Business Owner Financial Assessment | Incline Wealth Advisors

Part 1 of 6

Cash Flow & Business Income

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Question 1

How clearly do you understand what you take out of the business each year — and whether that number is actually right for your situation?

Very clear — I've reviewed it with an advisor recently

I have a sense, but I haven't formally analyzed it

Not clear — I take what's left after expenses

I've never really analyzed this

Question 2

How would you describe your personal monthly cash flow picture?

Clear — I know exactly what comes in, goes out, and stays

Roughly — I have a general sense but don't track it closely

Unclear — money comes and goes and I manage it

I haven't looked at this closely

Question 3

Do you have a business emergency fund — separate from personal savings — to cover operating expenses if things slow down?

Yes — 3–6 months of operating expenses set aside

Some — less than 3 months, or it's mixed with personal funds

No — I use the same pool for both

I haven't thought about this

Question 4

When did you last review your compensation structure — salary versus distributions — with a tax or financial advisor?

Within the last 12 months

1–3 years ago

More than 3 years ago

Never — it's whatever we set it up as originally

Question 5

How much high-interest personal or business debt are you carrying right now?

None — I've eliminated it or it's not an issue

Some, but manageable and being paid down

More than I'd like — it's eating into what I should be building

I haven't analyzed the total picture

Question 6

If the business had a difficult year, how would your personal lifestyle hold up?

Fine — I have savings and income outside the business

Okay for a while — I'd have to make adjustments

Difficult — the business is my primary income source

I've never thought about a scenario like that

Part 2 of 6

Investments & Wealth Building

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Question 1

How much of your total wealth is held outside of the business itself?

Significant — I've built meaningful personal investments

Some — the business is my primary asset but not my only one

Very little — the business is essentially my entire plan

I'm not sure — I've never mapped it out

Question 2

How well do you understand the returns you're getting on your investments?

Very well — I review them with an advisor regularly

Somewhat — I see statements but don't analyze them deeply

Not well — I haven't really tracked performance

I don't know what I'm getting

Question 3

When did you last update your investment allocation to match your current goals and timeline?

Within the last 12 months

1–3 years ago

More than 3 years ago / It's set to whatever it started as

I'm not sure it's ever been updated

Question 4

Are you maximizing a tax-advantaged retirement account each year?

Yes — SEP-IRA, Solo 401(k), or company plan, fully funded

Partially — I contribute but not the maximum

No — I don't have one set up or don't contribute regularly

I'm not sure what I'm eligible for

Question 5

Who last reviewed your investment accounts — and when?

A fee-only fiduciary, within the last 12 months

A broker or advisor, but more than a year ago

I manage them myself

They've never been formally reviewed

Question 6

How well are your investments coordinated with your overall tax situation?

Very well — my advisor and CPA work together around my plan

Somewhat — I try to connect the dots but it's not formal

Not at all — they're handled separately by different people

I don't have both — I'm missing one side of this

Part 3 of 6

Tax Strategy

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Question 1

How would you describe your current tax approach?

Proactive — someone plans ahead and brings me strategies

Reactive — my CPA files accurately but we don't plan ahead

Minimal — I file myself or use a basic service

I'm not sure how proactive my current advisor actually is

Question 2

When did you last review your business entity structure for tax efficiency?

Within the last 2 years — we confirmed it's still right

2–4 years ago

Never — I've kept the structure I started with

I don't know if my structure is tax-optimal

Question 3

Have you explored whether a qualified retirement plan or other structure could reduce your taxable income?

Yes — we've modeled it and made a deliberate decision

We've discussed it but haven't acted on it

No — I haven't explored this

I'm not aware of what options are available to me

Question 4

Do you have a strategy for minimizing taxes when you eventually sell or exit the business?

Yes — it's part of our current plan

I know it's important but haven't formally addressed it

No — I haven't thought that far ahead

I don't know where to start with this

Question 5

Are you using proactive strategies in your personal accounts — Roth conversions, tax-loss harvesting, or similar?

Yes — we do this regularly as part of our plan

Occasionally — when we think of it or it comes up

No — I'm not doing any of this

I'm not sure if these apply to my situation

Question 6

How well does your CPA and your financial advisor coordinate with each other?

