It’s sad but true, we aren’t meant to live forever. So, while sad, it’s important to consider and plan for what will happen to your business after you’re gone.
It’s an important but often overlooked topic, and while it’s a bit of a downer, we’re going to approach it with some lightheartedness!
Have you ever thought about planning for the day when you’ll be, well, virtually assisting from the clouds? Let’s talk about how to make life (or should I say, afterlife) easier for your loved ones when it comes to wrapping up your business.
Step 1: Get Your Paperwork in Order (Because No One Likes a Ghostly Paper Trail)
First things first, make sure your business structure is clear. Are you a sole proprietor, LLC, or corporation? This will determine how your business is handled after you’ve taken your final bow.Keep all important documents in one place – think of it as your business’s “in case of afterlife” folder.
Step 2: Create a “Business Will” (It’s Like a Regular Will, But With More Spreadsheets)
Draft a clear set of instructions for closing your business. Include:- Account information and passwords (because hacking into the great beyond is a tad tricky)
- A list of clients and ongoing projects
- Instructions for notifying clients and wrapping up work
- Details on any outstanding debts or receivables
Step 3: Choose Your Business Executor (AKA Your Posthumous PA)
Select someone you trust to handle your business affairs. This could be a family member, friend, or professional executor. Make sure they know where to find your “in case of afterlife” folder and your business will.Step 4: Set Up a Succession Plan (Or a “Who Gets My Ergonomic Chair” Plan)
If you want your business to continue or be sold, outline a clear succession plan. If not, provide instructions for dissolving the business.Remember, in the case of a sole proprietorship, the business technically ceases to exist when you do, so plan accordingly.
Step 5: Keep Your Finances Squeaky Clean (Because No One Wants to Inherit a Mess)
Maintain clear and up-to-date financial records. This will make it easier for your executor to settle any debts and distribute assets.Consider setting aside funds specifically for closing costs and final expenses.
Step 6: Communicate Your Plans (Because Telepathy Doesn’t Work After Death)
Talk to your loved ones about your plans. It might feel awkward, but it’s better than leaving them to figure it out while also dealing with grief. Plus, it’s a great excuse to remind them how awesome you are!Step 7: Review and Update Regularly (Because Life Changes, Even When Planning for Death)
Set a reminder to review your plan annually. Business changes, relationships change, and your “crossing over” strategy should change too. Remember, planning for your business’s future without you isn’t morbid – it’s responsible and kind to those you’ll leave behind. So, go ahead and plan your business’s grand finale. After all, the show must go on… even when you’re no longer in the director’s chair!
Ready to work together? Let’s chat about your admin needs! Book a call here.