What happens to your IM business if you die?

by theory expert Banned
47 replies
Today I felt like I needed to leave a family member my gift of knowledge in case I suddenly dropped dead.

The reason for doing it was because nobody listens while you're living, so, I figured my voice is loudest dead.

I took most of the day to finish writing out a summary because I didn't want to information overload them with everything I know...so I condensed a 3 page summary of my most important information, and, trade secrets to make them wealthy in the shortest possible time. There after, they can expand their knowledge, and, hopefully learn the details.

My question to you is do you have a contingency plan for your family members(or do you just have a trust fund set up), what happens to your IM business?

Mods may need to move this to OFFTOPIC SECTION though this is a Quasi IM question
#business #die
  • Profile picture of the author Rich Struck
    A few years ago a good friend of mine suddenly dropped dead and his nice mid 5 figure empire quickly dwindled away into nothing. His wife didn't know his passwords or anything and it just all fell apart. She finally had to sell the house and get a job, not fun if you are in your sixties.
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    • Profile picture of the author hashif16
      Originally Posted by Rich Struck View Post

      A few years ago a good friend of mine suddenly dropped dead and his nice mid 5 figure empire quickly dwindled away into nothing. His wife didn't know his passwords or anything and it just all fell apart. She finally had to sell the house and get a job, not fun if you are in your sixties.
      OMG! That' s a sad story..it is always better to think about family life after death..
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    • Profile picture of the author Steve Lim
      Originally Posted by Rich Struck View Post

      A few years ago a good friend of mine suddenly dropped dead and his nice mid 5 figure empire quickly dwindled away into nothing. His wife didn't know his passwords or anything and it just all fell apart. She finally had to sell the house and get a job, not fun if you are in your sixties.

      That sound sad.. We need to make a backup plan before too late, like tell your spouse in advance, sometime we only focus on building up the business, but never forgot about this.
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    • Profile picture of the author SuperToad
      Originally Posted by Rich Struck View Post

      A few years ago a good friend of mine suddenly dropped dead and his nice mid 5 figure empire quickly dwindled away into nothing. His wife didn't know his passwords or anything and it just all fell apart. She finally had to sell the house and get a job, not fun if you are in your sixties.
      wow... bummer!
      As to the original question, I don't plan to find out.
      Seriously though, I think documenting how everything works is a good idea... I'm just not sure where I'd find the time.
      Great question though.
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  • Profile picture of the author eklipz316
    Good idea, it sounds like pretty grim thinking but it's necessary. Unforantely, I'm still working on building my empire, so if I died tomorrow there wouldn't be much to run unless you already knew what you were doing.
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    • Profile picture of the author David Morris
      Banned
      If you do not nominate anyone to take over, your business will rot in cyber space..Get a trusted family member and train them up to run the show in case..
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  • Profile picture of the author SUPER Louie
    That's a great question. I think you should create a succession plan which includes all your username and passwords, and instructions on how to withdraw the money from your accounts.
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  • Profile picture of the author Willie Crawford
    While they are pieces of my businesses that would fade away,
    many things are in LLC's, corps, etc. where processes are
    documented, and they would go on without me.

    I even have assets like residual income I've built up in an
    MLM planned for being passed to heirs.

    I do plan on taking my iPhone with me though :-)

    Willie
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    • Profile picture of the author juliettelixora
      it won't die unless you let someone continue what you have started. And also who knows it might propagate to that new owner.
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  • Profile picture of the author davidtong
    Funny as I just spoke to my wife about all my online accounts, emails, sites, etc and asked her what she'll do with them as she's not into tech/internet at all... We're clueless at this point.

    How about blogs? When you die, can the site be sold even just for the content?
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    • Profile picture of the author Ben Armstrong
      Once it's worth it I think I'll put together some instructions on what to do.

      I guess I'd just write out a plan on how to sell the assets on flippa or something.
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      • Profile picture of the author SpinnerHawk
        Originally Posted by Ben Armstrong View Post

        Once it's worth it I think I'll put together some instructions on what to do.

        I guess I'd just write out a plan on how to sell the assets on flippa or something.
        Agreed, and I would also write down all of logins of emails, domains, hosting, payment processor, and affiliate network in a piece of paper, sealed it and give it to my lawyer.

        A name and email of a website broker might also useful in case family members decided to sell all of those eproperty.
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  • If I die tomorrow, my son inherits the cash and the business dies with me, as simple as that.

    It's impossible that someone without any experience in this field could successfully take over. Not a chance in hell. The know-how is very important in this business, and you dont learn that over-night.
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  • Profile picture of the author Fazal Mayar
    nice question, i think we should forward it to a friend or a family member
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  • Profile picture of the author Bill_Z
    Right now, my business partner will be able to keep things going obviously and my share of the business will go to my family. If we both kick it together, then that's trouble. Remind me to not go skydiving with him or anything until we document some stuff.
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    • Profile picture of the author Agz21
      Originally Posted by Bill_Z View Post

      Remind me to not go skydiving with him or anything until we document some stuff.
      This part made me LOL! hahaha...

      @op just teach some of your family members and approach them with this scenario, hopefully they'll get serious and start to follow your steps
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      • Profile picture of the author techservice
        I think the reality is of a one person online business is that you could not expect a relative to just pick it up for you. If you’re a solo operator then have a system in place where your assets can be accessed and sold on.
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    • Profile picture of the author Willie Crawford
      Originally Posted by Bill_Z View Post

      Right now, my business partner will be able to keep things going obviously and my share of the business will go to my family. If we both kick it together, then that's trouble. Remind me to not go skydiving with him or anything until we document some stuff.
      At least make sure that you don't jump using a tandem rig

      Willie
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  • Profile picture of the author bestrevenueshare
    Good idea, you should do it, and don't forget to distribute all the informations you know, you can share a bit with us.
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    whoa dis junk site isn't related with IM --
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    • Profile picture of the author theory expert
      Banned
      Originally Posted by Anonymous Affiliate View Post

      If I die tomorrow, my son inherits the cash and the business dies with me, as simple as that.

      It's impossible that someone without any experience in this field could successfully take over. Not a chance in hell. The know-how is very important in this business, and you dont learn that over-night.
      Just before Neal Boyle suffered a fatal heart attack he took out a loan for his business and for collateral put up his house, his beach house, his wife's mothers house, and, his life insurance policy.

      Upon his death the wife was approached by a business man who wanted to buy the company for $1400(he was going to break the company up)...
      Neal's wife Gert Boyle said, "for $1400 I'll drive the company into the ground myself".

      Today Columbia Sportwear is on nasdaq and has made billions in net sales.

      My point of the story is if your business going to die anyway you might as well let someone close to you give it the ol college try. Leave them some instruction and hope for the best.

      If it is sellable I suppose that is an option too.

      Originally Posted by bestrevenueshare View Post

      don't forget to distribute all the informations you know, you can share a bit with us.
      Sure...

      Buy 1000 domain names....don't buy less than that. use the name "bestkeptformyfamilynotyou.so", & "bestkeptformyfamilynotyou.zw"

      Buy every combination of the domain. Example:

      bestkeptformyfamilynotyous.so

      bestkeptformypeoplenotyou.zw

      firstkept4mypeoplenotyou.so

      firstkept4myfamilynotyou.zw

      bestkept4myfamilynotyou.so

      bestkept4mypeoplenotyou.zw

      bestkeptformyfamilynotu.so

      The reason you want .so or .zw becuase .com don't sell well...people don't believe in .com...you want the people on craigslist to believe you're the real deal.

      Once you buy 1000 domains, offer them on craigslist for $2500 a piece. $2500 x 1000 = $2,500,000!!!!

      I hope this method that was intended for my family helps you tremendously. :rolleyes:
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  • Profile picture of the author Tim Yu
    Now i have to renew my domain, hosting and autoresponder for 10 years. And gotta give my paypal login to my family.
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  • Profile picture of the author QuelThalas
    If i have IM,befor i die,and my IM have a lots of money, at first I will buy a lot of insurance for 1-3 years.and after i die,our family can take out the money from the insurance account
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  • Profile picture of the author funkynassau
    What a great question. My husband would take over, he is the one who makes our product, it is me who assembles it and ships it. He knows where I keep things, so while it would be hard at first, he could do it. I dont know how to make our product, and yes I need to learn that.

    You are right, nobody listens to you when you are living!
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  • Profile picture of the author axus_auto
    Seriously, if I were to die now, my IM business will die a very slow death ...
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    • Profile picture of the author QuelThalas
      Originally Posted by axus_auto View Post

      Seriously, if I were to die now, my IM business will die a very slow death ...
      halo bro,have you ever thing what is IM business will not die when we die?
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  • Profile picture of the author PatriciaJ
    I've thought about that and have made a record of most of my passwords, but it's so vast that it would be difficult for anybody in my family to understand. I would like to show my daughter the ropes and am planning to build my grandkids a site each once they are old enough to run them. Hopefully one or all of them will take over rather than let it all go.
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  • Profile picture of the author Stunata
    It comes back to not keeping all of your eggs in one basket. Life insurance, rental property, physical business etc. Along with training someone to take over your IM business.
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  • Profile picture of the author RevenueGal
    This is a topic that's been on my mind for quite some time. Although i do keep a hard copy password book, I want to sit down and write a lot more details for my family members in case something happens to me.
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  • Profile picture of the author aduttonater
    It would be good to set up a plan, where someone under you inherits everything if the unthinkable were to happen.
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  • Profile picture of the author rassan
    Write a book with step by step instructions, or take a video and outline your entire business plan.
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    rassan

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  • Profile picture of the author LawrenceTam
    as much as i would want my wife to carry the torch I just don't see how you can. I've been through thousands of hours of training and thousands spent on it too.

    no way you can do it. My hope is my little kids can pick up pieces of what I do and grow into it as they get older.