They communicate regularly and work around my plan together

Rarely — they're mostly in silos

They've never spoken to each other

I don't have both — I'm missing one of them

Part 4 of 6

Business Exit & Succession

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Question 1

Do you know what your business is worth today?

Yes — based on a formal valuation in the last 24 months

I have a rough estimate but no formal valuation

No — I've never had it formally valued

I'm not sure how to think about what it's worth

Question 2

Do you have a written plan for what happens to the business if you can't work?

Yes — sale, transfer, or shutdown is documented

Informally — I have an idea but nothing written

No — I haven't addressed this

I've avoided thinking about this scenario

Question 3

If you wanted to exit the business in the next 5 years, how clear is your path?

Very clear — I know the process and what I'd net after taxes

Somewhat — I have a general sense but haven't mapped it out

Not clear — I haven't thought through the mechanics

Exit feels a long way off — I haven't gone there yet

Question 4

How long could your business run without you before things would start to break down?

90+ days — it has processes and people in place

30–60 days before things would start to struggle

A couple of weeks at most

I'm not sure — I've never had to find out

Question 5

Have you addressed buy-sell agreements with any business partners?

Yes — funded, current, and reviewed recently

In place but not reviewed in several years

No — we've talked about it but never done it

N/A — I don't have business partners

Question 6

How intentionally are you building the transferable value of your business — separate from your personal involvement?

Very — we track it and make decisions with this in mind

Somewhat — growth is happening but not by a specific plan

Not intentionally — value is whatever results from showing up

I haven't thought about it this way before

Part 5 of 6

Protection

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Question 1

How does your life insurance coverage compare to what your family would actually need if you died tomorrow?

I'm confident it's sufficient — reviewed in the last 2 years

I have coverage but haven't confirmed if it's enough

I know I'm probably underinsured

I'm not sure what I have or if it's adequate

Question 2

Do you have disability insurance that protects your personal income if you can't work?

Yes — a real individual policy, not just workers' comp

Some coverage, but I'm not sure it's adequate

No — I don't have personal disability coverage

I'm not sure what I have

Question 3

Does your business have key-person insurance on you or anyone whose loss would financially damage the firm?

Yes — on me and any other key people

On me only

No — we don't have this in place

I'm not familiar with what this is

Question 4

How well is your personal liability exposure structured and protected?

Well — assets are protected through proper entity and titling

Somewhat — I have some protection but it's never been formally reviewed

Not well — I'm not sure what's exposed

I haven't thought about this

Question 5

When did you last have your insurance policies reviewed by someone who isn't selling you something?

Within the last 2 years, by a fee-only advisor

More than 2 years ago

Only reviewed by the person who sold them to me

Never independently reviewed

Question 6

Does your family know where everything is and what to do if something happens to you?

Yes — fully documented and communicated

Partially — they know some things but not everything

No — I haven't organized or communicated this

I've been meaning to get to this

Part 6 of 6

Legacy & Estate Planning

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Question 1

How current is your will?

Signed within the last 5 years or updated after a major life change

Exists but hasn't been reviewed in more than 5 years

I have one but I'm not sure it's still valid or current

I don't have one

Question 2

Do you have durable powers of attorney in place — both financial and healthcare?

Yes — both, current and accessible

One but not both

No — I haven't done this

I'm not sure what I have

Question 3

Do you know how your assets are titled and how they'll transfer at your death?

Yes — reviewed with an attorney and it matches what I want

I think it's fine but haven't formally confirmed

I'm not sure how things are titled

I've never thought about this

Question 4

If you have children, how have you thought about how wealth transfers to them?

Thoughtfully — with a structure designed to help, not harm them

I have intentions but nothing formally structured

Not yet — it's on my list but I haven't gotten there

N/A — I don't have children

Question 5

How clear is your picture of what the next chapter of your life looks like — and does your financial plan actually support it?

Very clear — and the plan is built around that vision

I have a vision but the financial plan doesn't fully reflect it

Unclear — I haven't thought much past the business

I'm focused on today — I haven't gone there yet

Question 6

Do the people you trust most know your wishes and have what they need to act on them?

Yes — fully communicated and documented

They know some things but not the full picture

No — I haven't communicated or organized this

I've been meaning to but haven't gotten there

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