March 2, 2025 • 19 mins
What would happen to your business if life threw an unexpected curveball your way? Join me, Shannon, the Sugar Mama, as I share the poignant moments of losing my mother and the challenging task of closing my childhood home. This personal journey has taught me invaluable lessons about the importance of being prepared, both in life and business. I explore the necessity of having a trust, keeping organized records, and ensuring that someone can seamlessly take over your business if you're unable to run it. This episode serves as both a wake-up call and a guide to securing your life's work against unforeseen circumstances.
Through heartfelt reflection, I'll walk you through the critical components of a comprehensive business continuity plan. From crafting a detailed operations manual to training potential successors, I focus on pragmatic steps to future-proof your business. It's not just about maintaining the daily grind; it's about effective management and safeguarding your hard work. Inspired by my mother's passing, I urge you to have those tough conversations now to avoid chaos later. Join our monthly live business coaching if you need a starting point. Let's take proactive steps together to ensure your business thrives, even in your absence.
If you’ve connected with or been inspired by this episode in any way, leave us a review and let us know your biggest takeaway - I’d love to hear how you embrace Sugaring For All!! And while you've got your phone out, make sure to follow us on Instagram @Love2Sugar.
If you are interested in learning more about Radeq Lab's Premium Prebiotic Sugar Line of products, you can find them at www.radeqlab.us.
If you are interested in our business planner you can find the SugarBoss Planner here --->https://www.lulu.com/spotlight/love2sugar
The link to our Monthly SugarBiz Blueprint: https://www.love2sugar.com/offers/cMhp76LA/checkout
Cheers to your Sweet Success!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Welcome back to this episode of the Sugar Show.
As you know, I'm Shannon, theSugar Mama, and this is going to
be a little bit different of anepisode, but one of the most
powerful sugar shows that I'veprobably done in a while.
In fact, it was so powerful.
The gentleman that was doingthe filming of it actually felt
inspired and changed hisbusiness as well, and so what
(00:21):
happened was I recorded thislast year as well, and so what
happened was I recorded thislast year, my mom had just
passed away and I didn't reallyget around to publishing it, to
broadcasting it to all of you,and I spent the next six months
closing down my childhood home,and I don't know how many of you
still have a childhood home.
I was surprised at the amountof people that have moved around
(00:42):
so much, like they couldn'trelate to it.
But I lived in that home for 55years and my parents they got
married.
They spent 40, how many yearstogether were they?
Almost 60 years together untilmy dad passed and then my mom
passed and it was time to sellthe house, and so I spent the
(01:03):
six months really going throughdocuments and talking to
attorneys, and it was such a bigprocess that many of you
hopefully won't have toexperience in your lifetime,
because closing that door forthe last time was heartbreaking,
but it was such an interestingexperience for me to like not
(01:24):
only have funeral and sadnessand grief over my mom passing,
but also another form of griefwith closing down this house.
Now you're probably wonderingwhat this has to do with
sugaring and and they gotogether, because I'm a sugar
pro.
This is life, you know.
Do you close down your business?
Know?
There's all these things thatrelate to the work-life balance.
(01:45):
Right, and this was really real, and what I learned in this was
so much about what would you doif you were gone tomorrow, if
someone had to take care of yourhouse and your needs and your
business, and this really isapplicable to anyone.
It's a pretty short podcastepisode, if I'm honest.
Normally I ramble on and on andI got really down to the point
(02:07):
on this one because I want youto be very clear.
So grab a pen or pencil and apaper or your journal or a
notebook, because it might be alot for you and really follow
along with what I'm saying,because we need to make sure
that we are protected in ourbusiness and in our life and,
honestly, the things that I'mgoing to teach.
We need to make sure that weare protected in our business
and in our life, and you know,honestly, the things that I'm
(02:31):
going to teach you in thisepisode really you should be
working on in your family andalso in your business.
So sit back, relax.
