Is your business ready for you to die?
We don’t want to imagine the worst possible outcome, but if we don’t our family and loved ones may end up paying the price for our lack of preparation.
When my father passed away suddenly after clocking into the job he’d worked at for 20 plus years, I had no idea how to move forward. Neither did my mother, his divorced wife. But, his long time girl-friend and business partner had been planning, or had the benefit of direct contact with my father’s planning.
While my mother and I scrambled to find out who got his life insurance policy and who was responsible for his bills, his girlfriend had access to all his paperwork and online access points. I’m not holding a grudge. In fact, I’m actually grateful that he shared it with someone at all.
You see, it was sudden. Really sudden. It was 11 pm and my father had just clocked in, walked about half way to his work station and just colapsed. He was dead right away. I don’t know if it was his heart or an aneurism because I wasn’t given access to the information. All that mattered was that he was gone, along with all the information he kept in his head.
So, where do you keep your very valuable and important information?
In your head? In a notebook here and there? In some file on your computer?
How about you actually organize it? I did. And, I try to update it often. At least once a week or any time I create a new account.
There are many ways to do it, but it’s more important to get it done than it is to figure out how to do it.
Now, you need to share it with someone who will help manage it all when you are gone.
When my best friend passed suddenly from a car wreck, her husband had to call me to help close out her online business accounts and websites. He didn’t know how to access any of it and she hadn’t ever told him how or where to look in case of an emergency.
I didn’t know all her information either, but at least I knew who to contact in order to help close out accounts and notify online contacts.
Does your husband or wife know what to do if you should die tomorrow? What about your business partners?
Here are some things to consider tracking
- Who needs to be paid for work they did on your behalf?
- Who did you owe products or services to?
- What systems will auto charge your credit cards on a monthly basis?
- Which people on your team – or in your family need to know these things?
- Where is it easily accessed for those people?
There is no better time than now – because now may be the last we have.
This post is part of a blog hop series sponsored by students and graduate Coaches of ICA. Please hop on over to their posts and see what else you can learn about ”The Power of Now”
- Sandra Seibert – Joyful Growth Coach http://joyfulgrowthcoach.com/2012/02/the-power-of-now-a-moment-of-stillness/
- renee Vos de Wael – Intuitive Coach http://reneevosdewael.com/2012/02/20/is-the-power-now/
- Namrata Arora – Life and Career Coach for women in transitions http://aboutcoaching.wordpress.com/2012/02/18/the-power-of-now/
- tracy Coan – Bodacious Possibilities http://bodaciouspossibilities.com/2012/02/choose-you-choose-now/
- jayde Gilmore – Wings LifeCoaching http://wingslifecoaching.tumblr.com/
- randy Morris-Chaudhry – Illuminated Perspective http://www.illuminatingpotential.com/
- nuria Lencina – Coachinu http://coachinublog.com/2012/02/20/the-power-of-now/
- pamela Rudisill – In Sight Life Coaching http://insightlifecoaching.co/2012/02/20/the-power-of-now/
- kenetha Stanton – Chrysalis Wellness http://www.chrysalis-wellness.com/2012/02/19/the-power-of-now/
- Louise Gray – Communication Coach, Learner Focused Coaching http://learnerfocusedcoaching.com/2012/02/20/what-was-i-saying/ ?
the power of now - a moment of stillness | Joyful Growth Coach
02/20/2012 @ 5:02 AM
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The Power of Now
02/20/2012 @ 5:51 AM
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02/20/2012 @ 6:03 AM
Thanks for the reminder! It’s so easy to let this stuff go until it’s too late.
Kenetha Stanton recently posted..The power of now
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02/20/2012 @ 6:05 AM
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02/20/2012 @ 7:54 AM
What an important reminder. I have heard similar stories many times but still have not gotten to ensuring that I don’t put anyone else in a similar predicament. Thank you for sharing your personal stories, it makes an impact that will spring me into action!
02/20/2012 @ 10:42 PM
So glad that it is getting you take action, Brandy!
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02/20/2012 @ 8:08 AM
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02/20/2012 @ 8:08 AM
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02/20/2012 @ 8:20 AM
Thank you for this very important reminder, Jenn. These are the very things we put off, and then put off some more until it is too late. There’s no better time than now to get started!
The Power of Now « coachinu blog
02/20/2012 @ 9:04 AM
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02/20/2012 @ 9:08 AM
Thanks for this post, Jenn. Although it is something we don’t even want to think about, it is so important to face it and act – now.
Sandra Seibert recently posted..the power of now – a moment of stillness
The Power of Now « About Coaching
02/20/2012 @ 11:14 AM
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02/20/2012 @ 4:05 PM
This is a topic that have crossed my mind way too many times, and it might be that I haven’t really taken any action on it the very reason why it has gone through my mind so many times. It is hard for me to think what’s going to happen if I die. This is a completely selfless thought. What worries me is what’s going to happen to my children? My closest family lives on the other side of the ocean. I don’t have any relatives or close friends here. And the worst part is, what if my husband dies with me? You are right, for these things it is better to use the Power of Now and JUST DO IT. I have a topic out for discussion at dinner tonight (ok, that is not now, but I have to wait for my husband).
02/20/2012 @ 10:40 PM
Would love to hear what comes of this discussion, Nuria. Who helps with the business if you are both gone or unable to run your business for a while?
02/21/2012 @ 11:47 AM
No one does. My business is me. If I’m gone the business is gone.
02/20/2012 @ 10:22 PM
I’ve worked with my widowed mother to get her information in the event of her passing, it never occurred to me to get mine together in the event of my passing (I’m still so young, right? Immortal, even!).
I need to go get some stuff in order…
02/20/2012 @ 10:38 PM
Immortal, so we all think. Thing is, it doesn’t even have to be death that could put our business in a bind. It could be illness or something like a bad car wreck. I’ve been there and seen others go through that as well.
02/21/2012 @ 12:42 PM
I lost my father quite suddenly also, but my mother had everything organized. And she’s filled me in many times on what to do if she should pass suddenly. It just means that an already difficult time does not have to be compounded. Thanks for addressing such an important issue!
Esme Gosling – Money Coach recently posted..Loving your Money in the Now
02/28/2012 @ 9:34 AM
I often worry how my business will continue on after I pass away, and honestly I never really considered creating a manual for my spouse so that he knows how to run the business. But at least my business should continue bringing money in and paying the bills automatically – I wouldn’t want my hubby to suffer financially when I am gone.
Rylee Kline recently posted..problemas de la tarjeta de crédito de la deuda
03/08/2012 @ 3:28 AM
I have just nominated you for the versatile blogger award – no pressure to take part; but if you do wish to know what it entails, just click my link http://wp.me/p1pwFk-dN. Congrats either way and have a wonderful weekend ahead! Love, Renée Intuitive Coach
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