If we die what happens to our business?

39 replies
Alright guys

Ok I have been working so hard at my online business to try and carve out a better life for me and my family.

BUT...

It suddenly dawned on me what happens if I suddenly drop down dead?

My business is starting to grow slowly but surely, and hopefully we will be able to enjoy a better life in the not so distant future.

But no one knows IM in my family and should I suddenly disappear my family suffers.

SO....

What do I do?

Can I insure my business as it grows, or maybe I should train my children up in IM to walk in my footsteps.

But seriously it does worry me, I hold the key to my families future, if I am not around anymore who can unlock the door.

What would you guys do?

Cheers

Marcus
#business #die
  • Profile picture of the author Mohammad Afaq
    Hmmm, never thought about it
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    • Profile picture of the author marcus passey
      Originally Posted by Mohammad Afaq View Post

      Hmmm, never thought about it
      Yeah man

      Bit of a morbid subject but I was walking around thinking ok I need to back up my business..

      Then started to think how to I back me up if im not around anymore

      laters

      Marcus

      PS Something to think about isnt it
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  • Profile picture of the author the_icon
    If you are that worried about "dropping dead" and want to secure your families future if such an event should happen then I would get someone else invloved that you trust.

    However if you're thinking about bringing in the children it would help if they have an interest in using computers. Obviously I dont know the ages but if they are young perhaps their attention span may not be indicative to a life in front of the PC.
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  • Profile picture of the author dave147
    If nobody knows how to run your business then it too will eventually "fizzle out" and die
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    • Profile picture of the author regska
      I have my brother working for me as my assistant. He knows how to run my business a bit, but not all. he's also the one contacting other people if I want to guest blog, if I want to make some JV offers, and other stuff as well. so if ever that I die, he's the one who will run the business for our family. make sure to have someone who knows your business in your family, i'm sure there is at least one in your family member who knows computers.
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    • Profile picture of the author Winlin
      Sound as if you are the business. If this is correct... you die the business is gone, pretty easy concept.

      The business fairy doesn't send in a team to run the biz for you and care for your family... guessing that's your concern caring for you family if your gone. Otherwise who cares at this point?

      If your the bread winner and you're gone - your gone.... end of that.

      You have three options:

      1) Train your spouse or children to take over and run the biz in the event of your demise. Someone still needs do the work and if your dead it isn't going to be you.

      2) If the business is doing so well that it actually has a life of it's own... you may want to establish an agreement whereby ownership reverts to you spouse or children and they can choose sell it to the highest bidder.

      If your heirs do not know the business, my guess is they will have trouble getting any real dollars for the sites and any publications that may be salable.


      3) Take the profits, or a portion of them and buy a life insurance policy to provide for your family when your gone. Do you think their concern should be continuing your IM business?

      IMO- Option one and two are excuses to no to consider option three.

      If you are sincere .... ]"Buy a big fat life insurance policy and be done with it"and the test for sincerity here is fairly simple. If your willing to show this post to your spouse your sincere, if your'e not willing to - your'e not....
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      • Profile picture of the author Votoshka
        The first thing I thought of was Life Insurance!

        Secondly, perhaps you want to train your wife up a bit so she understands what you're doing. Also put all your passwords and account information in a safe place so that in the event you die someone you trust (perhaps your wife) will be able to access any accounts you may have that are connected with your business.

        At the moment if I died I don't think ANYONE would know a darn thing about what I am doing! So it's a good idea to put some sort of plan in place at least so your family have some idea of your business, what assets you have (ie your websites, hosting, domain names etc. and login details etc. for all of them).
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        • Profile picture of the author marcus passey
          Originally Posted by winebuddy View Post

          I don't mean to be obvious but..... buy life insurance.

          Then your business won't matter that much to your family. They won't have to learn to run it. YOU will be done worrying about it.
          Originally Posted by Votoshka View Post

          The first thing I thought of was Life Insurance!

