Business owners are some of the hardest-working people I know. They plan for growth, hiring, taxes and cash flow. But one question often gets skipped: what happens to the business if you're not there?

Not forever, necessarily. Maybe a serious illness keeps you away for six months. Maybe a partner is no longer around. Either way, the business, and the people who rely on it, need a plan.

I like to think about it as four groups of people your business depends on. Here are the questions I ask owners for each one. See how many you can answer today.

1. Your team

  • What would happen if you lost your most important person?
  • What's in place to protect the business if you did?
  • How do you reward your best people for staying?

Many small businesses depend on one or two key people, often the owner. If that person is out, sales slow, clients worry and lenders notice. Planning for that is called key person protection.

2. Your partners

  • Do you have a buy-sell agreement?
  • Is there money set aside to carry it out?
  • When did you last review it?

A buy-sell agreement says what happens to an owner's share if they leave, become ill or are no longer around. Without one, and without money behind it, a partner's family could end up as your new business partner, or need to sell at the worst time.

3. Your family

  • Would your family be okay without your income from the business?
  • What's your plan if you or your spouse needed long-term care?
  • Apart from the business, what do you have for retirement?

Owners often put everything back into the business. That's great for growth, but it can leave the family's security tied to one asset that's hard to turn into cash quickly.

4. Your heirs

  • How is the business included in your estate plan?
  • If one child runs the business, how will the others be treated fairly?
  • Would you like your giving to go further?

Passing on a business is one of the most generous things you can do, and one of the easiest to get wrong without a plan.

Can't answer all twelve? That's normal. It's exactly what we work through together, alongside your attorney and CPA.

Where to start

If you own a business, the Financial Fitness Scorecard includes a Business Continuity section that looks at these areas, along with your personal plan. It's a quick, private way to see which of the four groups needs attention first.

This post is general education, not financial, tax, legal or investment advice, and not a recommendation of any product. Insurance products are offered only in states where the agent is licensed and are subject to underwriting. Talk to your own tax adviser about your situation. Related: Business owners