Succession Planning Survey
1. Do you have a management team in place that could take over if something happened to you?
Yes, but they don't have what they will need to take over and there is no appointed person to take my role.
Yes, and I have a backup person that can take over my role.
2. Do you have a plan to capture the value of your business in the event something happens to you?
Yes, we have a value established and terms.
Yes, we have a value established, terms, and the plan is fully funded by life insurance. Values are assessed at least every three years.
3. Do you know what you need to retire?
Yes, I know, and I know the time frame.
Yes, and I monitor at least annually my progress and make corrections as necessary.
4. How important is your business's value to your retirement plan?
Less than 50% of my retirement plan
Greater than 50% of my retirement plan
5. How confident are you of your business's current value?
I have no idea.
I have an idea.
I have an idea, and that idea has been validated independently.