10 Key Questions for the Closely-held Business Owner

  • Have you had your business valued recently by a professional, accredited business appraiser?
  • Have you defined your personal goals and vision for the transfer of ownership and management?
  • Have you identified a successor and are they ready in place?
  • For family owned businesses, is your successor a qualified candidate or have you appointed him or her only because they are family?
  • Do you have a buy/sell agreement in place?
  • Do you have a contingency plan should you become temporarily or permanently disabled?
  • Do you have enough liquidity to avoid the forced sale of the business?
  • Have you considered other corporate structures or stock transfer techniques to help achieve succession goals?
  • Are you currently using techniques to reduce or eliminate estate and gift taxes?
  • Are your personal retirement savings sufficient enough to fund your retirement cash flow needs?