You know, play this over andover again, but this is one of
the most powerful ones that I'vedone, because it was one of the
most powerful times of my life,and I want to make sure that
the lessons that I learned arelessons that will help you as
well.
So so today we're going totackle a topic that's both
(03:00):
essential and often overlookedwhat happens to your sugaring
business if you are suddenlyunable to run it?
This is a topic that's been onmy mind recently, and I'll share
with you my personal experience, and I think it's actually
really crucial for all businessowners to consider.
So save, download this episode,re-listen to it, send it to a
(03:23):
friend, but this one is a mustlisten, check it out.
I recently attended theEsthetician Summit in Texas.
It was awesome, and I got towork with quite a few of you
savvy business owners who wereexcited about learning the art
(03:43):
of sugaring and you want to kickup your revenue in your spa or
salon or your solo practice.
I was so pumped to be spendingtime with you all and learning
about your current business andhow we can help you gain new
skills with cutting-edgesugaring products to take it to
the next level.
The experience was not onlyamazing for the attendees, but
(04:04):
for myself and my staff as well.
I always feel recharged when Iam around badass boss babes at a
show, so I took a turn.
I got home to California and Igot the call that my mother's
cancer had unexpectedly spreadto her brain and she was given
(04:24):
three months to live.
I raced down to the SanFrancisco Bay Area to be with
her.
I hadn't even unpacked my bagsfully from the Summit show and
only six days later she was gone.
In the last few weeks I've beenhandling all of her affairs bill
paying, potty, training herone-year-old puppy whose name is
(04:45):
Sugar, by the way.
I did not name her, that thereader did.
But I was handling legalmatters and real estate and
thank God, she had a trust.
But I was handling legalmatters and real estate and
thank God she had a trust, andif you don't know what a trust
is or don't have one, pleasepush pause and write that at the
top of your notebook to startthat process.
We could do another show aboutthat, but thankfully she had her
(05:05):
computer open to her email andI had access to her phone and I
found the list we created of allher passwords, subscriptions,
points of contact.
Found the list we created ofall her passwords, subscriptions
, points of contact.
So I have all that.
All I have to do now is dig inand go step by step through her
life's work and I know exactlywhat to do with each area and
each account, and it was a bigjob to do.
(05:26):
Well, of course, you know me andeverything circles back to a
teaching moment, and it got methinking about the future and
the unexpected events that canchange everything.
Not everyone is ready for the,what happens if, and what I've
learned is what I can pass alongto you so that you can be best
prepared in your business.
Now, in two previous episodesthat I'll list in the show notes
(05:49):
, you've heard how sugar savedmy life, and if you haven't
heard those, I will link themdown below, and the first
episode was about how sugaringsaved me as a single mama 15
years ago I think it was.
The second episode was abouthow being organized in my
business helped me survive myheart being broken by my
(06:11):
unfaithful husband, which I'mdoing really great now.
Thanks for asking.
And now, what if, heaven forbid,something happened to you, to
me, what if you passed away oreven say got amnesia and had no
idea how to run your business?
Would your business be set upproperly to continue thriving
without you?
Would there be someone readyand capable to take over quickly
(06:34):
and easily?
Does anyone even know yourpasswords?
You have an extra key for yourbusiness.
You know how to access yourphone, and do they know how to
access the phone and emailaccounts?
These are tough questions andthey're necessary ones.
There are so many things tothink about, and if we just
pretend it will never happen tome, that's exactly when it
(06:56):
happens.
So this episode is for you toprepare them, just in case your
emergency contact should haveeverything they need to jump
into the driver's seat and takeover your business if needed.
Now, in our live monthlycoaching for business sessions
that we have with Sugar Pros, wefocus a lot on building and
(07:17):
growing your business, but whatabout safeguarding that business
for the future.
Today I'm going to share withyou some of those steps that you
can take to ensure that yoursugaring business, your skincare
business, your family'sbusiness, is prepared for any
life altering event.
