Prioritizing Business Needs
Business owners often have numerous planning needs—some known and others unknown. So, how do you determine which solutions they need and are most important to them? Using a couple of basic fact finders, you can walk them through it.
Use a short priorities checklist (PDF) (BB9557) to ask some basic questions that will help your clients prioritize their top planning needs. If you prefer something more in-depth, a comprehensive fact finder (DOC) (BB8718C) can also be used to identify areas of need.
For a more comprehensive and interactive approach, use the digital Business Needs Assessment.
These and other tools and resources will help you identify solutions to potentially address the financial needs of:
- The business
- Its employees
- The personal lifestyle of the owner(s)
And, it doesn’t matter whether it’s a nonprofit organization, a sole proprietorship, or a farm. These tools and resources can be used with any business.
The Process section below provides step-by-step guidance on how our tools and resources can help you gather pertinent information to suggest potential solutions.
For financial professional information only.
Our approach tools and resources can be used with owners of any business entity type. They're also an alternative when a business falls into an industry where our Informal Business Valuation/Buy-Sell Review approach is not a good fit, such as:
- Farms
- Nonprofit organizations
- Publicly traded companies
- Real estate holding companies
- Financial services firms
- Sole proprietorships
- Non-profitable businesses
- New companies
Business Market Customer Profiles Flyer (BB11233)
Learn who the best prospects are based on the top five industries, employer size, years in business, annual sales volume, and entity type.
View • Order
This approach is simple to use and gives you the basic tools and resources you need to uncover sales opportunities.
Step 1: Setting the appointment
- Send the Approach Letter (PDF) (BB10882) or Approach Email (OFT) (LF519) to business owners that you’d like to meet with to get them thinking about financial planning needs they may have.
Step 2: Initial consultation
- Sit down with owners and use the Business Owner Priority Checklist (PDF) (BB9557) to start conversations by exploring their financial priorities with thought-provoking questions. If you want to gather additional information, use the more comprehensive Prioritizing Business Needs Fact Finder (DOC) (BB8718C).
- Another option available is the Business Planning Review Checklist (BB12457). These questions serve as a conversation guide with business owners as you review their needs.
- The Business Life Cycle & Planning Brochure (PDF) (BB11226) can be used in tandem with the checklist and fact finder to point out planning considerations based on where the business is in its life cycle.
Step 3: Offering potential solutions
- Show business owners we have a broad range of solutions to fit their needs using the Business Solutions Chart (PDF) (BB10565).
Not sure which solutions best fit the situation? These tools and resources can help determine possible solutions:
- For the business:
-
- Business Protection Decision Grid (PDF) (BB11280)
- Business Succession Decision Grid (PDF) (BB10262)
- Key Employee Retention and Retirement Decision Grids:
For C corps (PDF) (BB11384) | For S Corps /LLCs (PDF) (BB11383) | For Tax-Exempt Entities (PDF) (BB11385) - Key person calculator
- For the employees:
- Key Employee Retention and Retirement Decision Grids:
For C corps (PDF) (BB11384) | For S Corps /LLCs (PDF) (BB11383) | For Tax-Exempt Entities (PDF) (BB11385)
- Key Employee Retention and Retirement Decision Grids:
- For the business owner's lifestyle:
- Business Owner Retirement Analysis Sample (PDF) (BB11876) | Request for Proposal (DOC) (BB11879)
- Estate Tax Calculator Sample Output - Single Individuals (PDF) (BB10045A) | Estate Tax Calculator Sample Output - Married Couples (PDF) (BB10045B) | Request for Proposal (DOC) (DD9031C)
- Disability insurance calculator
Step 4: Requesting proposals
- After narrowing down the options, request a proposal for the specific solution that meets the needs of your client.
Key emails listed below.
Gen Z Market Sales Opportunities Email (LF1630)
Highlights for financial professionals why the Gen Z business owner market is one to tap into and grow with.
View (OFT)
Business Needs Analysis Approach email (LF519)
Get business owners thinking about protecting their business and how you can help.
View (OFT)
Key materials listed below.
Business Stages for Gen Z Owners Flyer (BB12650)
This flyer highlights for Gen Z business owners how we can help protect their business, employees, and themselves.
View (DOC)
Prioritizing Business Needs Approach Letter (BB10882)
Contact business owners that you’d like to meet with to get them thinking about financial planning needs they may have. An email template is available for use. Search for LF519.
View (DOC)
Business Planning Review Checklist (BB12457)
Use these questions as a conversation guide with business owners. Then offer solutions to help them protect their business, employees, and lifestyle.
Business Owner Priority Checklist (BB9557)
Start conversations with owners of closely held businesses by exploring their financial priorities with thought-provoking questions.
Prioritizing Business Needs Fact Finder (BB8718C)
Gather details from any business about its needs and priorities. Then use that info to begin offering solutions.
View (DOC)
Business Life Cycle & Planning Flyer (BB11226)
Use this in tandem with either the checklist or fact finder to point out planning considerations based on where the business is in its life cycle.
- Contact Us: Business and Advanced Solutions, BMA, Life Sales Support
3444413-032024