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Jdoughs

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#1

Exit Strategy, the big one, your business and death.

12-01-2009, 08:04 AM

After seeing several guys pass away in this business, some that I knew or spoke with, and some that I didn't (but knew of). Its left me wondering what would happen to the business, and my family, if they found me dead at my computer one morning.

Are you a 1 man show and what do you have for a strategy if you pass on?

Is there someone who will even be able to log into your stuff and maintain it?

Do you have someone with enough qualifications to take over and maintain any type of revenues?

Is there systems or a service that could be used to store encrypted log ins for registrars and hosts that would at least make it possible for survivors to log in to the most basics of our networks, ftps, and registrars?

In the B.T.RIP thread they mention a host with a 'death policy', is this common? Do companies like registrars and hosts offer some sort of insurance policy to keep sites live if the webmaster dies?

Since so many of us work solo, and live solitary lives, should there be a 'check in' system so that if something happened to you, after X days of not checking in family/police are notified (think - I've fallen and I can't get up, or live alone webmaster has coronary)

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BVF

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#2

12-01-2009, 08:10 AM

life insurance, plus pre-written instructions to someone on whom to contact if they find me laying dead or unconscious in the street.

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ArsewithClass

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#3

12-01-2009, 09:19 AM

lol, I was always concerned with the fact that my family, children or parents would have to clear my belongings. My partner and I, with photos on my pc, harddrives & the hard tapes hidden away. Maybe someone could get rich after myself & my partner have gone or my children would continue our business. Maybe changing the fact that it is Natalie to another model. Southerncumsluts could continue with all Gspots Productions.

Our insurances pay out cash flow lol, I suppose this could be a great asset to make my company run smoother. Maybe Natalie could bump me off this year & get this business where it should be!

If this sort of thing happened to myself & Natalie now, our family could cope with the situation, our sites would or could continue & our surfers, members & affiliates wouldnt have any change, as said, apart from the superb cash injection. Giving my family & affiliates a better chance of making more!
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bobby666

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#4

12-01-2009, 09:26 AM

something i haven't thought about yet
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Doctor Feelgood

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#5

12-01-2009, 09:28 AM

Originally posted by BVF

life insurance, plus pre-written instructions to someone on whom to contact if they find me laying dead or unconscious in the street.

make a dvd video with instructions, and write on it "in case of death play me"

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L-Pink

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#6

12-01-2009, 09:35 AM

I always tell my g/f "provided i die from NATURAL causes ....... " lol

.
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fatfoo

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#7

12-01-2009, 09:57 AM

I think it's better to train people who can also work for your business. Otherwise, it's not a one-man show. Somebody can keep working if the main business owner is disabled or dead. For example, in my gallery descriptions and blog posts business - which is a pretty simple concept, I hired and trained another writer a little bit. Michael wrote some quality texts, just like me - but it is an expense. Also, life insurance is a great concept. I've written texts for Jdough, as well - thanks for those deals. Anyway, if someone wants some kind of texts written I can do it. Message me on my icq - in sig.

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Zayne E.

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#8

12-01-2009, 10:02 AM

I have a 7-figure life insurance policy to care for my son in the event I die youngish. No other plans or preparations other than maintaining health and dental insurance for me and my son while here on this big ball o' mud
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FrozenJag

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#9

12-01-2009, 10:18 AM

I have a text file that I update every 6 months or so thats stored in a location that only my wife knows about. It contains all logins, how my business works, who my employees are, who to pay, who you can trust for help, etc. This way she could continue as normal or decide to sell everything out.

If we were both to be killed or die at the same time my brother knows the general location aswell. If we all three happened at once then its fucked for sure. I do have 1 highly trusted employee that could maintain things if worse came to worse but lets hope this never happens. Although my plan is not fail proof is probably alot better then what most have! lol

Last edited by FrozenJag; 12-01-2009, 10:19 AM.
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Jdoughs

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#10

12-01-2009, 10:22 AM

Originally posted by Zayne E.

I have a 7-figure life insurance policy to care for my son in the event I die youngish. No other plans or preparations other than maintaining health and dental insurance for me and my son while here on this big ball o' mud

Life insurance takes care of the financial aspect. Everything you've built would crumble to shit in how long though?

The question is more to that, what type of fail safes have been implemented to let your business continue to run on, or even be liquidated.

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GrouchyAdmin

Now choke yourself!

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#11

12-01-2009, 10:25 AM

When I die, there are going to be a lot of people reading the documentation I wrote instead of using ICQ.