Let's hope your family neverhas to be in a position to take
(07:37):
the wheel, but if they do, allyour hard work will be protected
.
So let's dive into it.
Let's start with the worst casescenario and go to the happy
parts.
If your sugaring or skincarebusiness isn't properly
organized and you unexpectedlypass away, the immediate
aftermath could be chaotic anddevastating for everyone
(07:58):
involved.
Without clear documentation ofyour business operations, your
successor, your partner, yourfriend, whoever is doing this
may struggle to understand theday-to-day tasks necessary to
keep the business running.
Client records could bemisplaced or inaccessible.
It could lead to missedappointments and dissatisfied
(08:18):
customers.
Financial records might beincomplete or confusing, making
it difficult to manage the cashflow, pay the bills or even
access bank accounts.
Suppliers or vendors might notknow who to contact for orders.
Suppliers or vendors might notknow who to contact for orders,
causing disruptions in inventoryand, of course, supply issues.
The lack of a clearcommunication plan could lead to
(08:48):
a breakdown in trust withclients, employees and partners,
further damaging the business'sreputation and stability.
In the worst-case scenario, thebusiness could face significant
financial losses Hopefully not,but possibly forcing it to shut
down.
Employees who rely on theirjobs for their livelihood might
find themselves suddenlyunemployed, creating further
emotional and financial stress.
Clients who have come to trustand depend on your services
(09:12):
might be left scrambling to findalternatives, leading to a loss
of a loyal customer base.
The legal complications ofuntangling your business affairs
without a clear succession plancould result in prolonged
disputes among family members orpartners, draining your
resources and adding to theemotional burden during an
already difficult time.
(09:32):
Ultimately, the absence of awell-organized contingency plan
could mean the end of yourbusiness, erasing years of hard
work and dedication and, quitefrankly, leaving a void in the
community and the industry thatyou've worked so hard to serve.
So take out a pen and paper andlet's avoid all that.
Whether you are a solopreneuror a large salon and spa owner,
(09:57):
or a manager, let's getorganized to make sure your
legacy is protected and if youare an employee, share this
episode with your boss.
It's essential for you to knowthat there is a plan if
something happens to them.
Sounds crazy, but if thishappened this afternoon.
Would y'all be ready?
Probably not.
I laugh, but it's one of thosethings that we always talk about
(10:21):
and we just never do.
We put it off, we put it off,we put it off, but let's do it
now.
So, first and foremost,documentation is key.
Put your pen out, let's talkabout it.
Make sure you have a detailedwritten process for every aspect
in your business.
This includes your clientrecords, your appointment
scheduling, inventory,financials, even your marketing
(10:43):
strategies.
Think of it as creating acomprehensive operations manual,
even if you are solo, becausethis is for them, not you.
You can't just keep it all inyour brain.
This will be invaluable foranyone stepping in to run your
business in your absence, andhere are quite a few things that
you should have prepared.
Are you ready?
Because it's an exhaustive listand there's so many more things
(11:05):
, but let's start with this.
So remember first, create abusiness continuity plan, a
detailed plan that outlines howyour business will continue to
operate after your death.
You should include informationas key people to get in touch
with business assets andfinancial arrangements.
Now, this one seems obvious,but so many people don't have a
will.
(11:25):
Do you have a will?
Clearly state your wishes foryour business.
In your will, specify who willinherit the business and how it
should be managed.
Make sure that that personknows exactly what to do,
because if you just name them,they're not going to know.
Make sure you have lifeinsurance.
Consider purchasing a lifeinsurance policy that will
(11:47):
provide financial support toyour loved ones and help cover
any business debts or expenses.
Make sure that your businessstructure is documented.
Keep copies of your business'slegal documents, such as
articles of incorporation,partnership agreements,
operating agreements, leases.
Keep it all in a safe place.
