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Chris J
09-03-2008, 11:09 PM
I know some of you have aspirations of building a business that you can sell one day for a profit, but how many of you have a plan in place that will take care of your business and family if you become seriously ill, incapacitated or die? Who will inherit your business, and do they know how to run it?
Furthermore, I'd like to start a discussion on who you have hired to accomplish this plan, and how you went about setting it up?
Most people don't make these kinds of preparations but if you think about it, it's the single most responsible thing you can do for your family in the event of your death.

Az Gardener
09-03-2008, 11:36 PM
Great topic! I know you light guys are kind of on a island on your own I hope you wont mind a plant guy chiming in. You are right and not only for your family but your employees who also depend on you for their livelihood.

I am to the point now I feel pretty confident my company could operate without me. I'm not as comfortable about the continued growth but operations are mostly documented. Everything from hiring to bidding and of course field operations. So it would live on, I had my brother in law penciled in to take over in the event of my untimely demise but I think my guys would really be put off by it at this point. He is also in the industry and my former partner, not in this company but another.

You know a million dollar life insurance policy will also do the trick :laugh: no seriously. My policy is less than 100 per month and I got it when I was in my early 40's it is a 20 year term. Between the business and the insurance I sleep pretty well at night. The only way I could sleep a little better is if I knew Mac was going to be our next president.

David Gretzmier
09-04-2008, 01:10 AM
I've got a 2 million policy on myself and a million on my spouse. In the event of my death, my company would probably die, my wife would sell the business property, and live off the interest on the 2 mill. She will miss me, but be financially better off if I pass away. We've discussed this, and in the event of my death, If she marries again It'll be with a pre-nup to protect my children's interest in the insurance.

My spouses death, on the other hand, is a whole different ball of wax. I will have to hire at least 3 folks to replace her. she is the 24 hour a day provider for our 4 chidren, so a live-in nanny would allow me to continue to work, probably along with a house cleaning person, and a secretary for my business. I figure it will cost me close to 80-100 grand a year to "staff" out my spouse. reading this, I need to up her life insurance.

Chris J
09-04-2008, 01:25 AM
That's all good info guys, but the real question here is: "What's going to happen to your business?" We all have floated along making tons of money, but have you stopped to think about this revenue generating business without your existence? You have put a substantial amount of time, effort and energy into your business, and I would hate to see that just die with you. Plus, if your business is generating hundreds of thousands per year, why would you let that die with you? We can pass this on to our families, or our partners/employees. There is a great value to your business and someone should benefit in the event of your death. A plan is absolutely necessary, don't you think?

Mark B
09-04-2008, 08:51 AM
Well since I'm not married, I have no partners, no brothers or sisters. My mom is not living, my dad does not need any $$. So I could care less. Now if I was married things would be a little different.

So after I kick the bucket who will really care.

Chris J
09-04-2008, 09:13 AM
Someone should benefit from your efforts. Maybe a girlfriend, at least? It would be a shame to just let the business die without somebody continuing your legacy (or at least make a few bucks off of it's sale).

extlights
09-04-2008, 11:33 AM
My wife used to run her fathers lighting company up until he sold it last year, so if something were to happen to me she could jump right in and not miss a beat.

JoeyD
09-04-2008, 11:51 AM
Pre Paid legal services can help with all of this.....they can help you set up a will and can help you do other things to ensure that you and your family's interests are taken care of.

Mark B
09-04-2008, 03:40 PM
I will say IF I was married, which I have NO plans to be anytime soon. I would have a life insurance policy amung other things so when I kick the bucket she and her new BF would be well off. Oh and I have no kids either, plus I do not want any either. I just practice as much as this ol fat boy can.

As far as what else am I doing other then lighting. I have a few other small things going on other then lighting. I hope to one day stop the irritation work. Until that day I will play in the dirt and make mud pies.

JoeyD
09-04-2008, 03:44 PM
mmmmmmmm, mud pie!!!

NightScenes
09-21-2008, 07:36 PM
I've been working on setting things up so the business would be able to continue should something happen to me or I decide to sell. Either way, the preparations are the same. I told my financial adviser what my plans were and he hooked me up with some folks who broker business sales and tell you what you need to do in advance. Those same principles are needed for either instance.

This is a very good topic Chris.