Hey All,
I was hoping someone might have some insight into this topic. My business is ran 100% by me with no employees, I do about $13K a month and I have four or five large clients who depend on my services. Although it is not crucial to their day-to-day, it would be a large pain if the service stopped working. It is a tech business so the server, code, etc is all password protected by me and the code, as well as setup, although can be deciphered by other coders, is typically difficult to understand for those who didn't write it.
Does anyone have any advice for (or been through) setting up a plan, in the unlikely case that I was, say - hit by a bus? I have a close friend/colleague who would be willing to overview my software and learn the ins and outs, however I would like to leave a portion to my girlfriend to collect profits on operations or on business sale. My girlfriend has no clue how to run a business - but in the case of my accidental death I would want split equity between her and a colleague - and for that colleague to either run the business or figure out how to sell it. I'm assuming this would be a combination of life insurance as well as a will.
Thanks for any advice!
I was hoping someone might have some insight into this topic. My business is ran 100% by me with no employees, I do about $13K a month and I have four or five large clients who depend on my services. Although it is not crucial to their day-to-day, it would be a large pain if the service stopped working. It is a tech business so the server, code, etc is all password protected by me and the code, as well as setup, although can be deciphered by other coders, is typically difficult to understand for those who didn't write it.
Does anyone have any advice for (or been through) setting up a plan, in the unlikely case that I was, say - hit by a bus? I have a close friend/colleague who would be willing to overview my software and learn the ins and outs, however I would like to leave a portion to my girlfriend to collect profits on operations or on business sale. My girlfriend has no clue how to run a business - but in the case of my accidental death I would want split equity between her and a colleague - and for that colleague to either run the business or figure out how to sell it. I'm assuming this would be a combination of life insurance as well as a will.
Thanks for any advice!
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