(12:07):
Your business bank accountsEnsure that your loved ones know
how to access your businessbank accounts and have the
necessary authorization to do so.
That's so critical.
Don't just say they're going to.
They have to have their name onthis.
Any compile a list of yourbusiness debts, your liabilities
, including loans, leases andoutstanding bills.
Key contacts maintain a list ofkey contacts, such as suppliers
(12:31):
, clients.
How do people get into your spasoftware system?
Okay, that leads me to one ofthe most important areas digital
assets.
Create a list of all yourdigital assets, like your
website, domain information,social media accounts, online
payment accounts like Venmo,along with instructions on how
(12:53):
to access them.
This is so critical because ifpeople don't know how to get
into your information, they'renot going to be able to continue
to run your business.
Protect any intellectualproperty that you have.
If you have a trademark, youshould have a trademark for your
business.
Okay, your business location.
If you own the property whereyour business is located, make
(13:14):
sure your loved ones know whatto do with it and it's in your
trust.
If you rent, is there a clausethat protects your business in
case of your passing?
Do you have a goodcommunication system with your
landlord and do they know whoyour key contact is should you
be gone?
Do your people know where yourbusiness records are your tax
(13:37):
returns, your financialstatements, your contracts?
Make sure they're all in asecure location.
And if they're on your computer, do these people know how to
get into your computer?
The key thing is to develop asuccession plan that outlines
how your business will bemanaged and who will take over
in your absence.
So this is critical.
I want you to role play thispiece Almost like a fire drill.
(14:00):
Reenact the plan.
So if something happens to me,johnny, where would you go to
find my documents?
Who do you call first?
What's the password to mybooking software or my laptop
and if Johnny is staring at youblankly, well then it's time to
grab an iced tea and sit downwith Johnny and go through all
of these pieces of information.
Make sure that your loved onesknow how to contact your legal
(14:25):
and financial advisors forassistance.
Prepare a communication planthat outlines how your death
will be communicated to peopleand who will be responsible for
managing these communications.
Let's talk about that successorfor you.
If you're going to identify andtrain that potential successor,
(14:45):
it needs to be someone that youtrust.
Might be tough if it's anemployee or a family member or
even a business partner, butreally ensure that that person
is familiar with your dailyoperations and has access to
your necessary resources andinformation.
Sounds funny, but regularlytrain them and keep them up to
(15:07):
date and prepared for a seamlesstransition that you hopefully
won't need.
If you're a solo SD, what wouldyou want them to know about?
How to close your business ifneeded?
This is so critical because Ithink we assume that people
would know what to do, but ifyou ask Johnny, what would you
do today?
And Johnny again doesn't haveany idea or has old information,
(15:31):
you need to update it.
So at the end of each year,when you close out the year,
when you start a new year, say,review and update your plan.
Our businesses evolve, and soshould your contingency plan.
Ensure everything is stillrelevant and up to date, because
this proactive approach cansave a lot of headaches down the
road.
By taking these steps, you canensure that your sugaring and
(15:54):
skincare business is wellprepared for any changes.
It's not just protecting yourbusiness.
It's about providing peace ofmind for you and your loved ones
and everyone who depends onyour business.
We get so busy, but this is apriority and this is your
wake-up call to handle this now.
In fact, ask your spouse, yourpartner, your family member to
(16:16):
do the same for you if you aretheir contact.
So ask yourself if your partnerhas a business, would you know
what to do if they were to passthis afternoon?
Would you know what to do ifyour best friend's business all
of a sudden needed to be helped?
So take this episode as a sign,the sign that you need to get
your butts in gear and plan forthis.
(16:38):
If you do not have it handled,start now, and I hope this
discussion inspires you to takeaction and safeguard your
business for this future.
If you have any questions orneed further guidance.
You know we do offer monthlylive business coaching to kick
you in the butt and get you torun your business, not just show
up and work and grind.