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TheLegacy

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#12

12-01-2009, 10:27 AM

Since pretty much everyone in my family knows what I do there is nothing to hid on my computer - but seriously don't have an exit strategy since few know how to do what I do after all these years.

I usually would consider investing in retirement plans and stocks hoping they will mature after me, but already starting a savings plan for my kids that should look after them

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After Shock Media

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#13

12-01-2009, 10:53 AM

Yes I have it very detailed. Most all already know my health conditions anyways. They have always been on the poor side, so I always have been preparing everything for the long run. Always been planning for the end of life (still enjoying current life though - odd how it works out).

Aside from some key person insurance policy that I can never let lapse of I will never get back. I have full instructions on how to run everything. My contacts, whom to buy what from and how much. That even covers everything from running it to selling off the assets or the packages. Leaving that part up to the survivors. No sense in just letting it go poof!.

Was not hard to do once you really get going. Plus once it is done it is pretty easy to add new material into or take away material if you sold it or whatnot.

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fatfoo

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#14

12-01-2009, 11:08 AM

Originally posted by GrouchyAdmin

When I die, there are going to be a lot of people reading the documentation I wrote instead of using ICQ.

When I die, I'll die like Jesus. Well, maybe.

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BVF

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#15

12-01-2009, 11:56 AM

Originally posted by Jdoughs

Life insurance takes care of the financial aspect. Everything you've built would crumble to shit in how long though?

The question is more to that, what type of fail safes have been implemented to let your business continue to run on, or even be liquidated.

When I die, that's it......My art will live on like Andy Warhol.

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Jdoughs

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#16

12-01-2009, 12:03 PM

Originally posted by BVF

When I die, that's it......My art will live on like Andy Warhol.

Haha, this is the best answer so far.

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The Heron

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#17

12-01-2009, 01:00 PM

I've got a file with instrutions with where all my money is stored and a short list of ways to cancel all my recurring bills also a couple peoples names that could be contacted to explain to my family how porn works. Overall though when I die my sites could go on forever without anyone doing anything.
But it won't matter to me, i'll be dead!
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Zayne E.

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#18

12-01-2009, 01:19 PM

Originally posted by Jdoughs

Life insurance takes care of the financial aspect. Everything you've built would crumble to shit in how long though?

The question is more to that, what type of fail safes have been implemented to let your business continue to run on, or even be liquidated.

I'm a grunt and freelancer for the most part these days. WHEN I build something that is MINE I will definitely make plans for that. As of now, nothing to plan!
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After Shock Media

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#19

12-01-2009, 01:21 PM

Originally posted by Zayne E.

I'm a grunt and freelancer for the most part these days. WHEN I build something that is MINE I will definitely make plans for that. As of now, nothing to plan!

So you have no domains or nothing online of value?

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Zayne E.

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#20

12-01-2009, 01:27 PM

Originally posted by After Shock Media

So you have no domains or nothing online of value?

Value is in the eye of the buyer. I have plenty of domains...some decent ones. I also have some projects under development...one that IS valuable. But it's unfinished as of this writing...when it is finished my previous post will take effect
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V_RocKs

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#21

12-02-2009, 06:52 AM

I had a partner die on me. He was only 32 years old. He had no one else and we had an understanding that one would transfer the stuff to the other. So I basically transferred all of his web assets into my accounts. The money currently in his Epassporte I "donated" to the fund to bury him. I emptied his bank account into the Epassporte too. If nobody claims it, the state takes it. So I donated that too.

I switched out all of his link codes and basically assumed control of his stuff. His stuff lives on now. I hope he is smiling seeing that I took the time to parse through his notes and continue with some of his projects. We used to push each other to grow and push each other to learn new things. Shared a ton of knowledge with each other...

If I die there is an envelop for my GF... She will find that she has a nice life insurance benefit coming and a nice residual income. A friend of mine that does webmaster/admin duties will basically assume control of my stuff and my GF will handle the splitting of the finances.

Life goes on...
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SleazyDream

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#22

12-02-2009, 06:53 AM

Originally posted by BVF

When I die, that's it......My art will live on like Andy Warhol.

in your case this is probably going to be true

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#23

12-02-2009, 08:37 AM

I told my gf to cremate me, then mix my ashes with some blow and snort it.

fbm
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#24

12-05-2009, 10:53 AM

I watched my best friend die back in march of this year... 36 year old female (not in the biz), 5'8 135 lbs. non smoker, maybe a drink or 2 once a year. exercised and ate heathy (no red meat and takes her vitamins).

Heart attack. Artery from the brain to the heart clogged like cement.

