If you were to get killed... would your biz survive??

[adamh]

would your wife, know what to do. Do you have an employee that could step up and run the cleaning until your wife can sell out or run it without you? Do you have great life insurance?
I now have an employee that could do the cleaning, my wife does all the office, but nobody does the machine up keep. I do the oil changes the blower lube the PTO greased ect.

Where will your company go if something happens to you?

I ask this because I know a guy that owned a plumbing company and was killed with his 3 boys on Friday. His wife is left with a daughter and a company that she knows little about. What a terrible thing. It makes me wonder if I am prepared.

What about you?

 

[Lee Stockwell]

Life insurance. Lots of it if you have young ones. Running the company will be the last thing on her mind for a little while.

 

[Jim Pemberton]

A good message for all.

Think of those who depend you completely.

 

[Blue Monarch]

My biz would be done. Plenty of life insurance though. Disability is a different story.

 

[adamh]

All the disability insurance I have found is a joke. Most I have looked into doesn't kick in until after 90 days.

We do have lots of life insurance but I don't think we have near enough. Tuesday my wife and i are looking into getting much more.

How much do you think a wife and 4 kids need?

 

[Dolly Llama]

"How much do you think a wife and 4 kids need?"

Life insurance??
donno, but isn't 3 years income equivalent the basic rule of thumb?


In the event on my untimely demise, my son would leave his job and step into my shoes.
We've already discussed it.
I'd be quite confident in him.

heck, he's a better organizer, manager and more motivated than me anyway, LOL

...L.T.A.

 

[RichardnTn]

From time to time, I go over with my wife, what to do just in case that should happen.... Sell my equipment, my Harley, my metal detectors, etc....and she's in pretty good shape.. Richard R

 

[Guest]

If I died my Aero Tech would be for sale. My wife would not want anything to do with the business. If anyone wants to pre pay for my Aero Tech in the event that I die, they can have it. Bidding starts at 60,000.00.

Adam, I am sorry about your friend. That is so sad.

Dave

 

[Guest]

We do have lots of life insurance but I don't think we have near enough. Tuesday my wife and i are looking into getting much more.

How much do you think a wife and 4 kids need?

You better watch out if she gets a LOT of insurance on you..."accidents" do happen and they pay DOUBLE!

Will she have enough to pay off the Whore-Tex?

 

[Lee Stockwell]

I was worth more dead for many years in "financial" terms. Hopefully your kids and wife know better.

I had five kids who were then too young to be much help in the business in the early 1980's. At that time I bought $600,000 of 15yr level-term insurance. It was relatively cheap ($70/ month?), but it was tough fending off the salesmen who didn't understand the difference between "investing" with their crappy companies and just buying protection like you would for a vehicle or a home.

Of course your numbers would need to be higher today. Enough to pay off liabilities, home, living expenses for a decade. If you worry about your mate's financial skills the payoff can be planned for her protection (even against her poor judgment).

Thanks,
Lee

 

[Scott]

Whatever you do, as Lee alluded, go with Term Life Insurance rather than Annuity Life Insurance.

You probably already know this but some of the younger guys don't, like I didn't when I was 20.

Risk management and investing are two completely different animals.

Scott

 

[Al]

My wife just found out I can clean furniture..........who told her that? Maybe she read it on my truck?

My kids can run the business if they want, they know exactly what to do.

 

[Fred Geyen]

My wife and I are doing a dry run on my "untimely death".

I leave June 12th for 7 weeks to South Africa. She wanted me out of sight and out of phone call range for our employees.

She is in charge of the whole deal.

 

[Mark Saiger]

My Brother Dave and I have talked about this a bit. If I were to go, he & I have an agreement that he would step in to help run my business and help take care of my family. He lives about 70 miles away and runs the same business there. I do have life insurance, but we have such a great growing business that is respected in our community, it is important to keep it going for everyone, including family. I have the same agreement with him even though he is not married, I would take care of his situation as well.

 

[Kevin B]

Back in 2001, 47 days after starting business and putting 10k into a marketing launch, my appendix ruptured putting me in the hospital for 8 days. I nearly lost my life, and I lost 50 lbs over the next 6 weeks, all the while not working. I feared I would lose my entire investment.

One of the best things I gained out of this hospitalization was a reliable friend. I called my distributor, since I was new in town, and asked them if they knew any reliable technicians who could run my truck for 6 weeks, so my advertising would not go to waste. A guy, about my age came and ran my truck 3 days out of the week for the next 6 weeks. This forged a relationship that still exists today. We talk nearly everyday, and join forces on large commercial jobs. Donating our time back and forth, bidding against each other in some instances...but knowing one of us will get the job With that said, Matt and I have come to an agreement. If he were to die, I would purchase his business from his wife for fair market value and continue to operate it in the interim. He will do the same thing likewise if I were to pass away. Neither of our spouses have anything to do with our businesses, other than they know we clean carpets. Expecting them to continue operations would be absurd.

Even with this arrangement, I have a great life insurance policy that will take care of my family for at least 5 years. My networking business which generates more revenue than my cleaning business some months, will sustain my wife beyond the 5 year mark, since she is very pro-active in that business. Once it becomes consistent, my wife will have a solid future, no matter what happens to me. Don't put all your eggs in one basket, some times the chickens will knock it over.