    But I've thought of this. if i die my plan is to tell my wife to cut all expenses going out and just ride my insurance payout
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  • Profile picture of the author BridgetSielicki
    Definitely something to think about - I suppose it depends on exactly what you do for a business and what kind of knowledge/training your family members have.

    This serves as a good reminder for me though - I have been meaning to write down all the usernames/passwords for my husband. Doing something as simple as that could save a lot of unnecessary hassle if I go...
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  • Profile picture of the author WebPen
    My wife wouldn't be interested- she still hasnt gathered that IM can be a very legit business.

    I think I should draft up a plan on how she can sell assets, but that's about it.
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    • Profile picture of the author Tom Ryan
      This is something I've been thinking about lately too. I definitely need to get things documented and in order in case something would happen. Every business should have a continuity plan.
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  • Profile picture of the author JamesGw
    I'd probably just leave a plan telling people what to do, in addition to all of my passwords and stuff.
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  • Profile picture of the author cebuana
    Yea i am 71 with a wife who talks like a foreigner. She is. Leaving and inventory of assets, passwords, methods and doing things that with a little outsourcing might last a lot longer than me.
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  • Profile picture of the author Retziki
    Great question. Great food for thought.
    Having a Life Insurance is the most sensible think one can do.
    A VERY detailed plan on how to sell everything it would be also necessary.
    I’m assuming here that family members haven’t a clue about IM ( or just don’t want to be involved with it.)
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  • Profile picture of the author russells
    Good question and something to thing about!

    Since my IM "empire" is trading as a Ltd company that would go on without me, however the actual running of it wouldn't.

    Therefore I would provide all server/login details in a daily operations manual with every activity that drives sales/traffic/clients.

    I would probably write-up an email marketing crash course, a link building crash course and an SEO crash course and provide an outsourcing manual containing the details and information on whatever outsourcers I had at the time along with the tasks they are doing.

    Everything else would be covered in the daily operations manual that somebody could take over and learn with a little patience and persistence.

    But then, my Wife probably wouldn't be interested in taking over my activites so it might be worth providing her with the information she'd need to sell the assets and close up shop or sell the entire company if anyone would buy it.

    ~Russ
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  • Profile picture of the author bobbobson
    My girlfriend has just about learnt how to use her iphone after 2 years - whilst she is indeed a shrewd businesswoman in her own arena, my online income would plummet like a dart should she 'take the helm' so to speak...
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  • Profile picture of the author goodmast3r
    If you have a business, it will survive without you
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  • Profile picture of the author dannyellis061
    Create a lifestyle as a opposed to a workstyle is another message of the book. Rich German gives you in the book very practical advices to do that.
    The urge to follow your highest excitement is one of the message you will get from this book.
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  • Profile picture of the author Goldenboy
    This is an eye opener to us, since most of us here have this perception that at present, this is how we earn some money online. Probably we are too consumed with the idea that we can really manage and monitor this business by ourselves and without this concept of who would continue if in case, you might not be able to work online anymore. I mean, do you have already your successor in case that kind of thing happens?
    I will be training someone to continue what I have been doing since that is basically a better solution that someone will continue the work that I have done.
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  • Profile picture of the author JimWaller
    This is an interesting topic, because it helps us all look at our business models and ask important questions. "Am I important to the daily operation of my business?" Or, in some cases, "Am I my business?" "Is there someone who could take my place in my absence?"
    An odd problem with internet marketing is that we're wired a little differently than most people. Anyone who is successful has probably had a time when their family/ friends thought they were crazy for pursuing making money online. (Especially before you started seeing results.) Sure, some spouses become internet marketers, too, but many if not most just don't have any interest in it.
    In some cases our business would die with us because it is dependent on us, while others would continue with little change. If you have an IM partner, chances are you have a built in person who could continue everything. If you are the sole leader of your business, but don't have to do much to manage the day to day operations your business will probably continue and might even thrive for a while.
    One of the hardest things for us as internet marketers is that many of our businesses are built on our reputations. It is the nature of the beast that you have to be trustworthy. Unfortunately, this means that in our absence, our businesses are vulnerable to failure.
    How can we fix this problem? Planned obsolescence. Work your way out of being your business. Many of us are mentors, but we don't think to mentor someone to take over for us. It is tough figuring out who to hand the "keys to the kingdom". It has to be somebody you trust who will be willing to continue your business rather than transfer everything over to their own (unless that's what you want).
    If you do things right, your heirs will have an exceptional asset for many years to come. That's my two cents worth.
    Thanks Team X for bringing up this topic.

    Jim
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  • Profile picture of the author rschuchy
    Since this is a business it seems that the same process one goes through for a brick and mortar business would be appropriate. How is this different from the guy who has his own plumbing business where he works it himself or the vet down the street and his practice? If they die today their spouses face the same challenges. It may seem different because brick and mortar businesses are more familiar and the process of getting rid of them is more familiar but it's still the same set of challenges for the remaining family members. It's insurance, education, honest discussion and your wishes and instructions written out and gone over and over again when everyone is alive whether you are an online or brick and mortar business.
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