BAQ Owner

Business Assessment Questionnaire – Owner

    Do you have any business partners that are not your spouse?

    Do you have a Buy-Sell Agreement?

    Is the Buy-Sell Agreement funded with life and disability insurance?

    Does the organization have a written mission statement?

    Are all higher-level staff aware of the mission?

    Do they understand it?

    Do top executives take formal responsibility for the organization’s strategic business planning?

    Does the organization follow a defined set of procedures in its strategic planning process?

    Is strategic planning a top priority activity, performed on a regular basis, e.g., each year?

    Do the goals list quantified, measurable targets (e.g., volume, market share, growth rate, profitability)?

    Do all affected managers participate in the strategic planning process?

    Does the organization have written longer-term (3-5 years) and short- term (1-year) goals?

    Do the goals appear realistic yet challenging, based upon experience and/or research?

    When appropriate, do the goals list quality, time frame, and cost targets?

    Are they observable or measurable?

    Does the organization provide resources (time, money, support,) specifically for strategic planning?

    If appropriate, do the goals specify targets by location or geographic area?

    Does the company’s information system provide relatively easy access to the internal data?

    Does the organization perform a SWOT (strengths/weaknesses & opportunities/threats) analysis?

    Does the SWOT lead to key strategic changes?

    Do you have a personal board of advisors and a legal advisor whom you consult?

    Do you have a disaster plan for situations involving bad weather, fire or other disasters?

    Do you have a contingency plan if the owner(s) or manager(s) are incapacitated?

    Are you able to overcome family issues that could affect the business (or vice versa)?

    Do you have a written plan for leader development and key manager succession?

    If the business is in decline, will you be able to save it and make it successful?

    Do you have a succession plan that is reviewed regularly?

    Could the business be structured so that it would be majority owned by: ?

    Do you have a will?

    Do you have a durable power of attorney for health issues?

    Do you have a trust?

    If so, what type of trust is it?

    If so, who is the trustee?

    Do you have life insurance?

    If so, what type?

    Note that #1 means you strongly agree,

    #2 means you somewhat agree,

    #3 means you neither agree nor disagree,

    #4 means you somewhat disagree and

    #5 means you strongly disagree.

    The company is moving in a well-defined direction

    Owners have a clearly defined exit strategy

    The business runs equally well if I'm at work or on vacation

    We have a detailed written strategic plan for the business

    We review the strategic plan periodically, and revise it as needed

    The business succession plan has been updated within the last 12 months

    The succession plan has identified potential replacements for each key position

    The succession plan includes grooming for each potential replacement

    We have a written continuity plan in case of unexpected departures

    We have a written contingency plan covering an owner’s departure

    Each owner has a written exit plan

    We have arrangements in place to avoid probate entanglement

    We have good business models and other decision support tools

    We use these tools regularly and on an on-going basis

    We meet regularly to set & review priorities

    Most decisions are collaborative

    Our leaders work “on” vs. “in” the business

    We are having trouble keeping up with our growth

    We bog down when dealing with new issues or opportunities

    Our leadership is united

    We compare the goals in the business plan with the business accomplishments at least once a year

    I have prepared a succession plan and have reviewed it during the past year

    I am satisfied with the overall performance of the business, and feel in control of our future

    I have a good work/life balance

    I communicate well with my staff