Things are getting busier around Ye Olde Accountacy Shoppe (i.e. Roberts CPA Group) as more and more Louisville business owners are touching base to get on our calendar for the next few weeks.

Will you join them?

If so, great. You know how to find us. Let us know if we can help in any way.

If not, why not?

Shoot me a note … would still love to hear from you.

Regardless, I thought I’d give you some meat to chew on today about the underlying foundations of your business moving forward. Many of our clients have already addressed (at least some of) these issues.

These might be great topics of conversation when we meet, though.

My Louisville Small Business Health Quiz (Part 1)

“You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.” – Dr. Seuss

These are questions that might raise a few concerns, and that’s fine — it’s what we’re here for. Alongside establishing clear measurables for success (KPI’s), these are the sort of things that effectively-growing Louisville small businesses really need to get a handle on, regardless of their tax situation.

I like to share these questions every so often with my people, simply because it’s good practice to continuously revisit these things and ensure we’re headed in the right direction.

And further, as a business owner, it’s important that you take a REGULAR, clear-eyed look at the underlying legal and financial foundations for your business.

As we all pull our tax documentation together, I can’t think of a better time.

Which is why I’m about to raise some issues to you, and ask you some questions. It’s a bit of a different approach than I normally take in my Strategy Note, but if you take it seriously … it can be a transformative process.

Take a look at each of these questions, and if you are troubled by any of your answers — send me back an email through the email button at the top of the page. If it’s not something we’re equipped to handle, we can equip you with a good advisor.

Regardless, we can talk about them when we do meet for your taxes.

Roberts’ Small Business Health Quiz

#1: Is the value of your business firmly established?

Questions to consider:

  • Have I ever had my business value appraised by an outside party?
  • Do I have a formal buy/sell agreement in place?
  • Is my buy/sell agreement funded?
  • Does my buy/sell agreement adequately protect my heirs, my business, and my partners?
  • Has this agreement been reviewed in the last 3 years?

If you have any plans to someday extricate yourself from your business (and you should ALWAYS consider your exit strategy), these are critical questions.

#2: Is there an emergency plan?

Questions to consider:

  • Do I have a will, and is it up to date with my business wishes?
  • Do I have a plan to retain key employees if something were to happen to me?
  • Are my assets protected from potential litigation?
  • Have I identified and written down my trusted advisors?

Unless you plan to forever cheat death, a business owner would be foolish to not prepare for that event.

#3: What happens next?

Questions to consider:

  • Do I have a formal succession plan prepared and on file?
  • Does my succession plan have a provision for disability?
  • Have I involved both family members AND key employees in my succession planning?
  • Do I have a disability buy-sell, or overhead expense coverage?
  • Do I have contribution protection for my retirement if I were to become disabled?

Again, these eventualities always seem remote on the front end … but if your answer is “no” to more than a couple of the above questions, it would be a good idea to get in contact with someone competent to help you fix it.

I’ll be back next week with a few more questions for you…

I’m grateful for our partnership, and for your referrals.

I’m grateful for our chance to serve you and your business — and we are dedicated to its success, in every measure.

Feel free to forward this article to a business associate or client you know who could benefit from our assistance. While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.



Kevin Roberts

(502) 426-0000

Roberts CPA Group