          Secondly, perhaps you want to train your wife up a bit so she understands what you're doing. Also put all your passwords and account information in a safe place so that in the event you die someone you trust (perhaps your wife) will be able to access any accounts you may have that are connected with your business.

          At the moment if I died I don't think ANYONE would know a darn thing about what I am doing! So it's a good idea to put some sort of plan in place at least so your family have some idea of your business, what assets you have (ie your websites, hosting, domain names etc. and login details etc. for all of them).
          Yeah a good life insurance to make sure they are comfortable then it doesnt even matter if my business dies with me..

          Ha it was so obvious I didnt think of it

          cheers

          marcus
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      • Profile picture of the author marcus passey
        Originally Posted by Winlin View Post

        Sound as if you are the business. If this is correct... you die the business is gone, pretty easy concept.

        The business fairy doesn't send in a team to run the biz for you and care for your family... guessing that's your concern caring for you family if your gone. Otherwise who cares at this point?

        If your the bread winner and you're gone - your gone.... end of that.

        You have three options:

        1) Train your spouse or children to take over and run the biz in the event of your demise. Someone still needs do the work and if your dead it isn't going to be you.

        2) If the business is doing so well that it actually has a life of it's own... you may want to establish an agreement whereby ownership reverts to you spouse or children and they can choose sell it to the highest bidder.

        If your heirs do not know the business, my guess is they will have trouble getting any real dollars for the sites and any publications that may be salable.


        3) Take the profits, or a portion of them and buy a life insurance policy to provide for your family when your gone. Do you think their concern should be continuing your IM business?

        IMO- Option one and two are excuses to no to consider option three.

        If you are sincere .... ]"Buy a big fat life insurance policy and be done with it"and the test for sincerity here is fairly simple. If your willing to show this post to your spouse your sincere, if your'e not willing to - your'e not....


        Some real good advice there

        I think this is a pretty serious subject and one I wanna plan for.

        Yeah life insurance would be good to cover my business, the more I earn I can get some good life insurance.

        Cheers

        Marcus
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      • Profile picture of the author scrofford
        Originally Posted by Winlin View Post

        Sound as if you are the business. If this is correct... you die the business is gone, pretty easy concept.

        The business fairy doesn't send in a team to run the biz for you and care for your family... guessing that's your concern caring for you family if your gone. Otherwise who cares at this point?

        If your the bread winner and you're gone - your gone.... end of that.

        You have three options:

        1) Train your spouse or children to take over and run the biz in the event of your demise. Someone still needs do the work and if your dead it isn't going to be you.

        2) If the business is doing so well that it actually has a life of it's own... you may want to establish an agreement whereby ownership reverts to you spouse or children and they can choose sell it to the highest bidder.

        If your heirs do not know the business, my guess is they will have trouble getting any real dollars for the sites and any publications that may be salable.


        3) Take the profits, or a portion of them and buy a life insurance policy to provide for your family when your gone. Do you think their concern should be continuing your IM business?

        IMO- Option one and two are excuses to no to consider option three.

        If you are sincere .... ]"Buy a big fat life insurance policy and be done with it"and the test for sincerity here is fairly simple. If your willing to show this post to your spouse your sincere, if your'e not willing to - your'e not....
        I disagree. I think that the OP should train someone in their family to continue on with the business. A life insurance policy is good, but it is a one time payout. If the OP could train someone to continue on with the business, the family will continue getting paid.

        Maybe the OP should do both-train someone and get a life insurance policy. I just lost my dad in February and he had life insurance that went to mom. The problem is that there are so many huge expenses after someone is gone and their income gone with it that a one time payout isn't really enough. Now I understand it depends on the amount of life insurance that your family would get, but it does spend fast after a loved one is gone.
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  • Profile picture of the author Louise Green
    Say this to yourself as many times as you need to..

    "I am not my business"

    That's helped me to make sure that if anything should ever happen to me, the business will continue as normal. It will be almost like a change of managment, and nothing more.

