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Business Continuity & Lifecycle Self Assessment
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Deciding to Sell

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Business Self Assessment

First Name:
Last Name:
Company:
Email:
  1. Do you know the form of your business entity, and the tax consequences and liability protection available using that form?
    Yes     No
  2. Do you take the practical steps to limit your liability to the extent possible?
    Yes     No
  3. Is your company following the laws in other states where required to do so?
    Yes     No
  4. If you have more than one owner of the company, do you have a buy-sell agreement regarding ownership and do you have a joint liability agreement covering any personally guaranteed debts or money loaned to the company?
    Yes     No
  5. If you have more than one owner of the company, do you agree on how the company is run, and compensation among the owners?
    Yes     No
  6. If you have employees, do you know and follow employment laws and your own policies?
    Yes     No
  7. If you use independent contractors, do you know if they really qualify as independent contractors?
    Yes     No
  8. Have you taken steps to protect your company's trade secrets and confidential information from use or disclosure by employees and others?
    Yes     No
  9. Are your business names and trademarks really yours, and are they protected?
    Yes     No
  10. Are you able to take a month off, totally away from the business, without it falling apart?
    Yes     No
  11. Are your key employees aware of what they need to do to make the business successful day to day and year to year, and do you have a program to reward them when they help to make that happen?
    Yes     No
  12. Are you taking steps to avoid or limit personal guarantees of company debts?
    Yes     No
  13. Does your standard form of invoice or purchase order clearly lay out your obligations to your customer and their obligation to you – including warranties and payment terms?
    Yes     No
  14. If your business rents space from a third party landlord, do you know the lease terms and your obligations and rights? Did you negotiate "reasonability" into the lease and limited personal guarantees?
    Yes     No
  15. If your business uses space that you own, do you have a separate entity to hold that real property and do you have a lease with fair rental terms?
    Yes     No
  16. If you loan money to your company, is there a written promissory note and is that debt secured with collateral (such as company assets)?
    Yes     No
  17. If the company has borrowed money from a third party, do you know the loan terms and comply with them, and did you negotiate to avoid or limit personal guarantees?
    Yes     No
  18. Do you know when and how you want to leave your company, and what you will do next?
    Yes     No
  19. Do you know who might buy it, for how much, and how that purchase price might be paid?
    Yes     No
  20. Are your plans about leaving your company and selling it backed up by a good understanding about how much it is really worth today, and how much you need to live as you wish?
    Yes     No