What Happens to Your Web Business if You Die?

Kind of a morbid topic for the holiday season, but since Darren brought it up [What Happens to Your Blogs if You Die], I’ve bumped it up on my “to blog about” list.

My wife and I have been systematically working our way through a review of our entire financial situation lately and of course the topic of wills and living wills and estate planning has come up.

Sad to say it is something that we have completely ignored until now and to be honest I find the whole topic a bit overwhelming. Not having the resources to just hire out the job, but having enough resources to make it necessary is a bit of a sticky spot. We’re trying to do our homework and with the help of a d.i.y. kit, we will at least get something in place soon.

Now back to Darren’s post, which is more of a nudge in the direction of business succession planning. He provides some excellent tips, “she” is his wife since that is who would be taking on the blogs in a worst case scenario:

• Contact details for partners – I have a number of blog partners that would be able to help her navigate some of the logistics of managing my blogs
• Contact details for trusted other bloggers – a few others who know enough to be useful
• Passwords and Contact details for Advertising Programs and Affiliate Programs – to be able to access and manage income
• Contact details of bloggers who work for me – a number of my blogs are written these days by others.
• Contact details for web hosts – without these the blogs fall over and income disappears
• Passwords for Paypal accounts
• Backup details – for blogs and computers
• Blog and hosting passwords – to give her (or those who help her) access
• Instructions on what to do – a few notes on what I’d suggest she does. Which blogs she could sell (and who could help her sell them), which to allow to run (and who to write on them), what my agreements are with different people etc

I would add to this list is to have a significant other as a signing authority for your business bank account. I have set my wife up for my business so at least she can write a check to get money out of the business if necessary.

In general the tips Darren has outlined are much more than just “worst case scenario” planning. Since the goal for any business should be to run and grow without the owner’s involvement the information outlined above must be laid out in a set of guidelines so that basically anyone could step in and continue with the business.

I wish I could tell you I had mine laid out in the manner that is laid out above, but my wife and I are spending a little time each weekend on this important planning activity. Hopefully not too far into 2007 I’ll be able to rest in peace I mean sleep easier, knowing it has been taken care of.

Useful Resources:

• Suze Orman Will & Trust Kit
• Prepare Your Own Will, 6th Edition: The National Will Kit (Prepare Your Own Will)
• Prepare Your Own Will: The National Will Kit (Legal Self-Help Series)

Also, check your local library, you may be able to pick up a copy of a do it yourself kit there and only need to purchase the forms.

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