Action Step 1: Identify Personal Needs

Rule #1 is “Owner Motives Matter Most”. Identify and understand the most important personal planning objectives of the owner. Thereafter, analyze and estimate the total dollar amounts likely to be required to meet all of these future personal objectives.

  • Will you have enough to do everything you want to?
  • When do you see yourself wanting to leave the business?
  • How much money do you want or need for total personal financial independence?
  • What is the annual after-tax income you want after leaving the business?
  • What are your exact retirement goals and what it will take — in cash — to reach them?
  • Do you have a continuity plan for your business if the unexpected happens?
  • Does your family have financial security if the unexpected happens to you?
  • When and how to plan to transfer the business?
  • What do you plan to do next?