The following are some excerpts from a Fortune magazine article by Ram Charan and Julie Schlosser regarding some questions that might be asked the owner.

What could really hurt your publishing company in the next few years?

By posing a series of "what ifs?" the company can take steps to insulate itself from the potential impact of losing major advertisers or key employees.

How are we doing relative to our competitors? A straightforward analysis of the competition is important in knowing how to deploy the company’s assets and energy.

If the owner/publisher were hit by a bus tomorrow, who would run the company? Succession planning goes beyond preparing for emergencies. It is important to plan for the future.

How are we going to grow? Since there are really only two ways to grow, either organically or through acquisitions, how is the growth going to be achieved?

Are we living within our means? Do we have money set aside for the unexpected? Are we spending money today that we’ll need for bills that come due tomorrow?

How does bad news get to the top? In many publishing firms bad news travels down but not up. That can leave publishers dangerously unaware of problems that may be brewing deep inside the company.

Are advertisers paying their bills? Advertising sales may be in good shape, but are the receivables dragging? Accounts receivable should monitored as often as ad sales.