22 - The Business of You Dying

50 Years, 50 Lessons

Lesson 22: The Business of You Dying

Yup, you will die. I will die. It’s the curse of the human condition.

Ideally, you die like my grandmother. 96. Long past retirement, very little possessions left, and many decades worth of conversations about the “how, where, what, and whys” regarding her estate.

But what if your death is sudden? And it was…tomorrow?

For business owners, that would be quite disruptive. Business owners are notorious for just “getting the job done” and not always having their brains and work lives in easy-to-find and well-organized spaces. Think about:

1. Any tasks you have started that would need to be finished.

2. Where people can find your business and banking information (to pay people, collect outstandings).

3. Passwords and such to access systems and information they would need to close or transition the business.

4. Billing or time not captured that should be.

5. Private or confidential information that is at risk of being in the wrong hands.

6. Location of wills, wishes, etc.

You need to have a succession plan for YOU departing your business in a way that you can’t predict or that is untimely or unexpected.

Sure, many businesses have administrative staff, partnerships, or senior people who could step in or take over. But I would still bet that too much proprietary and business “stuff” is sitting in your brain. No password will give them access to your head when it is, well, powered off.

Play that scenario through your head, if you can. Something happens. You suddenly can’t work.

1. What would get missed?

2. What would go unfinished?

3. How would things be found?

4. How would they manage?

5. Who would be expected to take the reins?

6. What paperwork is missing that exposes your estate to risks?

Plan out your sudden departure and communicate this. It’s not creepy, it’s prepared.

Then, think about the impact of a sudden departure happening for anyone else in your business, too. What risks does this pose for you, and how are you mitigating them?

Your turn:

What is your approach to this? Ready? Not ready? Don’t want to be ready?

To All: Thank you for being on this journey with me – past, present, and future.

Julie