LEAVE BEHIND A PATH FOR YOUR LOVED ONES Protect Your Digital Legacy
When creating an estate plan, there are many assets to consider. Most people think about
without making yourself vulnerable? And is this necessary? Find out below!
are cloud-based managers, which allow access from any location, and those that require two-factor authentication, which may use a fingerprint or a code sent to the phone number on file. There are many password managers to choose from, so start by doing your own research. Wired recommends 1Password for those just starting out! Talk to your attorney. If you opt out of using a password manager, an estate planning attorney can incorporate your digital logins into an estate plan. This will keep your data secure and accessible by those who need it after you pass. And even if you do utilize a password manager, it’s wise to notify your estate planning attorney. They will become your family’s go-to resource for guidance after you pass. As with any action you take regarding your estate plan, consult with a professional you trust before making a decision.
their homes, retirement accounts, and heirlooms, but one vital thing is often overlooked: their digital lives.
Create a digital log. You must keep a record of all your digital profiles and login information for your loved ones before you pass. You’ll help your family avoid having to
Today, so much of our personal lives
are managed through digital accounts, and a username and password combination safeguards
jump through hoops with various companies just to retrieve your data after you’re gone. Anything from the cable company to your bank login needs to be recorded. Then, be sure to tell your family this information exists and how to find it. Use a password manager. Because passwords are necessary, companies have created password managers to keep all of your login information secure. But not all managers are alike. The most secure options
our activities and keeps our data secure. Two-factor authentication — a second step to logging in — keeps our data even more secure. But what happens to this data after you pass? Will your family know how to access it and therefore log in to your most valuable accounts? How can you make sure the right people have access to your passwords and digital data
When to Tell Your Employees SELLING YOUR BUSINESS?
Some deals fall apart. Some businesses on the market don’t always sell. Some go even as far as a purchase agreement and then fall apart during due diligence. The last thing you want is to tell your employees only to have them panic for no reason. Employees get rattled when they know you are selling. Your employees will have heard stories of people who got laid off when their employer sold the company. Yet, the reality is that most acquirers need your employees to remain so they can capture the value they are buying when they purchase your business. In most cases your employees’ jobs are probably more secure following the acquisition. If your sales or net profit begin to slide, expect your price to go down with it. If your employees are distracted, your business will likely suffer. If your net profit turns south during due diligence, prepare for a buyer to ask for a discount. You may decide not to sell. A lot of times a seller will get into selling their business and then find out later it is not the best thing or the right time for them to sell — and they’ll stop the sale. If you would have told your employees, it would have been a big distraction for them.
One question that comes up with every business I sell is when owners should tell employees that they’re selling the business.
Knowing when to tell your employees is the hardest decision you’ll make right after determining that it would be best to sell your business.
If you foster a transparent culture and you decide to sell, you’ll start feeling like a cheating spouse, skulking around the office with a giant secret nobody knows about. The guilt may become paralyzing. You’re normally transparent with your employees, and you might feel like you should share what’s going on. But don’t do it.
Yes, the morally “right” answer is to tell your team, but this is one of the biggest mistakes you can make in selling your business, because telling your employees you are considering selling is almost always a catastrophic mistake. Here is why.
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