So you've built up your business, it's making a nice return, then all of a sudden during that posh night out, the fish-bone gets stuck in your throat and you croak it
Ok not the most glamorous exit from this world, but what happens to the business? What happens to your social media profiles, forum accounts, online data etc?
Can the business continue with the loss of its principal?
Probably not that high on most peoples to do list, and not most peoples idea of an exit strategy but it is worth seriously thinking about, and planning for.
I expect a lot will depend on the type of business. If you are a sole trader, trades-person, freelance web designer etc, then presumably trading will cease and those left behind will need to close down your activities.
If you are a business selling products or services with employees, then in theory there is no reason why this can't continue. But who will run it? Will those left behind that inherit the company or any equity be expected to play a role in running the business? Maybe you're loved ones will want nothing to do with the business as it will be a constant reminder.
The hassle of archiving or removing online data
I did a post Successful Digital Empires, Social Networking profiles, then you croak it back in 2010 and suggested it would be a good business model for someone to offer a digital vault service with all of your business ID's, plans, wishes and would close down social profiles and remove online data.
4 years later, I wonder if such a one stop shop or service exists? Seems an obvious model for a legal or will writing firm.
Google launched a policy last year with the subtlety named Inactive Account Manager which handles what happens to your Google data and profiles.
Facebook now has a memorialized option for Facebook personal accounts, I'm not sure if this also covers business pages.
Linked in has a more long-winded option, requiring relatives to fill in a form: Deceased LinkedIn Member - Removing Profile
Twitter also has a long-winded policy requiring documents being sent to San Francisco: Contacting Twitter about a deceased user
Pinterest doesn't seem to have a deceased policy, instead directs you to deactivating or reactivate an account. Re-activating would be quite impressive
Then of course there are the email providers, forum accounts, ebay, other online communities.
Be proactive and plan now
Save or reduce distress, financial complications and hassle for those left behind. Assign some time and sit down work out a plan of action. It may be a straightforward word doc, or may mean a trip to the solicitors and a professional will drawn up, with your business interests and wishes documented. Talk openly to your partner and loved ones and make sure they understand and are happy with any decisions.
You may find out they have different ideas. There are all sorts of options, equity can go into trusts for kids, dividends can be paid to partners, businesses can be put up for sale as going concerns, or broken up and asset stripped. Find a solution that works for you. I know from my experience it wasn't as straightforward as I expected, and we've ended up with quite a complicated, but workable plan that benefits everyone, and hopefully ensures the business survives.
Also remember any plan may well need amending from time to time, so schedule an update if circumstances or situations change.
Has anyone else actually sat down and planned for the just in case, or even considered it? Not the cheeriest of subjects I know, but we all have one thing in common, hopefully later rather than sooner!
I quite like the idea of a deceased digital service, so if a will writer or legal bod fancies joining forces, let me know