Preparing a backup plan for your startup if you get hit by a bus?
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What procedures and things should you have in place in advance to prevent catastrophic failure of your business if you die?
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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 11 years ago
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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 11 years ago
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- 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.
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