Solo Operators. If something happened to you...

Discussion in 'Pesticide & Herbicide Application' started by Turfdoctor1, Feb 5, 2009.

  1. Turfdoctor1

    Turfdoctor1 LawnSite Senior Member
    Messages: 707

    What would happen to your company?

    I don't sit around and worry all day, but it has crossed my mind that I need to have something in place in case something happens to me.

    Do any of you have your wives listed as 50% partners, even if they don't work within the company?

    Does anyone have a buy out agreement in place with a competitor in case something did happen?

    Any other ways of going about making sure your hard work is not just given away if something happens?

    If something happened to me right now, CLTG or someone else would just swoop in and take my customers. I want to make sure my family is taken care of in case something were to happen.
  2. larryinalabama

    larryinalabama LawnSite Fanatic
    Messages: 19,648

    Get life insurance.
  3. Turfdoctor1

    Turfdoctor1 LawnSite Senior Member
    Messages: 707

    i've got 500K in life insurance. That's not my point.
  4. larryinalabama

    larryinalabama LawnSite Fanatic
    Messages: 19,648

    Get a will and leave your business to ypu wife, she would have to hire someone untill she could sell it. If you really worried about it, have her ride with you for a week so she will know where all your accounts are and kinda of know what to do.

    RABBITMAN11 LawnSite Bronze Member
    Messages: 1,480

    That's funny you ask that question. I was just talking to my wife this morning about this. I told her I was going to write a detailed document describing the assets of the business and who to contact in case something happened to me. This is what I think would be important to include, detailed customer list gross sales, net profit, list of assets, Debts, and a contacts that are familiar with business sales. A detailed Instruction how to find all current and past financial information. Also a nice size life insurance policy to protect assets and provide cash security for family. Just some things that I was thinking off the top of my head.
  6. larryinalabama

    larryinalabama LawnSite Fanatic
    Messages: 19,648

    On the subject of life insurance alaways buy term life insurance, its cheap. Whole life insurance is a pure ripoff
  7. mattfromNY

    mattfromNY LawnSite Bronze Member
    Male, from Central NY
    Messages: 1,582

    Not necessarily death, but injury also. I sit here with a broken rib and a torn tendon in my knee. I can still drive to plow snow, but cant get out and shovel, or toss bags of salt, or shovel roofs. I've got a great employee and another part timer that is helping out, but what I would be shut down if I was solo.
    Nothing spectacular- broke the rib loading a 72" mower deck into the back of my truck, and blew out my knee kneeling to pull a pin on my plow, knee must have just decided it was time. Getting better every day, but I feel like a welfare mom sitting in front of the tv all day when I should be working!
  8. ted putnam

    ted putnam LawnSite Platinum Member
    Messages: 4,758

    You brought up a good point about the employees. Yes, Life insurance is great to cover things in case of your death but I feel the only way to keep things "afloat" while sick or injured for an extended period is to have some least a little. I have reached that point, thank goodness and now know that everything would not get completely flushed down the toilet if that situation were to occur. That being said, grow your business to the point that that you need at least a little help. Take good care of your employees and they should take care of you in more ways than one. That is my advice to you. JMO
  9. Turfdoctor1

    Turfdoctor1 LawnSite Senior Member
    Messages: 707

    I'm trying to safeguard against my wife having to deal with a mess if something were to happen to me.

    Having her responsible for hiring someone, setting up the new business, etc., is the last thing that I would want--if something were to happen.

    That's why I'm asking if any of you have something set up that allows the business to pass to someone else while still rewarding your family for your hard work. If not, does anyone have an idea of how to go about just that.

    Thank you all for your responses so far. If I had an employee that I could trust to step in and take care of things, that would be ideal. but, I don't. And, if you have multiple employees, this could present a totally different problem.

    thanks for the discussion. I'm interested to hear other ideas. We just had our first kid, and you start thinking about things.
  10. Whitey4

    Whitey4 LawnSite Silver Member
    Messages: 2,448

    Last Augustwhile relaxing in the yard after working all day, one of my 2 mutts was struggling to climb the back porch... she was falling down, and since she is a boxer with a known kidney disease issue (common to the breed) I really thought she was in trouble. I ran over and picked her up. As I did, the sandal I was wearing caught on a step. I came down on my knees full force on the corner of one of the concrete steps, and twisted my ankle so bad it looked like a softball in a matter of 30 seconds. I just sat there for several minutes trying to assess the damage.

    I thought I might have shattered a knee cap (didn't) and my knees were bleeding badly. Two swollen knees, an ankle I could barely get my boot over, I worked the next day. Amazing what one can endure when there is no other option.

    I don't have a safety net or medical insurance to deal with this sort of thing. Maybe by 2010 I'll be making enough to get better protection, but until then, I have to rely on luck, being safe and toughing it out.

    For you guys with families, it's not that simple. Being solo carries risk.

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