(16:58):
And it bums me out that thisepisode was sparked because of
my mother's passing but I knowthat she would be so proud of
the fact that we did this and Iknow how to handle her affairs
because we did this every yearwhere we just, instead of saying
(17:18):
, oh yeah, sure, mom, you're notgoing anywhere, you're going to
be around until you're ahundred, really take the time to
ask your parents, ask yourpartner, ask your best friend
what would happen if somethinghappened to them this afternoon,
or make sure that they knowwhat you would do if something
happened to you.
It's again kind of a bummerthat this episode is on the
(17:43):
heels of that, but it really didspark me to make sure that you
all protect yourselves andprotect your businesses, because
we've worked really, reallyhard to bring them to this level
and you don't want anyone tokind of have to pick up your
mess.
So, until next time, have asweet week and get your business
handled and protected.
(18:03):
You'll thank me for it.
Welcome back to this episode of the Sugar Show.
As you know, I'm Shannon, theSugar Mama, and this is going to
be a little bit different of anepisode, but one of the most
powerful sugar shows that I'veprobably done in a while.
In fact, it was so powerful.
The gentleman that was doingthe filming of it actually felt
inspired and changed hisbusiness as well, and so what
(00:21):
happened was I recorded thislast year as well, and so what
happened was I recorded thislast year, my mom had just
passed away and I didn't reallyget around to publishing it, to
broadcasting it to all of you,and I spent the next six months
closing down my childhood home,and I don't know how many of you
still have a childhood home.
I was surprised at the amountof people that have moved around
(00:42):
so much, like they couldn'trelate to it.
But I lived in that home for 55years and my parents they got
married.
They spent 40, how many yearstogether were they?
Almost 60 years together untilmy dad passed and then my mom
passed and it was time to sellthe house, and so I spent the
(01:03):
six months really going throughdocuments and talking to
attorneys, and it was such a bigprocess that many of you
hopefully won't have toexperience in your lifetime,
because closing that door forthe last time was heartbreaking,
but it was such an interestingexperience for me to like not
(01:24):
only have funeral and sadnessand grief over my mom passing,
but also another form of griefwith closing down this house.
Now you're probably wonderingwhat this has to do with
sugaring and and they gotogether, because I'm a sugar
pro.
This is life, you know.
Do you close down your business?
Know?
There's all these things thatrelate to the work-life balance.
(01:45):
Right, and this was really real, and what I learned in this was
so much about what would you doif you were gone tomorrow, if
someone had to take care of yourhouse and your needs and your
business, and this really isapplicable to anyone.
It's a pretty short podcastepisode, if I'm honest.
Normally I ramble on and on andI got really down to the point
(02:07):
on this one because I want youto be very clear.
So grab a pen or pencil and apaper or your journal or a
notebook, because it might be alot for you and really follow
along with what I'm saying,because we need to make sure
that we are protected in ourbusiness and in our life and,
honestly, the things that I'mgoing to teach.
We need to make sure that weare protected in our business
and in our life, and you know,honestly, the things that I'm
(02:31):
going to teach you in thisepisode really you should be
working on in your family andalso in your business.
So sit back, relax.
You know, play this over andover again, but this is one of
the most powerful ones that I'vedone, because it was one of the
most powerful times of my life,and I want to make sure that
the lessons that I learned arelessons that will help you as
well.
So so today we're going totackle a topic that's both
(03:00):
essential and often overlookedwhat happens to your sugaring
business if you are suddenlyunable to run it?
This is a topic that's been onmy mind recently, and I'll share
with you my personal experience, and I think it's actually
really crucial for all businessowners to consider.
So save, download this episode,re-listen to it, send it to a
(03:23):
friend, but this one is a mustlisten, check it out.
I recently attended theEsthetician Summit in Texas.
It was awesome, and I got towork with quite a few of you
savvy business owners who wereexcited about learning the art
(03:43):
of sugaring and you want to kickup your revenue in your spa or
salon or your solo practice.
