Ray
Dealer - Purveyor
Shutting down the business
We're all going to live forever, right?
I consider the first week or so in January a 'slack time', a time to do maintenance, catch my breath, and get ready for the next year. One other thing that I do at this time is review my "After Death Instructions" for those I leave behind. I think I live a pretty simple life without many complications. But when I look closer, it's pretty complicated for someone who doesn't know the details, especially the business aspects. With this in mind I review my instructions for the many things that will need to be done, when they need to be done, who to contact, etc. Not knowing these "minor details" can make life difficult for your heirs. If you've ever managed an estate, you'll know what I mean.
Things to consider:
Retirement accounts (if any) Social Security, 401k, etc. Who to contact. Will they need a death certificate, power of attorney, etc.
Other finances, like checking accounts, savings accounts. Bank names, account numbers, automatic deductions, etc. Contact information and instructions.
Insurance policies. Numbers, policy locations, things they will need, like death certificate, etc.
How to shut down the business:
Merchant Account. Who to contact, what they will need.
Web page. Page hosting, what to do with your domain name if it has value.
Disposing of your equipment. Who to contact for help.
What commitments have been made? Have you taken money for commissions that won't be delivered?
Taxes. Records, who does your taxes, tax implications of your death.
I'm sure there are others depending on the lives we lead. Handling a death can be hard enough, but having to wade through paperwork, legalities, and face surprises can be made much simpler with a little preparation. Part of doing business.
We're all going to live forever, right?
I consider the first week or so in January a 'slack time', a time to do maintenance, catch my breath, and get ready for the next year. One other thing that I do at this time is review my "After Death Instructions" for those I leave behind. I think I live a pretty simple life without many complications. But when I look closer, it's pretty complicated for someone who doesn't know the details, especially the business aspects. With this in mind I review my instructions for the many things that will need to be done, when they need to be done, who to contact, etc. Not knowing these "minor details" can make life difficult for your heirs. If you've ever managed an estate, you'll know what I mean.
Things to consider:
Retirement accounts (if any) Social Security, 401k, etc. Who to contact. Will they need a death certificate, power of attorney, etc.
Other finances, like checking accounts, savings accounts. Bank names, account numbers, automatic deductions, etc. Contact information and instructions.
Insurance policies. Numbers, policy locations, things they will need, like death certificate, etc.
How to shut down the business:
Merchant Account. Who to contact, what they will need.
Web page. Page hosting, what to do with your domain name if it has value.
Disposing of your equipment. Who to contact for help.
What commitments have been made? Have you taken money for commissions that won't be delivered?
Taxes. Records, who does your taxes, tax implications of your death.
I'm sure there are others depending on the lives we lead. Handling a death can be hard enough, but having to wade through paperwork, legalities, and face surprises can be made much simpler with a little preparation. Part of doing business.
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