Forum Moderators: LifeinAsia
the smartest thing to do is plan as if the business could not or would not continue
This could be quite true for many WebmasterWorld members - it's one thing to have someone step in and take over a retail store or small factory, but for many of us a lot of our business is in our heads. Sure, we have hard drives full of sites & so on, but for a lot of us there's a lot more intangible "software" than "hardware". A plan for speedy dissolution of the business may be a much better choice than leaving an untrained spouse or other heir to try to run it.
Here's a thought... could we use the WebmasterWorld community to help deal with some of these business issues?
Specifically, could we foster an environment where members would assist other members in the event of one's untimely demise or disability? I know it's common when doing a will to name another couple or individual who would assume responsibility for minor children in the event that both parents die; often two couples "exchange" this provision in their wills, agreeing to take care of the other couple's kids if necessary.
So, since some of us treat our web sites like children anyway, perhaps like-minded members with similar interests could agree to be responsible for each others ongoing business... clearly, each situation would need to be well defined, e.g., terms of transfer, payments (if any) due to heirs, ownership of domains & trademarks, site documentation, etc.
My initial thought is that in many cases no money would be involved, but the effort involved in an orderly windup of the deceased's business would be compensated by the residual value of some of the properties. (Of course, highly profitable ventures might specify some kind of initial or ongoing payments based on revenue, etc.)
Without doubt, this would be a messy business, but perhaps not as messy as a non-technical, grieving spouse/heir being confronted with a phone ringing off the hook, angry clients, crashed sites, etc.
I know if I got run over by a bus today, untangling my web businesses would be challenging, to say the least. The topic lorax raised has certainly gotten me thinking. In fact, our clients should be asking these questions, too.
Has anyone here already established a business continuity (or transfer) relationship, either with a WebmasterWorld member, another individual, or an unrelated firm? What would your heirs & clients be dealing with if you decide to tweak your monitor and accidentally hit the high voltage coil?
P.S. I've decided to stay well away from buses while I sort out my own situation. ;)
I've been thinking more and more about what I should do. rcjordan's thoughts on an Admin area that has all of the pertinent info (sans secret sauce) makes a lot of sense. In that area I've been thinking about listing 2-3 people that I think may be interested in buying my business and websites once I'm gone. This is predicated upon my having made contact with them in advance and confirming their interest and then keeping that list up to date every 6 months or so.
The bottom line is that I think that the best thing I can do to provide for either passing my business to my spouse or providing for her to sell it, is to document the bits and pieces but not try to cover the how I do what I do. Sort of like when you sell a car only much more complicated. Document the oil changes, the tire rotations, the mileage and replacement of water pumps and clutches but don't worry about the how to drive it. ;)
The subject line of the e-mail was "In case I get hit by a bus" :)
I pity the people who have domains in the hundreds (or more), registered with phony info, plus sites scattered across dozens of hosts. OTOH, they probably have to be super-organized to keep track of everything themselves, so perhaps they are better off than others among us.
I pity the people who have domains in the hundreds
I would be lost. In fact, to give that information to my wife, I had to pull it all together; it certainly wasn't sitting in one place on my computer, and much of what was in one place was no longer up to date.
It was a mess - some domains were registered with an old e-mail address which thankfully my 78 year old Dad now uses, so I was able to get the relevant passwords, etc - because I had long ago lost them.
It was a good exercise for me to pull everything together.
Personal, knowledge based services are a lost cause. People gravitate towards the person, not the business.
If your business operation isn't based primarily upon your knowledge and reputation then the best you can do is arrange for the transfer of business practice/process knowledge. If you are running your business efficiently then it's not that hard to formalize the knowledge.
Likely the most important piece of knowledge you can pass is the identity of "trusted persons", men/women who - made aware of your situation - will honor your past relationship by helping your survivor without taking advantage. This will only go so far, however, as people are often already burdened by running their own lives, so be prepared to pay compensation for time from the outset since people may have to take time away from their own ventures. Don't be a burden.
So far as a support system here the same rules apply: You need trusted people. In your planning you need a trusted accountant, a trusted legal advisor, a trusted bookkeeper, etc.
What "we" could offer? Beyond advice about "planning for the mess" - we could offer guidance.
So - my advice would be to identify WW to your survivinig spouse or significant other as a place to go for input about what to do.
All of this gives rise to the idea of a new business: Website operations crisis response team to help individuals who may suffer a catatrophic illness, accident or death. Keep the business going, collect the rents, sell it off, etc.
Interesting concept. Paid initial consultation for viability assessment, fee structure for services, etc.
There's likely to be situations where just a little friendly help suffices, but that would likely be a shutdown/fire sale situation only.
Worthy subject and one I have pondered before, particularly in the realm of domain name ownership and value. (I own a few.)