I was so pumped to be spendingtime with you all and learning
about your current business andhow we can help you gain new
skills with cutting-edgesugaring products to take it to
the next level.
The experience was not onlyamazing for the attendees, but
(04:04):
for myself and my staff as well.
I always feel recharged when Iam around badass boss babes at a
show, so I took a turn.
I got home to California and Igot the call that my mother's
cancer had unexpectedly spreadto her brain and she was given
(04:24):
three months to live.
I raced down to the SanFrancisco Bay Area to be with
her.
I hadn't even unpacked my bagsfully from the Summit show and
only six days later she was gone.
In the last few weeks I've beenhandling all of her affairs bill
paying, potty, training herone-year-old puppy whose name is
(04:45):
Sugar, by the way.
I did not name her, that thereader did.
But I was handling legalmatters and real estate and
thank God, she had a trust.
But I was handling legalmatters and real estate and
thank God she had a trust, andif you don't know what a trust
is or don't have one, pleasepush pause and write that at the
top of your notebook to startthat process.
We could do another show aboutthat, but thankfully she had her
(05:05):
computer open to her email andI had access to her phone and I
found the list we created of allher passwords, subscriptions,
points of contact.
Found the list we created ofall her passwords, subscriptions
, points of contact.
So I have all that.
All I have to do now is dig inand go step by step through her
life's work and I know exactlywhat to do with each area and
each account, and it was a bigjob to do.
(05:26):
Well, of course, you know me andeverything circles back to a
teaching moment, and it got methinking about the future and
the unexpected events that canchange everything.
Not everyone is ready for the,what happens if, and what I've
learned is what I can pass alongto you so that you can be best
prepared in your business.
Now, in two previous episodesthat I'll list in the show notes
(05:49):
, you've heard how sugar savedmy life, and if you haven't
heard those, I will link themdown below, and the first
episode was about how sugaringsaved me as a single mama 15
years ago I think it was.
The second episode was abouthow being organized in my
business helped me survive myheart being broken by my
(06:11):
unfaithful husband, which I'mdoing really great now.
Thanks for asking.
And now, what if, heaven forbid,something happened to you, to
me, what if you passed away oreven say got amnesia and had no
idea how to run your business?
Would your business be set upproperly to continue thriving
without you?
Would there be someone readyand capable to take over quickly
(06:34):
and easily?
Does anyone even know yourpasswords?
You have an extra key for yourbusiness.
You know how to access yourphone, and do they know how to
access the phone and emailaccounts?
These are tough questions andthey're necessary ones.
There are so many things tothink about, and if we just
pretend it will never happen tome, that's exactly when it
(06:56):
happens.
So this episode is for you toprepare them, just in case your
emergency contact should haveeverything they need to jump
into the driver's seat and takeover your business if needed.
Now, in our live monthlycoaching for business sessions
that we have with Sugar Pros, wefocus a lot on building and
(07:17):
growing your business, but whatabout safeguarding that business
for the future.
Today I'm going to share withyou some of those steps that you
can take to ensure that yoursugaring business, your skincare
business, your family'sbusiness, is prepared for any
life altering event.
Let's hope your family neverhas to be in a position to take
(07:37):
the wheel, but if they do, allyour hard work will be protected
.
So let's dive into it.
Let's start with the worst casescenario and go to the happy
parts.
If your sugaring or skincarebusiness isn't properly
organized and you unexpectedlypass away, the immediate
aftermath could be chaotic anddevastating for everyone
(07:58):
involved.
Without clear documentation ofyour business operations, your
successor, your partner, yourfriend, whoever is doing this
may struggle to understand theday-to-day tasks necessary to
keep the business running.
Client records could bemisplaced or inaccessible.
It could lead to missedappointments and dissatisfied
(08:18):
customers.
Financial records might beincomplete or confusing, making
it difficult to manage the cashflow, pay the bills or even
access bank accounts.
