Comments on: Creating a Succession Plan http://www.elliotsblog.com/creating-a-succession-plan Domain blog featuring domain investing strategy, domain valuation, and domain development commentary from Elliot Silver, founder of Top Notch Domains, LLC. Thu, 09 Feb 2012 18:19:53 +0000 hourly 1 By: Shawn Yurkanin http://www.elliotsblog.com/creating-a-succession-plan#comment-9703 Shawn Yurkanin Wed, 18 Mar 2009 10:32:16 +0000 http://www.elliotsblog.com/index.php/creating-a-succession-plan/#comment-9703 E, I just came across a start-up called legacy locker which addresses a lot of the issues you bring up. They are still not live yet, but you can see what they are about at www.legacylocker.com. E,

I just came across a start-up called legacy locker which addresses a lot of the issues you bring up. They are still not live yet, but you can see what they are about at http://www.legacylocker.com.

]]> By: Mike http://www.elliotsblog.com/creating-a-succession-plan#comment-6925 Mike Sat, 25 Oct 2008 23:00:08 +0000 http://www.elliotsblog.com/index.php/creating-a-succession-plan/#comment-6925 Continuing the business/s will probably be too hard and probably impossible. The best option I see is to have a trusted "broker" to sell if need be. Luckily in our business there are more than a few good guys who know their stuff so if it came down to that it's probably the best option and what I would want done. <strong>***UPDATED BY ELLIOT***</strong> True - if you are a straight-up domainer it might be tough for someone else to have the same intuition. However, if you are a developer and have sites with many advertisers, it might be worthwhile to give a trusted person the opportunity to sell the business as a business rather than just selling domain names. Continuing the business/s will probably be too hard and probably impossible. The best option I see is to have a trusted “broker” to sell if need be. Luckily in our business there are more than a few good guys who know their stuff so if it came down to that it’s probably the best option and what I would want done.

***UPDATED BY ELLIOT***

True – if you are a straight-up domainer it might be tough for someone else to have the same intuition. However, if you are a developer and have sites with many advertisers, it might be worthwhile to give a trusted person the opportunity to sell the business as a business rather than just selling domain names.

]]> By: Banknote collector http://www.elliotsblog.com/creating-a-succession-plan#comment-6904 Banknote collector Fri, 24 Oct 2008 19:49:11 +0000 http://www.elliotsblog.com/index.php/creating-a-succession-plan/#comment-6904 It is a very interesting topic and unfortunately it is hard to find attorneys who know anything about this stuff. I agree with the previous commenter but would document instructions on how to run the business, how the domains work, etc. At least if you document it along with your accounts and passwords people who have to write a will know what they are dealing with. It is a very interesting topic and unfortunately it is hard to find attorneys who know anything about this stuff. I agree with the previous commenter but would document instructions on how to run the business, how the domains work, etc. At least if you document it along with your accounts and passwords people who have to write a will know what they are dealing with.

]]> By: Lou Mindar http://www.elliotsblog.com/creating-a-succession-plan#comment-6902 Lou Mindar Fri, 24 Oct 2008 19:33:16 +0000 http://www.elliotsblog.com/index.php/creating-a-succession-plan/#comment-6902 Elloit -- Execellent advice. It made me think about some of my own health issues I had a few years back. I had prepared with life insurance, but I didn't have enough disability insurance. In other words, if I died, my family would be taken care of, but if I lived, my income would be drastically lower and my family would suffer. Lesson learned. (Hey, I think I just came up with an idea for a blog post :-)) Best wishes to your aunt. I've had the pleasure of chemotherapy and it's not much fun. Thanks, Lou Elloit –

Execellent advice. It made me think about some of my own health issues I had a few years back. I had prepared with life insurance, but I didn’t have enough disability insurance. In other words, if I died, my family would be taken care of, but if I lived, my income would be drastically lower and my family would suffer. Lesson learned. (Hey, I think I just came up with an idea for a blog post :-) )

Best wishes to your aunt. I’ve had the pleasure of chemotherapy and it’s not much fun.

Thanks,

Lou

]]> By: Golfers http://www.elliotsblog.com/creating-a-succession-plan#comment-6895 Golfers Fri, 24 Oct 2008 17:42:03 +0000 http://www.elliotsblog.com/index.php/creating-a-succession-plan/#comment-6895 Every company that is owned/run by one person, with just a few employee's is in this position. Take a CNC mill shop, which the midwest has 1000's of. Usually 4-6 guys one of which is the owner, contact guy. Everyone makes a good living until the owner die's. Who is going to run it? Anyone can process orders, but who can keep selling, making sure the money is there. Your problem is NOT unique. Your problem is no one understands your type of business, and anyone that would help you heirs, would likely "steal" all your "worthless" since your next of kin would have no real clue on what intrinsic value is. So the best thing for you to do is educate the people in your will on what to do, mom, dad, aunt, uncles (wife, could be dangerous in divorce), to manage your company. Since she could claim your domains are worth X Million and you only have $50k in the bank :). So you get all the debt and she gets all assets, just like johnny carson learned. Every company that is owned/run by one person, with just a few employee’s is in this position.

Take a CNC mill shop, which the midwest has 1000′s of. Usually 4-6 guys one of which is the owner, contact guy. Everyone makes a good living until the owner die’s.

Who is going to run it?

Anyone can process orders, but who can keep selling, making sure the money is there.

Your problem is NOT unique.

Your problem is no one understands your type of business, and anyone that would help you heirs, would likely “steal” all your “worthless” since your next of kin would have no real clue on what intrinsic value is.

So the best thing for you to do is educate the people in your will on what to do, mom, dad, aunt, uncles (wife, could be dangerous in divorce), to manage your company.

Since she could claim your domains are worth X Million and you only have $50k in the bank :) . So you get all the debt and she gets all assets, just like johnny carson learned.

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