Sabby

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naughtylaura

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#25

12-05-2009, 11:26 AM

I've worried about this for a while because Candy Girl Cash is more or less, a 1 man (well woman) show, so a few months ago I filled a full notebook with instructions on exactly how to run all of my sites and the program. This includes all of my passwords and detailed instructions on absolutely everything. The only thing that someone would need to worry about is shooting fresh content. Even there, I have everything updated into the cms (for both sites and program) way in advance that it wouldn't be a problem for a while. The same goes with Hot Teen Cash, but I have a partner to take over if anything were to happen to me. We work closely with our designers, programmers & have the same goals for the company so I'd want him to continue & get the program where we both want it to be. All my icq, msn, yahoo, skype, email passes are noted down so that people can just pick up where I left off. As for my personal life, I have a life insurance policy & will. xx

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CunningStunt

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#26

12-05-2009, 11:29 AM

Good question, if not a little morbid!

Got me thinking too.

If it was a sudden death, there would be no-one who has all my login details to various registrars, host ftp etc.

My 2 business partners do have access to the most important sites though, lock stock and barrel. They would be able to keep those sites running without a hitch. The rest don't matter so much in the scheme of things. I wouldn't be able to put a timeline on how long they could keep the sites going though.

I also funnel all income into a bank account which my wife has access too, so in the short term it would be ok.

Maybe life insurance is a better option

I need to ask your professional opinion on something JD, will try and get hold of you later.
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#27

12-05-2009, 11:37 AM

www.legacylocker.com

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GAMEFINEST

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#28

12-05-2009, 11:48 AM

shit dies with me

Compound interest.
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#29

12-05-2009, 12:06 PM

Originally posted by Jdoughs

Since so many of us work solo, and live solitary lives, should there be a 'check in' system so that if something happened to you, after X days of not checking in family/police are notified (think - I've fallen and I can't get up, or live alone webmaster has coronary)

LMAO, i love this one.
This would mean that the cops would show up at all the pieces of shit peoples houses when they hide to not pay their bills

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quiet

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#30

12-05-2009, 12:08 PM

i've got a will. 100K goes to my brother, 50K to my cousin, 50K to my best friend.

the rest of the cash/investments are 50/50 to my girl and my dad. property all goes to my girl, cars all go to my dad. that's how things are set up right now anyway.

we'll miss you our friend. RIP
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Sabby

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#31

12-05-2009, 12:10 PM

Originally posted by GAMEFINEST

shit dies with me

LOL

Personally I would request my images and posts be removed from any sites.

Prolly not gonna happen though.

Sabby

Last edited by Sabby; 12-05-2009, 12:14 PM.

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woj

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#32

12-05-2009, 12:12 PM

I'm too young to think of that stuff... realistically there is 1 in a million chance I'll die soon... so I have better things to worry about now...

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Sabby

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#33

12-05-2009, 12:22 PM

Originally posted by woj

I'm too young to think of that stuff... realistically there is 1 in a million chance I'll die soon... so I have better things to worry about now...

And you prolly dont have anything to distribute for your next of kin to fight over...

Whos picking up the tab for your funeral?

Sabby

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Sabby

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#34

12-05-2009, 12:33 PM

Originally posted by naughtylaura

I've worried about this for a while because Candy Girl Cash is more or less, a 1 man (well woman) show, so a few months ago I filled a full notebook with instructions on exactly how to run all of my sites and the program. This includes all of my passwords and detailed instructions on absolutely everything. The only thing that someone would need to worry about is shooting fresh content. Even there, I have everything updated into the cms (for both sites and program) way in advance that it wouldn't be a problem for a while. The same goes with Hot Teen Cash, but I have a partner to take over if anything were to happen to me. We work closely with our designers, programmers & have the same goals for the company so I'd want him to continue & get the program where we both want it to be. All my icq, msn, yahoo, skype, email passes are noted down so that people can just pick up where I left off. As for my personal life, I have a life insurance policy & will. xx

Nice program Laura.

I mean that in a nice way. Good going for a 1 woman OP!!! Kudos!!

Sabby

Last edited by Sabby; 12-05-2009, 12:37 PM.

Fuck off
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#35

12-05-2009, 01:28 PM

In the event that I die, my host will cancel my hosting once payment stops, and my registrar will resell my domains once they expire.

No worries.
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Jdoughs

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#36

12-05-2009, 01:34 PM

That sounds 'fun' and 'cool', and also sounds like something a 20 yr old with little life experience would say. (not knocking it, I've been there) But in 10-12yrs , after you've grown up a little bit, it is things like that you remember saying and you'll be thinking to yourself "Man I'm fucking stupid"

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