Suppliers or vendors might notknow who to contact for orders.
Suppliers or vendors might notknow who to contact for orders,
causing disruptions in inventoryand, of course, supply issues.
The lack of a clearcommunication plan could lead to
(08:48):
a breakdown in trust withclients, employees and partners,
further damaging the business'sreputation and stability.
In the worst-case scenario, thebusiness could face significant
financial losses Hopefully not,but possibly forcing it to shut
down.
Employees who rely on theirjobs for their livelihood might
find themselves suddenlyunemployed, creating further
emotional and financial stress.
Clients who have come to trustand depend on your services
(09:12):
might be left scrambling to findalternatives, leading to a loss
of a loyal customer base.
The legal complications ofuntangling your business affairs
without a clear succession plancould result in prolonged
disputes among family members orpartners, draining your
resources and adding to theemotional burden during an
already difficult time.
(09:32):
Ultimately, the absence of awell-organized contingency plan
could mean the end of yourbusiness, erasing years of hard
work and dedication and, quitefrankly, leaving a void in the
community and the industry thatyou've worked so hard to serve.
So take out a pen and paper andlet's avoid all that.
Whether you are a solopreneuror a large salon and spa owner,
(09:57):
or a manager, let's getorganized to make sure your
legacy is protected and if youare an employee, share this
episode with your boss.
It's essential for you to knowthat there is a plan if
something happens to them.
Sounds crazy, but if thishappened this afternoon.
Would y'all be ready?
Probably not.
I laugh, but it's one of thosethings that we always talk about
(10:21):
and we just never do.
We put it off, we put it off,we put it off, but let's do it
now.
So, first and foremost,documentation is key.
Put your pen out, let's talkabout it.
Make sure you have a detailedwritten process for every aspect
in your business.
This includes your clientrecords, your appointment
scheduling, inventory,financials, even your marketing
(10:43):
strategies.
Think of it as creating acomprehensive operations manual,
even if you are solo, becausethis is for them, not you.
You can't just keep it all inyour brain.
This will be invaluable foranyone stepping in to run your
business in your absence, andhere are quite a few things that
you should have prepared.
Are you ready?
Because it's an exhaustive listand there's so many more things
(11:05):
, but let's start with this.
So remember first, create abusiness continuity plan, a
detailed plan that outlines howyour business will continue to
operate after your death.
You should include informationas key people to get in touch
with business assets andfinancial arrangements.
Now, this one seems obvious,but so many people don't have a
will.
(11:25):
Do you have a will?
Clearly state your wishes foryour business.
In your will, specify who willinherit the business and how it
should be managed.
Make sure that that personknows exactly what to do,
because if you just name them,they're not going to know.
Make sure you have lifeinsurance.
Consider purchasing a lifeinsurance policy that will
(11:47):
provide financial support toyour loved ones and help cover
any business debts or expenses.
Make sure that your businessstructure is documented.
Keep copies of your business'slegal documents, such as
articles of incorporation,partnership agreements,
operating agreements, leases.
Keep it all in a safe place.
(12:07):
Your business bank accountsEnsure that your loved ones know
how to access your businessbank accounts and have the
necessary authorization to do so.
That's so critical.
Don't just say they're going to.
They have to have their name onthis.
Any compile a list of yourbusiness debts, your liabilities
, including loans, leases andoutstanding bills.
Key contacts maintain a list ofkey contacts, such as suppliers
(12:31):
, clients.
How do people get into your spasoftware system?
Okay, that leads me to one ofthe most important areas digital
assets.
Create a list of all yourdigital assets, like your
website, domain information,social media accounts, online
payment accounts like Venmo,along with instructions on how
(12:53):
to access them.
This is so critical because ifpeople don't know how to get
into your information, they'renot going to be able to continue
to run your business.
Protect any intellectualproperty that you have.
If you have a trademark, youshould have a trademark for your
business.