    Only work in your business for as long as you need to. Start building and training a good team of staff, promote the best to a director as time goes on, they will be able to train others and keep the wheel spinning as you continue to grow. Really, you need to speak to a business lawyer.
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  • Profile picture of the author winebuddy
    I don't mean to be obvious but..... buy life insurance.

    Then your business won't matter that much to your family. They won't have to learn to run it. YOU will be done worrying about it.
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  • Profile picture of the author duia
    Never regard it as a "problem".
    I guess many of them here have never thought this problem before. However, frankly speaking, it is really a BIG problem because all our business online are our wealth on the Internet.
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  • Profile picture of the author Spencer Jones
    Originally Posted by marcus passey View Post

    Alright guys

    Ok I have been working so hard at my online business to try and carve out a better life for me and my family.

    BUT...

    It suddenly dawned on me what happens if I suddenly drop down dead?

    My business is starting to grow slowly but surely, and hopefully we will be able to enjoy a better life in the not so distant future.

    But no one knows IM in my family and should I suddenly disappear my family suffers.

    SO....

    What do I do?

    Can I insure my business as it grows, or maybe I should train my children up in IM to walk in my footsteps.

    But seriously it does worry me, I hold the key to my families future, if I am not around anymore who can unlock the door.

    What would you guys do?

    Cheers

    Marcus

    Why worry about tomorrow?

    Matthew 6:34 - Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.
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    • Profile picture of the author LadyL08
      #1 Life insurance. Just like if you had a 9 - 5 and died

      #2 My goal is to create a large portion of my business to be residual and hands-free. If that is the case, the money should continue to go into the bank. If another (living) family member is on the account, there should be no problem. With changes in the Internet, I'm sure the income stream may change, but life insurance will run out eventually too if not invested wisely.

      I have told enough family members about my business that I would hope should I die, someone would take enough interest in how that money keeps flowing into the bank that they will pick up and learn IM.
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    • Profile picture of the author marcus passey
      Originally Posted by Spencer Jones View Post

      Why worry about tomorrow?

      Matthew 6:34 - Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.

      Hey man

      I worry tomorrow because I would want my family to be secure..

      I think a really good life insurance is the way to go

      cheers

      marcus
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      • Profile picture of the author theimdude
        Originally Posted by marcus passey View Post

        Hey man

        I worry tomorrow because I would want my family to be secure..

        I think a really good life insurance is the way to go

        cheers

        marcus
        I was actually thinking about the same things earlier today. Mabey I must setup a list of all my domains so that at least my wife will be able to access them and sell them as they will be worth something.

        I also sometimes wonder about all the licensed software I purchased but as a lot of the owners of these are small business if they die all that software will stop to function
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        • Profile picture of the author TheRichLife
          In addition to life insurance, I have my business set up as a LLC with my wife and I as the two principals. She doesn't actually do anything in the business, but it gives her legal ownership.

          I have most of my affiliate payments direct deposited into a joint account. For those that insist on paying via Paypal, she has my log in info, so she can send the money to our bank anytime. My business would start to fade if I dropped dead, but she could count on a stable stream of income for at least 6 months.

          Finally, I have an envelope in our safe deposit box (she has a key, too) that says, "If I'm Dead". I know it's a bit morbid, but that envelope has a list of all my business assets, brokerage accounts, etc. There are account numbers, user names, passwords, etc. There's also a set of instructions on how to dispose of the assets and approximate values.
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    • Profile picture of the author scrofford
      Originally Posted by Spencer Jones View Post

      Why worry about tomorrow?

      Matthew 6:34 - Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.
      True enough, but we are still supposed to be wise and think of others.
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    • Profile picture of the author Raydal
      Originally Posted by Spencer Jones View Post

      Why worry about tomorrow?

      Matthew 6:34 - Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.
      Here's the answer:

      "Suppose one of you wants to build a tower. Will he not first sit down and estimate the cost to see if he has enough money to complete it? For if he lays the foundation and is not able to finish it, everyone who sees it will ridicule him, saying, 'This fellow began to build and was not able to finish.'
      -Luke 14:28-30

      It's not wrong to plan for the future.

