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  1. #1
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    Have you ever thought about if you were to die tomorrow who would manage your business and maintain it's success and income.

    For those that have built a substantial income in this business - who would manage and update your sites and handle your advertising accounts if you were to die tomorrow. Especially for those of us that have kids and/or an SO.

    Someone brought this valid point to my attention and now I am seriously thinking about drafting instructions for my business as well as having an attorney prepare my Will and Estate Planning.

    God willing we will all be here for another 70 years to come. But it's always good to plan for the unexpected as well. Because something like that could not only affect you, but your family as well.

    Has anyone figured out if there are companies out there that could take over changing links and stuff on your site and keeping it updated??? I know there are companies to handle your advertising accounts for an arm and a leg - but who would be the most reputable and trustworthy places to do such a thing.

    I'd love to hear responses from some of the successful marketers like Leader, Don Steitz, and others.

  2. #2
    affiliate emeritus missdonna's Avatar
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    I have given it a lot of thought and discussed it with my husband. We agreed the business was so much in my head, not on paper, that it would be extremely hard for him to ever take it over, so he would just ignore it, and money would continue to come in, probably gradually slowing to a trickle.

    I thought about trying to write it all down, but I keep changing things, and I know myself well enough to know I wouldn't keep it up, so I won't even bother to try.

    It would probably be different if I bought traffic, but I depend 100% on search engines and links, so there are no ongoing expenses except webhosting and domain registration.

    And now that our son is dead, and we are separating, the whole thing doesn't seem to matter anymore anyway. Nobody I care to leave it to.

  3. #3
    Resident Genius and Staunch Capitalist Leader's Avatar
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    Jada,

    This may surprise you, but I don't care much what happens to it once I'm not in the realm--at least not in a way where I can enjoy the benefits of my sites (I may be a ghost, but $$$ doesn't help a ghost...)!

    If I find an SO, I may think differently...but for now my will would only say to "turn off the lights on the way out"--that is, to shut 'er down. Provided I bother to make a will.

  4. #4
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    Not only should you be thinking about death, you should be thinking about illness, injury and anything else that would stop you running the business. Don’t restrict yourself.

    Many people I know have arranged to sell their business IMMEDIATELY and as a going concern to maximise the amount of money they would get for it. They feel that their children/spouse/partner would not have the knowledge or inclination to continue to run it. At least this way they feel they can leave something behind for the people they love and wish to protect.

    Try to find someone in the business who could auction it for you, and mention as many of these contacts as possible in the documents you make so the lawyers/executioners (of the will) have a selection of people to refer to, to make it easy for them.
    Remember that the lawyer/executioner is getting paid to get money for your dependants. It is pretty easy for them to get the cheapest amount possible for the least amount of effort just to clear their responsibility.

    On a final note, I don’t believe in being sad about death. Celebrate life, not death.
    When my father died, we all had a great laugh mixed with our tears, going through all the old photos, films/movies and stuff he had kept as memories from our childhood. That brought back soooo many good memories of him and his life.

    Whoever you leave behind, leave your kids something to laugh about, remind them of the best times. It will enable them to survive the tough time intact. This is worth more than any money you can leave them

  5. #5
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    What an interesting thread ... first of all, I agree with Wayder's advice ... and, I also think that *everyone* - single, married and the like - should have a Will, and not just those with spouses, SO's and/or children... but having one in those cases is even more important ... (I'm single and I have one because - I own property and have assets and *someone* is going to have to disburse or dispose of those after I'm gone so I've named that someone in my Will)

    A plan is also another great idea *should* something ever happen that you don't have any control over... As I've said before, my boss passed away at the end of January and he owned two businesses... one business ran itself for the most part (that's the one I'm employed by), and the other business was basically his "hobby business" and he was able to sell and make money because of who he was and more importantly, who he knew and what he knew - *HE* was the one who kept that business going ... and today, that business is all but closed down (not a fun thing to do by the way) and the other business is still running just as it was before because he wasn't involved in the day to day operations, but rather, let his employees run the business - His wife took over at the owner/President and we're chugging along as we've always done... If YOU are the key to making your business work, I think your estate planning should definitely reflect that somehow ..

    Also, like Wayder said ... don't rule out disability insurance if this is your main source of income .. and life insurance also for your spouse/children should something happen to you - so they will be taken care of also -- if someone else depends on your income to survive, life insurance is the way to replace your income, should something ever happen to you ... (again, I'm single and I don't carry much life insurance - only enough to be able to cover my funeral expenses and perhaps a wee bit extra) [img]/infopop/emoticons/icon_wink.gif[/img]

  6. #6
    ABW Ambassador iucpxleps's Avatar
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    Well I'm heirless in this case, I dont even know one decent person with enough html etc skills whom I can trust this much. I'm kinda young(21) though so I'm sure I will meet people that I can trust this much with skills..until then I am heirless.

    Also as missdonna wrote I also dont think that I can manage to write down all I know about this biz, but I'll give it a try..

    overall, really an interesting topic :rolleyes:

  7. #7
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    Will there still be room for more Credit Card, Online Shopping and Home Equity Loan sites in 70 years time? [img]/infopop/emoticons/icon_wink.gif[/img]

  8. #8
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    <BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>the business was so much in my head, not on paper<HR></BLOCKQUOTE>

    That's the real story for all or most of us.

    The only way to hand over 10+ running internet business models to anyone would be for them to sit next to you every minute for at least a month in order to even get a notion of what we do.

  9. #9
    ABW Ambassador webmarm's Avatar
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    Thanks for this thread, Jada. I'm opening up the discussion with my business partner,the lawyer. I am definitely hoping to suport my family and get my hubby out of the chicken factory job.

