What's your exit strategy IM'ers??

[seoguy81]

I've dealt with two deaths in my family in a span of three weeks. First was my father in law who passed away unexpectedly, the second was my maternal uncle who was a ticking time bomb.

One was a millionaire, the other just your average guy with a pensionable/gratuity paying job (so his family is taken care of, of sorts) but for the other, its proving to be a real headache dealing with paperwork and the legal hassles.

I know that frankly speaking, we don't like to talk or brood about death that much, but face it, we can't escape it.

While those with a regular job sort of have a safety net, for the ones who earn our livelihoods from IM and support our families, it's a different story (unless you are saving your money into some life insurance or a private pension fund).

I want to start this thread in hopes that members can chip in with their ideas on the best way to take the mantle forward, or at the very least provide something for our loved ones during the initial stages.

Some of the ideas I had was:

1) Create a simple spreadsheet with logins/passwords to the website, email, cpanel with brief descriptions on how to do the basic stuff so at least for a while the machine can be kept running

2) If you are an affiliate and working on revenue share, what's the best approach? Do you just keep collecting the commissions, or is it better to contact the account manager and let them be informed about the new changes?

3) Maybe provide a list of sites/forums where the websites can be sold off with a min. bin amount?

... any other ideas??

Sorry if this post sounds morbid, but someone has to speak it out.

P.S: I think Google's inactive account manager is a great idea... so long as there are no emails that you don't want your loved one to see

 

[GainRank]

I've already sent a large email to my dad with all details of login/password, how to run and keep up with my domains, who to contact incase something happened to me, etc. I suggest everyone do that, if you're making your living with IM. If something happened to you and you had sites that made anything more than 5 figures, think about all that money wasted that could go to your family. I'm too young to worry about life insurance, since I don't have my own wife and kids, yet, but I definitely have everything covered as far as my family taking over my businesses if something were to happen and I suggest everyone else do the same.

 

[steelballs]

OP my thoughts are with you in your present difficult time...

As per your concepts not sure I understood all angles, but if you want to store data in a cloud there are few better resources than EverNote...

 

[sn0rt]

My exit strategy is to make enough money for no one to have to worry about making more of it.

..residual..

 

[Roparadise]

If your young its not mentally healthy to worry about death. Im 22 why do I need to spend time worry about dying. Chances are with the advances in medical technology especially drugs and gene therapy due to increased knowledge by more advanced gpu's doing protein folding and eventually quantum computing, I could reasonable expect to be alive 150 years from now.

 

[Izzma]

If your young its not mentally healthy to worry about death. Im 22 why do I need to spend time worry about dying.

True, but shit happens all the time and it just might happen to you (us) unexpectedly one day...

Best to have plan thought out and not use it then not to have a plan at all.

 

[seoguy81]

OP my thoughts are with you in your present difficult time...

As per your concepts not sure I understood all angles, but if you want to store data in a cloud there are few better resources than EverNote...

steelballs.. the purpose of this thread is to at the very least get ideas on board on how to have a 'real back up plan' when things go bad and the importance for those who earn a living full time off IM. Besides saving login/passwords, I wanted to explore other options..ex: how to deal with the account managers... what is the best option, to either sell the business/website or to lay low and keep collecting the checks and so on.

We have tons and tons of threads that talk about how to make money.. i'm not sure if there are any threads that talk about how to deal with the business when one moves on.

 

[Wilson Grant Fisk]

My Father recently died and it has/still is a nightmare dealing with everything that needs to be sorted out. It is going to take months to deal with his will and sort out probate etc.
As soon as I have sorted out everything for my Mum then I will definitely be putting together some form of action plan so that my Wife and Son can access all my online accounts and financial information.

 

[seoguy81]

W130SN: Sorry for your loss.. I guess keeping a file with login and contact details looks like the most viable thing for the moment. Perhaps selling off the websites 1 or 2 months down the line might seem like the best thing to do.

I'd also advise to get some kind of insurance... be it a pension fund or some kind of investment that pays out after one is deceased while making a monthly payment, especially for those whose bread and butter comes from IM.

Its a shame that no one has really chipped in with suggestions that could make a difference.. Looks like we're all content with just posting RIP threads whilst ignoring the real things at hand. Anyways, that's life I guess.. indifference, until its too little too late.

 

[S E O]

Even i am practically defended to make a huge amount in IM to get the best out of it and also i am maintaining a personal dairy including all pass and usernames.