Common information you will need to gather

1) Business Planning

If you already own a business, you will need:

  • historical financial statements for at least the previous three years (including balance sheet information on accounts payable and accounts receivable, if available)
  • production data (# of units sold) for the same three years
  • details of current operations -- business structure, human resources, marketing, production
  • list of assets owned by the business and fair market value of each
  • list of all debts, including accounts payable (over 30 days) with details on interest rates, principal owing, payment structure, security held and arrears (if any)
  • identified goals -- personal, business and family
  • specifics on future plans -- marketing, financial, production, human resources
  • if future plans include capital investment or projects -- cost estimates from reliable sources
  • annual income needed for family living and sources of funds

If you are interested in starting a business:

Decide what type of business operation you want to establish and collect as much of the following information as possible:

  • list of capital costs required to establish business
  • operating costs
  • production information
  • target market, demand
  • human resources skills required
  • list of current assets
  • list of current debts
  • goals (business, personal and family)
  • family living needs
  • time frame for establishing business
  • preferred business location

2) Succession Planning

What you need to get started:

  • three years of historical financial data (balance sheets
    and income statements)
  • list of current assets of the business, and
    current market value
  • list of current debts of the business
  • production data (# of units sold annually) for
    the same three years
  • how much money the current operators need from
    the business for retirement
  • list of personal investments/assets outside
    the business
  • other sources of future income
  • timeline for business transfer of:
    • labour
    • management
    • ownership
  • immediate money needs upon retirement for:
    • a house
    • a vehicle
  • decisions on how to treat all children (successors
    and non-successors)

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