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If you die tomorrow, would your business survive?

by Todd Walker
8 replies
Today is the one year anniversary of one of the biggest turning points in my life, which was when a good marketing friend of mine was in a car accident....

He almost died...

In the hospital as I stood next to him, his wife crying in the corner he spoke to me and said, " Todd, can you support my family ", being great friends for 5 years I told him yes....

He said, " I have built this entire business based on me, once I'm gone, there is no business, don't do that Todd, make it automatic ".

Luckily, his surgery was a success... he survived and so did his business.

However, since this happening I have automated most of my business systems, trained employees to take my place in case of the worst, luckily I don't have a family to feed, but many of you do...

Just keep this in mind.
#business #die #survive #tomorrow
  • Profile picture of the author Jelasco
    The sites would stay up until the credit cards for hosting expired.

    People would still be able to buy and download products, but wouldn't get any support.

    I'm not concerned, since I would be dead, which is far more serious than having trouble downloading an ebook.
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    • Profile picture of the author Joseph Then
      I was told by one of my financial planner that there is this "Business Succession Planning" policy offered by some insurance company.

      The policy is for business owners who runs the business on his own and in the event of death or illness, the coverage will pay the family. The coverage will also cover the transition of the business from the original owner to the intended take-over.

      Something like that. You can ask your financial planner for more information.
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      • Profile picture of the author JasonKing
        If your business won't survive you, you don't have a business...

        You have a self-created job.

        Not that that's a bad thing.

        -JasonKing
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      • Profile picture of the author TOPGUN08
        Banned
        [DELETED]
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        • Profile picture of the author Kevin Riley
          Originally Posted by TOPGUN08 View Post

          I think it will be a little tricky running your business when you're dead.
          So no, my business would not survive.

          I will however be starting a new business in hell, but that's another story.
          Oh no you don't. I already have an option on opening a BBQ hut.
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          Kevin Riley, long-time Warrior living in Osaka, Japan

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          • Profile picture of the author pmore
            Originally Posted by Kevin Riley View Post

            Oh no you don't. I already have an option on opening a BBQ hut.
            LOL! I'll be there every lunch break!
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      • Profile picture of the author jensrsa
        In SA called keyperson insurance - good to have on any employee or partner whose death will create financial problems to the business.

        Another is to have a buy-and-sell agreement with insurance cover if you have partners/co-owners.

        Ex- insurance agent coming out

        Jens
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