Preparing a backup plan for your startup if you get hit by a bus?
2
What procedures and things should you have in place in advance to prevent catastrophic failure of your business if you die?
Get up to $750K in working capital to finance your business:
Clarify Capital Business Loans
-
The answer is probably very different if you're still working by yourself vs. working with a group of co-founders and still trying to attract customers vs. a growing company with employees and paying customers. Care to elaborate a bit? – rbwhitaker 10 years ago
-
At the moment I'm the only person (one man company with a few temporary contractors on ODesk). Hopefully when the revenues grow I will hire people. I guess I'm just compiling a list of things I should have so my wife or someone else could sell the business. – David Luna 10 years ago
1 Answer
1
- Who is going to hold majority ownership/controlling stock and make the executive decisions?
- Include account access to the proper folks via your will.
- Are there investors, major clients or other people you communicate with that other team members are not aware of?
- If you take yourself out of the equation, how would the roadmap change. Since you can't profit anymore, maybe that can help the business; become a co-op or something.
- Some types of life insurance policies.
- Press release to ensure there's no perception that your business will weaken.
- You shouldn't be the only one who knows how to do mission-critical tasks.
- A digital, (increasingly) runnable backup of your brain via fMRI scans; ok somewhat kidding on this one, but check back in a few years =P
- What reactions will your competitors take?
- Is this a good time for a buy-out when it comes to the employees' well-being? Depending on various factors, such as would they preserve the team or liquidate, this can be wildly different. You could possibly stipulate some terms ahead of time.
Your Answer
Not the answer you're looking for?
Ask your own question
or browse other questions in these topics:
