and set a formalized strategy for maximizing the value of the company

Question 10 of 16

I am confident in the strategy I have in place for transitioning the ownership of my company.

A

No - I haven't even really started thinking about my transition

B

No - I have some ideas but have not explored all my options and come up with a plan

C

Not yet, but making progress. I've started exploring options, assembled a team of advisors and begun the planning process.

D

Yes - We have a strategy and plan in place and are beginning the transition

E

Absolutely - The strategy and plan are in place and well on the way to full implementation

Question 11 of 16

I understand the all of the exit options that are available to me for transferring the ownership of my company.

A

Yes - I've devoted considerable time learning about and vetting the options

B

Yes - I understand them and will explore each one when the time comes

C

No - I already know what we are going to do and don't need to learn about or look at options

D

No - I need to do this

Question 12 of 16

What did you learn about yourself by completing this quick survey?

Question 13 of 16

What do you need to know to feel more confident about preparing for your ownership transition?

Question 14 of 16

What actions have you already taken to prepare for your ownership transition?

Question 15 of 16

How much time are you willing to devote each week to your ownership transition preparation given your current schedule?

Question 16 of 16

One a scale of one (1) to six (6), please rate your agreement with this statement:

"I value the opportunity to have a complimentary Transition Strategy session and, if eligible, will book one soon."

A

1

B

2

C

3

D

4

E

5

F

6

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