    And I don't want someone else to be burdened with my burial costs, whether in another 80 years or less. We weren't in the position to help with the burial costs of two of our parents who passed away already, and the costs were absorbed by kind relatives.

  10. #10
    Full Member tmd5's Avatar
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    Should I fall ill, but still be just well enough to function, I'd go online and get all cheques redirected to someone else, probably one of my brothers. Then let the business tick over. While I'm still alive he could use the income to provide any stuff I needed. The business would probably continue generating cheques for a good few months. Its worth noting that some cheques only have a limited life. Clickbank's cheques are valid for only 90 days and CJ's for 6 months. I mention that 'cos getting someone's affairs sorted can be a lengthy business.

    I don't know anyone at the moment with enough computer knowledge to hand the business over to or who could auction it. If I die suddenly then I guess the business will die with me unless I've gotten round to writing some stuff down.

  11. #11
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    Jada, thanks for a very stimulating topic.

    I set up a Limited Liability Company (LLC) several months ago, and it now owns my business. That's because, if I die tomorrow, checks that are made out to me would probably be worthless. Now that the LLC owns the business, things could continue on without a bump.

    The really tough question, as several have pointed out, is who could acutally run the sites and keep them going (competitive). I started writing down everything I could about how I do business, as a how-to manual, and then realized that I would never finish that book -- it's just too long. And, whatever works today may not work tomorrow.

    I do have disability insurance, but I were in a coma or completely incapacitated for an extended period of time, my sites would be toast.

    I honestly don't know the answer. The money would keep coming in for awhile, but then would get slower, and slower, and eventually pretty much dry up.

  12. #12
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    If you do it right you can run it from beyond the grave... [img]/infopop/emoticons/icon_smile.gif[/img] [img]/infopop/emoticons/icon_smile.gif[/img].

    Auction it off with all the instructions on eBay.

  13. #13
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    If it's a viable MLM business, no one has to do anything except see to it the monthly fee is being paid and cash the checks.

  14. #14
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    Wow, some really interesting post. I share the same concern as many of you when you say no one is knowledgable enough with the html to fix or update things. That is also a good idea to sell the business. But the price would be the question. We are talking about a business that will give whoever buys it residual income for years to come. The selling price would be pretty costly. But it is something to definately consider. You never know, a yahoo or fortune 500 merchant may buy the sites.

    Now that I am off, I think I will dedicate a portion of every week to develop instructions for my business.

  15. #15
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    This is a subject I've been thinking about a lot lately, having had a nasty health scare (I'm OK) and I was planning to mention it sometime.

    Recently I've been sitting my friends down and showing them stuff. One of them in particular, Thomas, I've shown how to log into CJ and switch the payee over. (He's the payee anyway since my bank are thieving bastards). He's the one best at management. He understands the business now from 'top down' due to all the questions he's asked whenever I've sworn at a merchant but he hasn't a clue about coding.

    Another one, a web designer (currently sorting out one of my screw ups) knows how to code.

    These two knew each other before they knew me and get on well. Between them they should be able to do everything if either I die or fall into a coma for ten years, or anything unfortunate.

    I've told Thomas he's to just ask You Lot what to do next.

    Theres bits such as custom url jobs etc that I'm sure you could all teach him or Justin (the web designer) if neccessary.

    If Thomas, Justin, or Al (my host) don't want the business I've told Thomas to ask Leader if she wants it for a present, or knows who might.

    If theres one thing I *don't* want its a whole year of my life down the drain because no-one knows how to run it.

    This is especially a waste because you can hand ownership to your CJ account just by giving out the login! No will or nasty legal document neccessary.

    I'd recommend at the very least everyone give their next of kin the login details for their main solution providers, a list of their hosts and passwords and the location of abestweb, with instructions to come here *first* and yell 'help'.

    I've also mostly got the same passwords for everything, which makes it easier. I know this is bad for security, but I've had far more problems by fogetting my passwords than handing them out [img]/infopop/emoticons/icon_smile.gif[/img]

    I think I've thought of every contingency, but if I've missed anything, lemme know.


    I

  16. #16
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    Well this has topic has come up more than once around my partner and family.

    My partnered business will continue beyond the grave and my family will still benifit 50% from it, in shares.

    My own sites....well put it this way....Hubby is learning the online world. He's bought a few domains, and is taking lessons from me. So I think as long as I can survive the next few months, he'll have it down pat. And my oldest is 6 years.... I think he'll be into the family business in a few years, as soon as his spelling improves..and vocabulary. He's already a great help for ideas... [img]/infopop/emoticons/icon_wink.gif[/img]

  17. #17
    ABW Ambassador mousejockey's Avatar
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    Interesting post Jada, we were just talking about this recently.
    My dh knows little about computers or online business, he has asked for me to teach him, but where do you start, and I do tend to get a little short.

    I have started a book with all my codes, but I seriously doubt I could teach him what has taken me years to learn, and much of that comes instinctively now.

    What I've been thinking of late is,I would probably bequeath my online properties to board members or as Professor said, to auction them off seems a viable alternative.

  18. #18
    ABW Ambassador webmarm's Avatar
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    Well, we incorporated a little while ago, so that helps take any one name off of the checks. My business partner and I agree that the two most sensible scenarios are either to agree on a buyout price so my family gets a chunk or keep paying them my share as the site profits wind down.

    I have an Excel file with all the accounts, logins and passwords. Of course, that machine is dead right now :eek: , but I have a print out.

  19. #19
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    If you have a partner or are a corporation, you can buy a life insurance policy owned by the company and if you die, the proceeds buy out your share in the company.

    The premiums are tax deductible if you set it up right....you need a REAL estate planner
    for this not just some insurance agency and you probably should have a competent legal beagle involved as well.

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