Would Your Business Survive You Getting Sick?
I had a sad day today. I was diagnosed with high blood pressure and given medication for it. If you knew me well, you’d know how deeply I dislike traditional pharmaceutical medications. I like to work with natural products and supplements, but that wasn’t going to do today. I had to do something more drastic. I’m bummed.
As I was sitting in the doctor’s office, strangely enough, I wondered how my business would survive a serious illness. Not well, I realized. So much of what I do is mine to do, and I have minimal structures in place to let someone else step in. Not a plan for continuity.
Because my current business is rather new, it’s easy to understand why major structures aren’t in place. It still doesn’t change the fact that they’re not. So, I have decided that I will give my business a medical makeover at the same time I am giving me one. And, I thought it would be smart to list a few important ideas and share them with you. (You aren’t invulnerable either, you know.)
One thing to get straight is a will that includes what happens if you either can’t make decisions or pass away. Not just for medical decisions, but also what happens to your business accounts, your multiple revenue streams, your debt, and your other royalties and rights. Especially if your family isn’t directly involved in your business, it’s really good to have it all listed together somewhere.
Next, think about gathering together all your logon URLS, usernames and passwords. You want to be careful to maintain your list in a secure place, but be sure that your family knows where the list is at. A safety deposit box would work. Yes, your passwords might change, but you can do that with a system if you wanted, for example password01, 02, 03, etc. monthly. It would be easy enough to piece that together in your absence.
This list also helps your family piece together where all of your intellectual property resides on the internet. I received an email recently from EzineArticles.com, where I have several articles, announcing that they created a posthumous category for exactly this issue.
Neglecting or dismantling a revenue producing, on-going concern isn’t necessarily the best thing for you if you are under medical care or for your family if you don’t make it through. Disability and business stoppage insurance is worth checking out. There are a wide range of insurance products that would help. Main message to catch: You’re an adult now - time to begin gathering together your team of professional experts.
I know I am feeling blue, and I don’t intend to bring you down or to be too morose, but part of being an entrepreneur is planning for the future, both what you can expect and those things that you don’t. Get with a good business attorney and they can direct you to the various specialists you need to handle your affairs. At least put this on your list to do, even if you don’t do it right now. Truth is, right now is what you have. Do what you can to ensure that all of your hard work pays off.
Together, we are stronger.
Vicki Flaugher, the original SmartWoman
p.s. On a lighter note, the doc says I need to drink a little red wine every day…it’s not all bad. 
Tags: business planning, entrepreneur, estate planning, female, illness planning, smartwoman guides, Vicki Flaugher, women
July 25th, 2008 at 5:55 pm
Great advice for small business developers and owners. Great advice for individuals also. Thanks.
July 25th, 2008 at 8:10 pm
Vicki, sorry to read about your need for a “medical makeover”, but thanks for sharing your insight and wisdom with your readers.
I’d like to help clarify one thing. A will only comes into play at death. A durable power of attorney is the document you need while living but unable to make your own decisions as a result of an illness or incapacity.
There are two types of these durable powers. One for health care medical decisions and one for personal/business such as the business accounts, your multiple revenue streams, your debt, and your other royalties and rights you mentioned in your article. It is important to name someone you trust to handle the decisions which you are unable to make.
As far as passwords and usernames you are so right! I found a wonderful tool which not only allows you to automatically log into your various accounts but will also allow you to easily print ALL of your private information and easily put it in a safe place along with your other important documents. This software is recommended by PC Magazine, Wall Street Journal, CNET, and PC World.
One other thing I’d suggest is disability insurance and/or business overhead insurance.
Thanks for a great article on an important topic.
Lynn, Money Coach for Women