Business Exit & Succession Planning - Self Assessment Tool
If you want to know how prepared you are for the next phase of your business, then just answer these seven questions by selecting the phrase that best describes your current situation. Add up your score with a=1 Pt; b=2Pts & c=3Pts. 1) Evaluating Your Business a) I have undertaken a complete evaluation of my business. b) I have given some thought to what I should do but nothing is planned. c) I do not have any plans for business succession.
2) Setting Your Goals a) I have identified the goals for the personal, financial and business areas of my life. b) I have some goals in some areas but nothing comprehensive. c) I do not have comprehensive goals set for the personal, financial and business areas of my life.
3) Planning Your Strategy a) I have identified a suitable path for my business to continue along. b) I have given some thought to where the business is going. c) There are too many options and I don't know how to evaluate the best for me and my business.
4) Changing Leadership a) I know who should become the new leader of my business and am happy that all financial and organisational structures are in place to assist the process. b) I have some ideas on who should take over but am not sure I am on the right track. c) I understand the need for deciding on a new leader but am unsure how to identify them and how to structure it for the benefit of all stakeholders.
5) Exiting From Ownership a) I understand the market value of my business and can attract the right investors without affecting me financially. b) I think I know what the business is worth but I'm not sure we would get this price. c) There is so much to take into consideration when valuing a business and attaining it in the open market.
6) Funding Your Retirement a) I have a complete personal and business financial plan including investments, superannuation, insurances and retirement requirements. b) I have some financial plans but it is not comprehensive. c) I have nothing in place for retirement except the value of this business.
7) Managing Your Business Exit Or Succession Plan a) I have a complete action plan including risk assessment, stakeholder evaluation, time management and documentation. b) I have some of the pieces to an overall Succession Plan. c) I have no Succession or Business Exit Plan.
How Ready Are You for Business Exit Or Succession?Now add up your score with: a) = 1 point b) = 2 points c) = 3 points Your answers, according to the sum of your points indicate that you are in one of the following groups:- 7 to 11 - GREEN you are well ahead of your contemporaries and should see a successful transition of your business. Well done !! Please call BPRW if you need help to assess any parts of your plan. 12 to 16 - AMBER well done… you have some of the most important parts of the plan completed. What you need to do is put it together so that it suits your timeline. Call BPRW on 1300 736 150 or email us and we'll arrange to meet with you to discuss how we can assist with finalising your Business Exit or Succession Plan and then how to action it. 17 to 21 - RED you have shown that you really want a plan but have not done a lot to prepare it. We'll call you as this is now URGENT. So just click here to Contact Us for our personal Business Exit and Succession Planning Clinic. © 2007 BPRW Marketing – Sydney – Illawarra – Central Coast | 
