Please respond to the following statements:

YES

NO

NOT SURE

1.

I have a trust and estate plan that has been updated by my attorney within the past two years.

2.

My family knows the location of all our important documents in the event of an emergency.

3.

Our accounting statements provide an accurate picture of the business cash flow and profitability.

4.

We have engaged an independent firm to provide a valuation of the business.

5.

We have clear guidelines for hiring, evaluating and promoting family members who choose to participate in the business.

6.

I know what I want to do when I retire.

7.

My family is aware of my long term plans for the business.

8.

The business is not a source of friction within my family.

9.

I communicate openly and easily with family members.

10.

Our strategic plan includes a clearly defined exit strategy.

11.

I have communicated my succession plan to the employees.

12.

We have budgeted sufficient resources to implement the succession plan.

13.

I have an ample and secure source of retirement income that is not tied to the success of the business.

14.

We have a valid buy-sell agreement that is reviewed annually.

15.

We have a family member or key employee interested in taking over the business.

16.

I have a qualified successor who is capable of taking my place.

17.

My designated “heir apparent” has worked successfully outside of my business.

18.

I have set and clearly communicated my expectations to my successor.

19.

We have a training program for qualified successor candidates.

20.

My advisors know and will work well with my successor.

21.

My advisors all work well together and with my family and management team.

22.

Our family has created a governance structure that gives non-working family members input into managing family wealth and assets.

23.

We have a regular family meetings in order to provide clear communications and minimize disputes.

24.

We have an independent Board of Directors with members who are non-family and not current advisors to the business.

25.

The Board is involved in the development and review of our strategic and succession plans.