Forum Moderators: buckworks
This may be WebmasterWorld's most important thread of the year, and a subject rarely discussed. It is especially important for owners of ecommerce operations to plan what is to become of their site, often their families' sole source of income, if they die.
Any ideas that especially relate to commerce sites?
Also, personal life insurance should ensure that the family is taken care of. One should (in my opinion) plan for complete failure of the business should a death occur.
If there are partners involved, key man insurance is fairly important.
I personally feel that it is better to take long term insurance plan/ personal accident plan etc for security of your family. Many Insurance companies are offering such plan in quite affordable rate.
What does life insurance have to do with making sure your very valuable site will survive your death?
I'm talking about a tiny web operation where all the tech stuff is done by one person. Even in larger operations, usually only the boss knows some of the secret stuff...passwords etc.
Seems that you could accomplish site survival by writing down (or even video taping as one suggested) all passwords, methodologies, contact info, supplier info etc.
Heck, I can barely understand my own web operation. Even the most talented successor would have a very rough time at first.
often their families' sole source of income, if they die.
Life insurance will make sure dependants do not need to scramble to fix title tags and pack orders on the day of the funeral.
Open a limited company and put your loved ones as one of the directors. So the company will still be running smoothly during the probate.
You can't really expect your loved ones know how to run your business (at least i won't expect they do). It is impossible for them to handle all aspects like programming, database management, server management, photography, graphic designs, dealing with suppliers/clients, shipping, accounting...etc. I am sure they are already getting it rough from the loss of you, don't make it 10 times harder by having them to figure out your business.
Write down a list of important technical information that includes the following and put it in a bank safety box that is owned by both you and your family members:
Where your site is registered, username, password, and when to renew
Where your site is hosted, username, password, and billing method and cycle
Who your suppliers are, and contact information
Where your site processes payments, username, password, and bank accounts
Who your accountant and lawyers are
A history of accounting records
Also, if your passwords are changed periodically, write down how you formulate your passwords
As far as the other bits go, my main problem would be maining domains, SEO, PPC, and affiliate campaigns. I intend to write a manual for my wife and other family members. But still, I have to admit unless they are or become technically minded/interested, the business is likely to run to the ground after a few years. My hope is that the business can grow to a certain size when we can always have some trained technical persons available.
Your family would be much better off selling your business than letting it run into the ground due to a lack of knowledge.
That's a very good idea! I'd also add that you provide them a name or two of businesses or individuals you would trust to handle the transaction.
You're not on the same page as the rest of us in this thread.
I agree with the safety deposit box idea and make a trip on June 1st and January 1st (or 2nd) every year to make sure it's up to date.
I agree that's a great idea. For us, there are a few good likely buyers and a few I wouldn't trust.
I'd think that selling a site upon death would be very difficult and inefficient. Few lawyers know a thing about the process. Business brokers tend to be scum.
The owner should leave some written instructions on disposing of the site. (instructions will get out of date very quickly).
As we all know, when it comes to technology, more people think they know what they are doing, verses actually know what they are doing.
Alternatively to directly contacting competitors to sell, (which would potentially lower price, since they "know" the site cannot be maintained so they wait out its demise) put it up for auction with appropriate minimum, then notify the competition.
Well, if someone close to me died, that last thing on my mind for awhile would be business or my website.
