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Take Our Quiz

We understand that every family business is unique, both in the structure of the company and in the personalities and talents of family members themselves. However, there are certain general characteristics that mark a highly successful and forward thinking family in business. Take our quiz to find out how you rank!

Mark each question “yes” or “no”; if you are undecided or the question does not apply, omit it.

Name :
Company :
Title :
Email :
We have a strong, cohesive family :
Yes
No
We have a thriving business :
Yes
No
On most issues affecting the business our family is in agreement :
Yes
No
On most family issues our family is in agreement :
Yes
No
We have a completed succession plan :
Yes
No
Our senior person has publicly announced his/her exit plan :
Yes
No
We have a formal, and publicly understood process for selecting a successor :
Yes
No
We have developed criteria for a successor, as well as objectives for his/her guidance and performance :
Yes
No
We’ve just started thinking about succession planning but haven’t done anything yet :
Yes
No
We have an outside board of directors or advisors :
Yes
No
Our family members who work in the business resolve conflict fairly quickly without negatively impacting the business. :
Yes
No
In the last two years, we have sought an outside expert to give us an objective outside review of business or family situation :
Yes
No
We have planned activities to help educate the next generation about the business and our culture :
Yes
No
Our family meets regularly to discuss business issues :
Yes
No
We have resolved all our ownership issues :
Yes
No
We have proper buy-sell agreements in place :
Yes
No
We have a mission statement that all employees and family members can recite :
Yes
No
We have a vision statement for the family, and another for the compan :
Yes
No
We have a strategic plan which includes financial objectives for earnings, return on investment, capital growth, market share and sales/earning rations (and we use it) :
Yes
No
The Succession Plan supports the Strategic Plan :
Yes
No
We have job descriptions and accountability measurements for all family members in the business :
Yes
No
We have mechanisms in place to reward key non-family managers and incentivize their contributions :
Yes
No
Our business has been valued :
Yes
No
We have on-going leadership training for the upcoming generation :
Yes
No
We have a Fire Drill plan that would guide us in case something unexpected should happen to our current founder/owner :
Yes
No
Estate Planning is reviewed each year :
Yes
No