If you died today... what provisions have you made for your online business?

19 replies
The subject pretty much says it all...

I've been wondering if others have thought about this and what they have decided or done to plan?

Have you planned to hand it off to someone else? Have you taught them the ropes to continue on? Do you have a special file, cd, dvd, something to give them? Or do you plan on letting your business die with you?

Interested to hear some ideas from others.

Warmly,

Brandi

P.S. Happy New Year!
#business #died #made #online #provisions #today
  • Profile picture of the author rickybuitrago
    I always think about this. I remember once I read at Shoemoney blog, that days before he had his gastric surgery he created a file with all his usernames and passwords which I think included Ad Networks, affilaite networks, domain ownership, hosting, banks ect. So this way his family would be able to control all his accounts.

    But yeah good question, in case of unfortunate accidents you want someone to stop your Adwords campaigns if they are losing money! lol Keep that file safe p.s (I would keep it out of my hard drive)
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  • Profile picture of the author johnben1444
    This is very important considering all the effort one puts into building an online business. Am planning on initiating my galfriend and let her have all the necessary infos. Thou i want her to get started on building hers differently and she takes over mine if i pass away(God forbid).
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  • I think it's really difficult. Even supplying all the information, very few of us have relatives who would have the know how to continue to run with it (or, in many cases, the interest).

    That's where I can see a huge advantage for those who operate within a partnership. In the unfortunate event of one partner being unable to continue with the business, there is always a suitable person in place.
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  • Profile picture of the author Sarge
    I've thought about this on occasion and I plan on teaching one or all of my children how to keep it going. My oldest daughter who is 12 has showed some interest and I may just get her started in the basics. I don't know if she'll still like it later though

    It is an important topic though and I'm glad you brought it up.

    Sarge
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  • Profile picture of the author Brian Tayler
    Very good subject.

    I actually broke a bone in my knee and tore a ligament when I slipped on ice at 12:05am New Years as I stepped out to see the fireworks I heard.

    Had I been hospitalized longer (we'll see what the orthopedic surgeon says on Monday) or had a more physically demanding business, I'd be put in a situation where I wouldn't be much use to my clients or family financially speaking.

    Although its important to build a relationship with clients and have a specialized set of unique skills, you don't want your complete business riding on your ability to work. This is just fundamental bad business sense. Because of this I've always involved family members and business partners in what I do. I also help teach and work as a team with my partners. Having people rely soley on you isn't as flattering as you might think. True success is building a business not dependent on any one individual.
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  • Profile picture of the author TheRichJerksNet
    Hey he don't know it yet but I gave everything to Steve Fullman to handle for me because I know he would run it just like it should be run ....

    James

    p.s. the bills are also automatically put in his name ...
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    • Profile picture of the author DonnaLeona
      Lots of families will be better off without the "business" since the amount spent on WSO's is more than any profit.
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      • Profile picture of the author terryrayburn
        Since I "totaled" my car the night before Christmas Eve, this is a subject dear to my heart.

        It was on one of the top-rated roads in the nation for "dangerous", and I'm on it virtually every day.

        I got bruised ribs and a painful knee, but many have died on this road, even careful drivers like me

        Anyway, here's my plan:

        1. I'm going to turn on my Olympus voice recorder, and piece by piece, account by account, domain by domain, website by website, I'm going to NARRATE details such as a) usernames & passwords; b) programs and sources which "run" whatever; c) how it's monetized; d) etc.

        2. Then I'm going to explain how to tap into the Warrior Forum to partner with someone who can get things rolling for a "split", if my 15-year-old son is not old enough and inclined to "take over" (my wife is great as an encourager and idea person, but not into the details of IM at all).

        3. My deadline for this is the end of January.

        4. Then I intend to transcribe it in a simple-to-understand way by the end of February. If another car crash (or whatever) should not be so good to me, at least the recording will be adequate for emergency use.

        The transcription will be done on 3-ring paper as well as on computer, so that updates can be made in the future.

        Any other suggestions?
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  • Profile picture of the author Jag82
    A good but rarely discussed topic.

    So let me chime in here.
    This is what I do.


    1. I created a Google Doc for my business and I let
    my family and close ones have access to it.

    2. In it, contains the workflow of how my business runs,
    details of all my projects as well as links to other
    important documentations (e.g. services I'm on,
    Paypal account, passwords etc).

    It's important to have them down in writing and clearly
    defined. In that way, should anything happen to you,
    the rest will know how to take over from you.

    At the very least, it will help minimize disruptions during
    the transition period.

    So having good documentations that you trusted members
    can access is crucial.

    Jag
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  • Profile picture of the author Zach Booker
    Really good subject and something everyone, no matter what stage you're at, should think about.

    As I've learned, and am still learning, how you structure your business is crucial (legally speaking).

    All money I make is not paid to Zach Booker, if that's my real name dun-dun-dun-duh, but to my LLC where I'm, of course, the head with my mother as the second person that can legally do anything with it. (Sorry I don't know all the legal jargon :-)

    I've made a simple video, with Camtasia, that's on a separate hard drive that explains what I do my passwords, logins, etc. I login to every major account in which i'm paid through, explain what the company does, the contact information of the owner, etc. I also recorded a call with somebody who sells sites for 5-6 figures covering exactly how to sell sites, where to sell them, and who to sell them to.

    I did this so, if anything ever happened, my Mother would be able to easily find out who to contact about selling the sites, how much she needs to get for them, and how she gets the physical money.

    Of course having a will allows for private things to easily be passed on. But I would strongly recommend having business things go through a corporation of some kind or another, not through yourself. It makes it much easier because then the next in line can simply take your spot and manage what you've left behind. (These "recession" tax breaks aren't bad either.)

    Of course always talk to your lawyer because laws in your area will be differnt net blah blah blah,

    Zach

    P.S - Of course all of this really doesn't matter considering I know exactly when I will die: http://www.quibblo.com/quiz/1ME-0Pf/...-Will-You-Live
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    • Profile picture of the author Preneuraholic
      AAAHHHRRGGG
      One more thing on my to-do list!
      I have thought about this occassionally but never actually did anything about it. I do have pw's where my family can access whatever they may need to access. But of course that's not enough of a plan.
      Hopefully my new Internet biz will eventually be a success and somebody in my family will want to carry on, but I imagine the legal mumbo jumbo and red tape will be a nightmare.
      Work, work, work...
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      • Profile picture of the author craigc1980
        I was waiting for a thread like this to pop up.

        As of right now if something ever happens to me my son Jordan will be taking over.

        I have been showing my son and teaching everything i know and everything i dont know.

        I still cant believe how dedicated my son is with internet marketing.

        I believe in a few years down the road he will be a force to be reckoned with.

        The funny thing is, Jordan knows things that i didnt even know.

        Just goes to show you that every generation just gets more intelligent.

        I guess evolution has a part in this.

        Who else better to give your business to than your own family.

        Dont have to worry about trust issues, thats for sure.

        Heres something else thats cool.

        I helped my son set up a website and he did everything else that i taught him such as pulling in traffic.

        He was so happy when he had everything ready to go.

        In his first week he made $100

        Pretty good for a 6th grader huh.

        Talk Soon
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        • Profile picture of the author CHEETAA
          Banned
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          • Profile picture of the author cathyanderson
            Wow, this is a very good thread. Something to seriously think about. I believe my family would be in shock at all the domains, etc. I have. That alone would probably put everything into a spin! lol.

            But all this talk about the subject, I have put this on my never-ending "to do" list.

            Well, I better get started.....

            Have a Happy New Year To All!

            Cathy
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