1633 E. Fourth Street, Suite 216
Santa Ana, CA 92701

Tri-Circle Financial Strategies – Family Business Self-Assessment

How prepared are you for succession? Take our self-assessment to find out.
Please respond to the following statements: Yes No Maybe
1. Our business records and systems are well organized and documented. [1]
2. There is clear consensus on succession among my family members and key employees. [1]
3. I have a trust and estate plan that has been updated by my attorney within the past two years. [2]
4. My family knows the location of all our important documents in the event of an emergency. [2]
5. We have a valid buy-sell agreement that is reviewed annually. [2]
6. Our core values are clearly spelled out for all to see and follow. [3]
7. Our business decisions are in line with our core values. [3]
8. We have an up to date strategic plan to grow the business. [4]
9. Our key people and potential successors are intimately involved in the development and implementation of our strategic plan. [4]
10. Our strategic plan includes a clearly defined exit strategy. [4]
11. I have communicated my succession plan to the employees. [5]
12. I have an ample and secure source of retirement income that is not tied to the future success of the business. [5]
13. I have a qualified successor who is capable of taking my place. [5]
14. We have clear guidelines that cover the hiring, evaluation, compensation and promotion of family members who choose to participate in the business. [6]
15. We encourage family members to gain experience by working outside of the business. [6]
16. Our accounting statements provide an accurate picture of the business cash flow and profitability that can be used as a basis for succession planning. [7]
17. We have a current business valuation prepared by an independent firm. [7]
18. I have defined the legacy I would like to leave for my family, my business and the community. [8]
19. My wealth management strategy extends at least two generations beyond my lifetime. [8]
20. I have identified the leadership skills my successor will need and have begun the training process. [8]
21. We have a Board of Directors with some independent, non-family members (not current advisors to the business). [9]
22. The Board is involved in the development and review of our strategic and succession plans. [9]
23. I have communicated my succession plan to all interested family members. [10]
24. We have regular family meetings in order to provide clear communications and minimize disputes. [10]
25. Our family has created a governance structure that gives non-working family members input into managing family wealth and assets. [10]
Note: Numbers in brackets refer to our 10 Succession Strategies®

To receive your score instantly to your inbox, please enter your name and email below.

Business Name:


Mission Statement

Our mission is to help make your financial life as simple and harmonious as possible.

We take the complex and make it as clear as we can. We believe that you should never buy a financial product or service that you do not understand.

Sign Up for our newsletter
and our free whitepaper -
"5 Important Strategies for Small Business Owners."
© 2006 - 2018 Tri-Circle Financial Strategies, Santa Ana, CA. All rights reserved.
Rachel Owens and William Sornstein are Registered Representatives with and Securities and Financial Planning offered through LPL Financial, a Registered Investment Advisor, member FINRA / SIPC. The LPL Financial registered representatives associated with this site may only discuss and/or transact securities business with residents of the following states: California, Arizona, Iowa, Nevada and Texas.