Okay, your business location.
If you own the property whereyour business is located, make
(13:14):
sure your loved ones know whatto do with it and it's in your
trust.
If you rent, is there a clausethat protects your business in
case of your passing?
Do you have a goodcommunication system with your
landlord and do they know whoyour key contact is should you
be gone?
Do your people know where yourbusiness records are your tax
(13:37):
returns, your financialstatements, your contracts?
Make sure they're all in asecure location.
And if they're on your computer, do these people know how to
get into your computer?
The key thing is to develop asuccession plan that outlines
how your business will bemanaged and who will take over
in your absence.
So this is critical.
I want you to role play thispiece Almost like a fire drill.
(14:00):
Reenact the plan.
So if something happens to me,johnny, where would you go to
find my documents?
Who do you call first?
What's the password to mybooking software or my laptop
and if Johnny is staring at youblankly, well then it's time to
grab an iced tea and sit downwith Johnny and go through all
of these pieces of information.
Make sure that your loved onesknow how to contact your legal
(14:25):
and financial advisors forassistance.
Prepare a communication planthat outlines how your death
will be communicated to peopleand who will be responsible for
managing these communications.
Let's talk about that successorfor you.
If you're going to identify andtrain that potential successor,
(14:45):
it needs to be someone that youtrust.
Might be tough if it's anemployee or a family member or
even a business partner, butreally ensure that that person
is familiar with your dailyoperations and has access to
your necessary resources andinformation.
Sounds funny, but regularlytrain them and keep them up to
(15:07):
date and prepared for a seamlesstransition that you hopefully
won't need.
If you're a solo SD, what wouldyou want them to know about?
How to close your business ifneeded?
This is so critical because Ithink we assume that people
would know what to do, but ifyou ask Johnny, what would you
do today?
And Johnny again doesn't haveany idea or has old information,
(15:31):
you need to update it.
So at the end of each year,when you close out the year,
when you start a new year, say,review and update your plan.
Our businesses evolve, and soshould your contingency plan.
Ensure everything is stillrelevant and up to date, because
this proactive approach cansave a lot of headaches down the
road.
By taking these steps, you canensure that your sugaring and
(15:54):
skincare business is wellprepared for any changes.
It's not just protecting yourbusiness.
It's about providing peace ofmind for you and your loved ones
and everyone who depends onyour business.
We get so busy, but this is apriority and this is your
wake-up call to handle this now.
In fact, ask your spouse, yourpartner, your family member to
(16:16):
do the same for you if you aretheir contact.
So ask yourself if your partnerhas a business, would you know
what to do if they were to passthis afternoon?
Would you know what to do ifyour best friend's business all
of a sudden needed to be helped?
So take this episode as a sign,the sign that you need to get
your butts in gear and plan forthis.
(16:38):
If you do not have it handled,start now, and I hope this
discussion inspires you to takeaction and safeguard your
business for this future.
If you have any questions orneed further guidance.
You know we do offer monthlylive business coaching to kick
you in the butt and get you torun your business, not just show
up and work and grind.
(16:58):
And it bums me out that thisepisode was sparked because of
my mother's passing but I knowthat she would be so proud of
the fact that we did this and Iknow how to handle her affairs
because we did this every yearwhere we just, instead of saying
(17:18):
, oh yeah, sure, mom, you're notgoing anywhere, you're going to
be around until you're ahundred, really take the time to
ask your parents, ask yourpartner, ask your best friend
what would happen if somethinghappened to them this afternoon,
or make sure that they knowwhat you would do if something
happened to you.
It's again kind of a bummerthat this episode is on the
(17:43):
heels of that, but it really didspark me to make sure that you
all protect yourselves andprotect your businesses, because
we've worked really, reallyhard to bring them to this level
and you don't want anyone tokind of have to pick up your
mess.
So, until next time, have asweet week and get your business
handled and protected.
(18:03):
You'll thank me for it.
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