EmailMe Form - C&S ASSOCIATES - SUCCESSION INFORMATION

Company name & owner's name *

CURRENT SITUATION

You will probably answer "No" to many of the following questions. This is quite usual at the beginning of the succession planning process. Also, a "No" answer to a question does not necessarily imply that that it is necessary to spend time or money to turn the question into a "Yes". The entire succession planning process: activites, time involved, and cost, is controlled by you.

YOU

Do you have a will? *

Yes

No

If yes, has it been updated in the last five years?

Yes

No

If yes, are there changes that need to be made to the will, but have not been made?

Yes

No

Do you have any trusts set up that include business succession? *

Yes

No

Do you have personal life insurance (not key man life for the business)? *

Yes

No

Do you have disability insurance? *

Yes

No

Do you have a recent personal balance sheet? *

Yes

No

Do you have a written personal financial plan? *

Yes

No

Do you have a pre-nuptuial agreement? *

Yes

No

Do you have a long term care insurance? *

Yes

No

Do you have a personal umbrella liability policy? *

Yes

No

Do you have a written contingency plan in the event of your untimely death or disability, i.e., you get hit by a bus tomorrow? *

Yes

No

If yes, are the various stakeholders (spouse, children, other family members, other shareholders, employees, customers, creditors, bankers, investors, etc.) knowledgeable of your contingency plan

Spouse only

Spouse and family members only

Spouse, family and other shareholders only

Spouse, family, other shareholders and others

YOU AND YOUR COMPANY

Do you have a written business succession plan now? *

Yes

No

If yes, are the various stakeholders (spouse, children, other family members, other shareholders, employees, customers, creditors, bankers, investors, etc.) knowledgeable of your succession plan?

Spouse only

Spouse and family members only

Spouse, family and other shareholders only

Spouse, family, other shareholders and others

If yes, has your succession plan been designed to minimize taxes?

Yes

No

Does the company have a written annual bonus or incentive plan for your key employees? *

Yes

No

Does the company have a written bonus program for all employees? *

Yes

No

Do you individually have a deferred compensation program with the company? *

Yes

No

Does your company offer a group health insurance plan to all employees (partially or totally paid by the company)? *

Yes

No

Do you or your company have any supplemental health insurance on you? *

Yes

No

Does the company have a deferred compensation plan for key employees? *

Yes

No

Does your company have a retirement program for all employees? *

Yes

No

Does your company have written employment agreements with key employees? *

Yes

No

Does your company have key man life insurance on key employees? *

Yes

No

Does your company have key man life insurance on you? *

Yes

No

Are the company's financial employees that handle cash, bank deposits, purchase orders, and bank statements bonded beyond the scope of your general liability policy? *

Yes

No

Have you had a review by your insurance professional of all your personal and company insurance policies in the last two years? *

Yes

No

Does your company have a written, up-to-date, business plan? *

Yes

No

Does your company have a written, up-to-date, human resources policy manual? *

Yes

No

Has the company had a recent legal audit of its forms, contracts, and human resource policies? *

Yes

No

Are the company's corporate records, minutes, and by-laws current? *

Yes

No

Are you personally guaranteeing the company's debt to the bank, finance companies or to other investors that have loaned money to the company? *

Yes

No

If you own the company's real estate personally, is there a written lease? *

Yes

No

Does the company have an active advisory board or board of directors that give the owner(s) meaningful input and feedback? *

Yes

No

WHO? WHEN? HOW? HOW MUCH? UNTIL THEN? WHAT THEN?

Who do you now plan to have as your successor? *

When do you plan to make you succession complete? *

How do you currently expect to transfer your company? *

Sale for cash, as much as possible up front

Sale for cash, lower down payment, longer term payout

Combination of cash and gifting

Using stock options for future purchase

Don't know or other

How much do you realisitically think you can net today from the sale of your company after all liabilities and taxes are paid? *

Has there been an appraisal of the company in the last five years? *

Yes

No

How would you describe your activity with the company from now until the succession transition is complete? *

Fully active, continue with current responsibilites

Less active, long weekends, more vacation, more delegation of authority and responsibilities

Low activity, Come into the company maybe once a week for a few hours to see how things are going.

How would you describe your activity with the company after succession is complete? *

Fully active, continue with whatever responsibilites I am asked to handle

Part Time, few responibilities

"Gone fishing" or "Gone _____"

What are your plans after leaving the company? *