Who will run your business once you have passed on? Have you thought about it?

Last year, we did all of our estate planning and wills. As a solo entrepreneur, I will not pass the business on to anyone. It will be shut down and all clients will be notified as soon as possible. Any leftover revenue will be passed on to my children. 

I believe my purpose is to add value to the people and planet, today. I have built a legacy in other ways through relationships with children, grandchildren, friends, and colleagues. I have no interest in intergenerational wealth transfer. We have told our children for years that we plan to die penniless and if there happens to be anything left at the end, it was an accident. Our 4 children understand the sentiment and appreciate our financial support, emotional support, and love in the here and now.

Death is inevitable and I am completely comfortable with my mortality because I continue to make the most of each day I am living.

We are fortunate to own a willable asset that generates a residual income for our heirs. It will require very little maintenance. 

Succession of ownership and management of a business needs to go to someone who is both able and willing to operate it.  My very small business may go to my Granddaughter if she wants it and continues to learn how to operate it.  She is educated and working in a related health field while she is learning this business.  My Son started and successfully operated a different business years ago, so he is not currently interested or able to run this business.  My primary assistant trainer could also learn the other service and management aspects of the business and take it over.  

No one.   I am Jae.  I am the business.  However, the company is my husband and I. We don't have childre.   We give investment option.  We allow our employees to buy into the company.   It gives them a piece of the company, not just one of our businesses but all. 

My business isn't designed to be a legacy business for my children.  They know and realize they need to follow their own passions and discover their mission for their lives.  My job isn't to leave a large amount of cash or a company for them.  My job is to prepare them to live in the world they encounter.  To live within their means, whatever their means is, to be fully present in their relationships with others, to love and be loved.  Everything else is just window dressing.

Most major faiths have a belief in a "higher power" and some kind of guidance. So, I am sure that "force" is looking after all of us. Good question - thanks.

When I return to the creator, my business will be left in the hands of my son.  My son TJ is an excellent psychologist, and he cares about the well being of people. My son and I bounce off of each other every day in how well we work with people who are having challenging difficulties in life.  Revive host a workshop on " Is Your House In Order."  This topic is something that I talk about with all of my clients being prepared for death because it is a part of life.

Every business, organization, church etc should have a succession plan

I'm developing a coaching certification program that will continue my work.