      -Ray Edwards
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  • Profile picture of the author Karan Goel
    Hey Marcus.

    First of all, don't be negative. It's good that you think about future, but don't be too extreme. That would just add up to your stress.

    Secondly, don't "push" your children in IM. Introduce them to the computer, let them play with it. Teach them how to use the Internet. This is they will build up interest in it.
    Then you MUST ask them is they would like to learn the core IM stuff. Don't force them into what they don't want to do.

    Now, you must insure everything (that can be). You house, your business, yourself - I mean everything.

    I am not a legal adviser or even a wise old man! But still, being a teen I know what it feels to be in IM. So, basically, don't just think about YOU business. If your children are interested, help them build their own business as well.

    Hope that helps.
    Karan
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  • Profile picture of the author Damz
    Teach your wife/children how to sell a web site through Flippa at least...So they'll be able to sell your virtual real estate in case of your absence.
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  • Profile picture of the author E. Brian Rose
    There are two things that you can do:

    1. Buy life insurance
    2. Incorporate your business and get a "key personel" insurance policy on yourself (I forget the exact term for this, but an agent would know what you are talking about)

    Also, you can buy an extended warranty on yourself. If you should become ill due to the manufacturing of yourself, the manufacturer should replace you with a new one.
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  • Profile picture of the author Spencer Jones
    Originally Posted by marcus passey View Post


    BUT...

    It suddenly dawned on me what happens if I suddenly drop down dead?
    Hello Marcus, In my view it shouldn't be the kind of thoughts you should be thinking about. I know you are concerned about your family but if you start thinking of your future in a bad way, you are going to get tensed for no reason.

    Do what you can today to make your life the best as you can for you and your family and save what ever you can. Give your child good education and expose him to internet marketing to see if he has an interest, if he does, sure you can teach him to manage your business.

    Originally Posted by marcus passey View Post

    Alright guys

    But seriously it does worry me, I hold the key to my families future, if I am not around anymore who can unlock the door.

    What would you guys do?

    Cheers

    Marcus
    Always have a good attitude about your future, which in reality will take you to good. But if you start thinking about what you shouldn't be thinking, it will bring about just what you are thinking about. I have learned not to let myself dwell on such thoughts long enough. I am saying this because for no reason you are starting to worry about this negative thought, which is not a good thing...

    Regards
    Spencer Jones
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  • Profile picture of the author nettech
    This thought goes through my mind everyday. This is why I have one of my siblings working with me as a partner on some of my sites. This way, if anything were to happen to me, she knows how to keep the business alive and at least my family will continue to be supported financially for as long as possible!
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    Thanks
    Zaheer

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  • Profile picture of the author jrussell
    Hi Marcus,

    I also am the breadwinner at home and you made me think about my families future also.

    Hubby might need to be trained up, but kids might grasp concept of business better!

    Do get life insurance and try to enjoy life.

    All the best

    Joanne
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  • Profile picture of the author Jon Tees
    Find and train a successor to take your place. This person may or may not be a family member/child. But look for someone who is knowledgeable and passionate about continuing the business. The last thing you want is to leave it to someone who knows nothing about it or wants nothing to do with it.
    This is a fairly common problem faced by every business owner. “Who will run my business when for whatever reason I am no longer able to?” It’s really a personal decision as to whether or not you want your business to continue on in someone else’s hands without you.

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    • Profile picture of the author Kay King
      I think the most important thing is not who will carry on - but getting the info together so that someone can at least find your business if you aren't there to do it.

      Lists of domains registered and where you register them, sites, products, payment systems, autoresponders, paypal accounts, login details for everything you access, recurring payments you make, etc. There are many details we take for granted that family members would have no knowledge of unless we put that information in one place.

