Take The Business Leader Business Succession Quiz

4 minute read – Business Success: What’s on the minds of business leaders and owners? What should you be focused on right now?  Take this simple quiz for focus and results:

On a scale of 1 to 5 (5 is most important item on your mind) answer the following questions:

Business Protection:

Leaving the debts that my family has to pay:  _____

Revenue loss in the event a key person unexpectedly dies: _____

Having capital to recruit and train replacements: _____

Significant impact on customer relations should a key person or owner die: _____

Employee’s perception of the financial stability of the company should a key person unexpectedly depart or die: _____

Recruiting, Rewarding & Retaining Top Talent:

Attracting new talent: _____

Providing benefits with tax-deductible dollars: _____

Losing key talent to competitors: _____

Providing attractive retirement benefits for key employees to encourage them to remain with the business until

retirement: _____

Utilizing strategies that have minimal impact on my balance sheet: _____

Planning for Business Succession:

Being able to efficiently transfer my business ownership interest: _____

Protecting my family’s income in the event of my death: _____

Receiving a fair price for my business interest at the right time: _____

Assuring business continuity: _____

Equitable distribution of assets to my children who are not involved in the business: _____

Summary:

Now add your score. How did you do?  If you scored a 12-15, and you feel confident these are being taken care of that’s an excellent position to be in. If you scored under 12, or feel you’ve recognized your priorities, but they are not where you would like them to be it’s essential to begin working with a advanced insurance advisor on business succession planning and estate planning.

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