Protecting the Human Assets of Your Business Assessment

Assessment Introduction

    Page 1

    Welcome to the Protecting the Human Assets of Your Business IQRM!

    It is often difficult to imagine how an organization will survive without its passionate and visionary business leader who has worked years to build the business. The potential loss of a business owner prompts questions such as who has the skill sets to assume the leadership role? Who shares a passion for the operation? Who has vision for its future success?

    Although it may be years before an owner steps aside from the day-to-day responsibilities of running a business, it is extremely important that he or she builds a plan sooner rather than later as it adds stability throughout the organization and credibility to the outside world.  With that in mind, click below to begin our 20 statement survey to gain your organization’s IQRM Effectiveness Risk Audit Score as relates to buy-sell agreements, key person insurance, and business succession planning.

    Question 1

    My buy-sell plan has been updated to reflect the existing business structure.

    Question 2

    The current value of my business is correctly represented in the buy-sell plan.

    Question 3

    The buy-sell plan has been funded to the appropriate level based on the existing business’ value.

    Question 4

    My organization is not vulnerable to reduced revenue or inefficiencies due to a death, disability, or departure of a key employee.

    Question 5

    We would be able to quickly replace key employees in the event of their death, disability, or departure.

    Question 6

    We provide adequate incentives to keep key employees from leaving my organization for better opportunities.

    Question 7

    Our organization has mitigated the financial burden of the death or disability of a key employees.

    Question 8

    The business would be able to maintain its position in the marketplace if I or my partner(s) (if applicable) died or became disabled tomorrow.

    Question 9

    My family would receive fair compensation from the shares of my business interests if I died.

    Question 10

    The business would be able to support my income needs in the event I become disabled and am no longer able to perform my traditional work requirements.

    Question 11

    I would be willing to operate my business with my surviving family in the event my partner(s) dies.

    Question 12

    A third party reviews and assesses the value of the business on a scheduled basis.

    Question 13

    My personal advisory team has a high level of awareness with my business continuation plan.

    Question 14

    I possess a detailed plan to transition my business interests to personal wealth for retirement.

    Question 15

    I have a high level of confidence that I would be able to live off recurring payments from the company at my retirement.

    Question 16

    As part of my legacy, I have a strong desire that my business survives long after I cease involvement.

    Question 17

    There is a viable internal purchaser or external market to whom I could sell my business interests.

    Question 18

    I plan on transferring my business interests.

    Question 19

    I am comfortable that I have adequately coordinated my business insurance with my personal insurance program.

    Question 20

    I possess a high level of confidence that my personal estate plan coordinates with my business succession plan.

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