First Pioneer Farm Credit: Notebook: Financial Tips

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Credit
    - Loan or lease?
Management
    - Is agritourism in your
      future?
    - How to price a branded...
    - Risk Management Check-Up
    - Check Farm Business Plan
    - Start New Enterprise
    - 9 Business Succession...
    - A closer look
    - Loan officer
    - Building a business plan
    - Bus. management advice
    - Cranberry Grower's...
    - Communication quiz
    - How to be a better risk...
    - Saving costs on energy...
    - 6 Public Relations Tips
    - Partnership predictor
    - Top 10 business tips...
    - Do you need a consultant?
Record-keeping
    - 3 Payroll resources
    - Records: What to keep...
Estate Planning
    - 13 Estate Planning Terms
    - Do you need a will?
    - Business survival test
    - Estate planning tips
    - Estate planning goals
Appraisal
    - Who needs an appraisal?
Taxes
    - Tax Relief Act 2003
    - Records: What to keep...
    - Education tax credits
    - Energy tax credit - NY

Business Survival Test

This simple test can provide important answers to your questions about transferring your business to the next generation or to a business partner. It's a checklist of objectives that you need to achieve in order for your business to survive once you retire. And finally, it's an opportunity for you to test your chances for success.

Directions

Answer "Yes" or "No" for each question by clicking in the appropriate circle.
Press the "My chances are" button for our impression of how well your business will survive after your retirement, death or disability.
Press the "Reset" button to try again.

Business Survival Test	Yes	No
• Are you determined that your farm business will survive and pass to the next generation?
• Do you have a written crisis management plan that identifies who will manage and control the business in the event of an untimely death or disability?
• Do your family and key staff know and support their roles in this plan?
• Do you have a written long-term strategic plan for ownership transfer and management succession for your business?
• Is the next generation involved in the business in a meaningful way?
• Do you have a development plan that will strengthen your successor's management, financial and general business knowledge?
• Do you have a realistic plan to pay for estate taxes without having to sell some or all business assets?
• Are you confident that your method of valuing assets and real estate will be acceptable to the IRS?
• Will your key employees continue to contribute to the business after your death, disability or retirement?
• Are you treating all family members fairly so family disputes will not disrupt your succession plans?
• Have you fully planned for the emotional and financial needs of your own retirement?
• Do you have an effective management committee or board of directors that regularly meets and advises on company issues?
Based on your answers, your chances of business survival are: *Press "Reset" to try again.*

Give us a call!
For help developing a plan for your business, contact us at info@firstpioneer.com. One of our experienced estate planning consultants will be glad to work with you.