      Whether the business is carried on by someone, is sold off or is allowed to run as long as profits come in - you need all that info in one place to make things easier for your family should you not be around.

      kay
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  • Profile picture of the author sqnwk
    From a legal standpoint it depends on who your business is structured, if its a corporation or not. The majority of small business close down with the passing of the owner.
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    • Profile picture of the author riggtown
      I think there are a couple of things here.
      1. Get a "will" created. This way there will be no questions on what is done with your valuables(which includes your business).

      2. Like others have said, Get some life insurance.

      3. Create a business plan detailing your business. One thing you should be able to spell out is how your business is run and what it is worth. This way if no one in your family can run your business at least it can be sold.
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      • Profile picture of the author Stephanie Dow
        As a single mom with a 5 year old daughter , I wonder about this too. Sometimes things just happen.

        I do really well with affiliate marketing these days. My hope is that if something happened to me my affiliate earnings will continue to earn after I'm gone so that in addition to life insurance, my sister would still receive my affiliate earnings to use in the care of my daughter.

        Does anyone know if there are any rules about changing the name on the affiliate account to the next of kin or the person who has custody of next of kin in the event of a death? Such as for Amazon, Ebay, etc.?

        I plan to create, and would suggest to others, a list be created that contains the websites, usernames, and passwords of all important online accounts. This way if it is possible for earnings to be transferred to another name, someone is able to access this info.

        I read awhile back that someone tried to get into the e-mail of a deceased family member and because of privacy rules, the e-mail host said they could not give that info. I don't share my passwords for certain things even with family, but a list that family know about kept in a safety deposit box would seem to be a good idea.
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        • Profile picture of the author Paxton
          It will probably end up in good hands - the Tax Man.
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          • Profile picture of the author riggtown
            @Stephanie
            If you do not have a Will? I would recommend that you look into one. Inside your Will you can point to your business document(s) that gives someone the access they need to run your business.

            I have not looked into this, but maybe in the Will you can list the accounts that a person gets legal rights too. Can not see an ISP/Online provided balking at that!
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  • Profile picture of the author michaelbnielsen
    Depends on how your business is setup.

    If your business is setup as a private limited or a limited, then it will keep existing as they are seen as entities by themselves as if they were a living person.

    If you choose other structures then you family might inherit you, but the business will stop existing as it is linked to you as a person.

    Now that was only part of the challenge. Because is anyone but you able to run the business? If not then none of the above matters as it will die with you.

    Michael
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  • Profile picture of the author marcus passey
    Hey guys

    Some good advice here

    See I think this is a very important subject, I dont want my family to struggle should I not be around anymore.

    I need to know they are provided for, so I like to plan and this is something I intend to now plan for.

    I will be reading through the thread over and over.

    Thanks for the great comments, hope it gives some of you something to think about to.

    Cheers

    Marcus
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  • Profile picture of the author Dalton Dewar
    I didn't think about the death part; hopefully the good Lord keep around for a while yet )...the kids are not old enough to understand all of this IM business. One of the things that excites me about IM is passing on to my children a marketable skills. Formal education is important but we have seen over the past many years with the volatile economy, it the only thing that you do for your children is send them to school to learn how to work for someone else them you are doing your children a great injustice. Technology has created the kind of playing field where can truly past on skills to your children that will benefit them for their entire lives.

    Dalton
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  • Profile picture of the author Kelly Verge
    1. Term Life - 10x your annual income at a minimum. Invested in a good growth mutual fund, this should replace your income.

    2. Make sure you have your entire business well-documented.
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  • Profile picture of the author JasonB
    Death is something I chose not to think about, atleast, not right now.

    As far as what's going to happen to my business after death, well, I'm teaching my daughter all about internet marketing now.

    She is only 7 years old, but loves the internet and the computer.. She may not know much about the "IM" niche now, but she will. I'm teaching her that the internet is a cash money making goldmine, if put to use "CORRECTLY"...

    So, after I die, she will run my business. Essentially, it will be hers.
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