What Happens (To Your Work) When You Die?

When you are self-employed, or have a small business, the matter of your own death is a bit more complex than if you are an employee.

DeathofBusinessFor instance, if you are a health practitioner, or a professional who has clients, what would happen to them if you die suddenly?  Or even die less suddenly?

Do you have a plan in place for who would look after your clients, or take them on?  This may not be so important if you are a hairdresser, or a joiner, but if you are in the healing professions, it really does need to be taken care of.

As an ex-counsellor and psychotherapist, I had a supervisor who knew she would be contacted by my clients if I died. This was professional behavior – in this field, the sudden departure of an important person in one’s life can have far-reaching effects.

The same might be true for a professional dealing with the healing of someone’s body. To be left high and dry if your practitioner dies is not pleasant. Knowing that your practitioner had a plan in place should this happen, including a recommended person to contact, will help your client in any transition that might need to happen.

Other points to consider when thinking of your succession plan (as it is known) are:

  • Be clear about your intentions with the business for after you die
  • Do you want the business to continue after you die? If so, how, and with whom at the helm?
  • Who do you want to have access to any business bank accounts?
  • Who gets to pay any employees, and how should they be paid?
  • How will professional bodies be informed?
  • What about leases on premises?
  • What about insuring against yourself dying, if you are the sole proprietor or key to the business?

The more you prepare in advance, the easier it will be for those left behind if you do die.

In Gifted By Grief, I wrote about The List – questions that I asked Philip a few months before he died. Difficult questions, such as ‘what do you want to be buried in?’ and ‘when should I sell the car?’ and ‘what kind of coffin do you want?’ Not to mention making sure I had his passwords and user names.

This, and the purely business-related questions above, are vital to limit the distress for your loved ones. They will be upset enough about you popping your clogs, without having to make decisions that could have been taken beforehand.

The List is something that many people agree is a good idea to do – but not that many actually DO anything about it. Or they do it, but only a bit of it.  If you’re interested in joining a group focused on helping you complete these kind of questions, email me and express your interest.

There’s no doubt it’s easier in the company of others doing the same thing. So email me now and I’ll get back to you asap.

Do you have a business or are you in a J.O.B?

How does the word ‘business’ make you feel?  On the recent Wild Wealth Programme one thing that emerged was something I’ve seen over many years in this profession. It’s the effect this word has on many solo professionals.

When I had our complementary health clinic, there were few practitioners who considered themselves as anything other than ‘having a private practice’.   Some even described what they did as ‘just seeing a few clients’.

When you don’t think you are running a business, then it’s very likely you don’t conduct your financial affairs in a business like manner. This then means that it’s likely you won’t have a separate bank account for your business, that you trade your time for money, that you maybe don’t even pay yourself. These are not great things if you are wanting to build a sustainable business!

So today I’m asking you one of the questions from the Wild Wealth programme.

When you consider the statement ‘I am a successful business person’, how do you feel, what kinds of thoughts go through your mind?

How you respond to this statement will tell you something both about your idea of business and your idea of success.   Post your response by clicking on the number at the top right hand of the post, I’d love to hear from you!

And while we’re about it, here’s a few more illuminating questions:

  • Do you do all you can to limit the amount of money you bring in so you don’t have to pay any tax?
  • When do you pay yourself – after all the other bills, or are you top of your list of priorities?
  • Do you consider your only source of income to be that from your business?

All of these questions will tell you about how you view not only your business, but your wealth creating capacity.

The more successful practitioners in our clinic almost invariably did consider they were running a business, and often had the back up to help them do that, whether that be part-time administrative help, book-keeping, coaching or other advisers.  And part-time could be literally a couple of hours a week, or sometimes even less. But the great thing was, they had a business mindset.

So do you have a business mindset? Or are you really in a J.O.B. (Just Over Broke). Because if you’re in the second category, you’ll never be able to really reap the benefits of owning and running a real business, such as most of what you do being tax deductible; knowing exactly what the numbers in your business are saying, to help you make decisions; or making a profit and being able to do what you like with that.

One of the first things you can do to take you further with developing your business is to pay attention to your money – start to love it, that’s what paying attention is about! You can do this by using the Radical Income Welcome Toolkit, which if you have already bought, I wonder are you actually using?

The Toolkit enables you to start to think about your money in a radically different way, a way that lets you love it for what it is, as well as what it can do for you. You’ll be able to identify your Money Comfort Level, and also be putting into practice a very simple but really effective method of welcoming in more income.   All of which is essential of course to a growing business!

If you haven’t already bought it, I invite you to do so now – here’s the link. It’s incredibly good value, check it out now and see what I mean!

Do You Ever Feel Overwhelmed in Your Business? (If so, read this!)

Asking for support is something that many people have difficulties with. I’d like you to imagine the following scenes and discover which one is most familiar to you.

Do you sit alone in your office, working on every aspect of your business, tearing your hair out when you can’t understand something, and then giving yourself a hard time because you can’t understand? Do you spend hours trying to work something out, or to familiarise yourself with an aspect of your business that is not second nature? Maybe you even feel ashamed or stupid when you find yourself stuck, not knowing what a ‘portal problem’ or an ‘app’ or a ‘url’ is (all examples of things I have not known and felt silly about!).

Or… Continue reading

Do You Have a Self-Employed Job or a Business?

In a coaching session the other day, I was introducing the notion that those who are self-employed have a different mindset from those who are employees. I first heard of this notion through Robert Kiyosaki’s book The Cashflow Quadrant: The Rich Dad’s Guide to Financial Freedom.  The question is, do you have the kind of thinking that corresponds with a self-employed person, an employee, a business owner, or an investor? Read on to find out. Continue reading

Is It Really OK to Not ‘Do’ in Your Business?

Let’s take a closer look at ‘not doing’ when people all around you are not only ‘doing,’ but being very busy indeed doing things in their busy-nesses. If you’re employed it might be impossible to not ‘do’ without being fired, or reprimanded. But if you’re self-employed, or running a small business, your time is yours (or so you thought!). Often it’s self-employed people or small business owners who are the ones who seem to never stop, even if they are supposed to be in charge of their own time.  People don’t often stop in our busy world because a couple of things happen when you do. Continue reading