Family Business Assessment Checklist
Business issues
| Yes | No | |
| Have written goals for sales and profits been set? | ||
| Do we have a business plan? | ||
| Do we have a strategic plan? | ||
| Do we have formal (in writing) policies and procedures? | ||
| Is the business in good financial standing? | ||
| Do we have an operating budget? | ||
| Do we have a compensation and incentive program? | ||
| Do we have a performance appraisal system? | ||
| Do we have a board of directors? | ||
| Can we attract and retain non-family managers? | ||
| Is the business in a highly competitive industry? | ||
| Are we experiencing an increase in sales? |
Family business issues
| Do family members know they are welcome to join the firm? | ||
| Do we have policies for entry into and exit from the firm? | ||
| Is a system in place to train and develop the successor? | ||
| Do we have a succession plan? | ||
| Can family members in the firm effectively communicate? | ||
| Do we have a system to resolve conflicts? | ||
| Are women welcomed in the business? | ||
| Is there a minimum amount of sibling rivalry in the firm? | ||
| Is there a system in place for choosing a successor? | ||
| Does the family agree on goals for the business? |
If you answered no to any item action should be outlined and implemented to address and set policies for that item.