One seldom discussed aspect of running a successful blog is what happens to your blog if you pass away. Everyone passes away at some point. It could be today, it could be next year or it could be 20 years from now. You never know when it’ll happen. That’s why it makes sense to plan for it today.
Your blog is an asset, just like any other asset. If you had a stock portfolio or a couple pieces of cash producing real estate, you’d probably put some attention into making sure what happens to those investments after you pass away, right? If you have people you care about, that’s the only way you can ensure that the work you did when you were alive will still care for them after you pass. A blog is no different.
Will Your Blog Continue to Run?
One of the biggest questions to ask is: Will your blog continue to run even after you pass?
Generally, this only works if you have a blog that’s rather independent of you. In other words, it can’t be “Joe’s Personal Blog.” However, if you have a blog that’s run by multiple authors and is run more like a business and less like a personal website, then there’s a good chance you can keep it running.
As long as the blog produces enough revenue to keep paying writers, the blog can keep running even when you aren’t there. All it needs is an operator who understands the intricacies of the business.
This operator could be your business partner. It could be a manager you hired, or a senior employee that can be promoted to managerial status after you pass. It could also be an heir or family member who knew the business well.
Another option is to sell the website. If you have a blog that’s earning $5,000 a month, $60,000 a year, your heirs might be able to fetch as much as $120,000 to $200,000 for it. A lot of people don’t think of blogs as assets. In reality, that’s exactly what they are.
Selling a blog should be handled by someone who knows what they’re doing. First, you need to find a buyer. A buyer could be another website owner, it could be a larger corporation, it could be a competitor or it could be an investor. You need to handle the transaction using an escrow service that guarantees safety for both sides.
It’s slightly less complex than buying or selling a brick and mortar business, but not by much.
How to Direct the Switch
What you want to happen with your blog should absolutely be written in your will. Otherwise, how will people know?
The agreements about what should happen if you die should also be written into the operating agreement of your corporation, if you have partners. This is a separate discussion from who gets your shares in the company. Essentially, your business partners should know what rights and responsibilities they have if you pass away.
Use a service called “Dead Man’s Switch” online to help manage the transitions of sensitive passwords. This service allows you to store passwords and other valuable information and only give it to people upon passing away. It knows you’ve passed away if you stop replying to emails.
Will Your Blog’s Value Plummet When You Die?
If you’re worried about passing away without leaving anything to your family, now’s the time to start thinking about automation and about turning your blog into more of a real business.
Start hiring other writers. Start inviting guest authors. Disconnect the blog from your name. While this can be painful at first, it’s necessary if you want to create a real asset. Best of all, often time’s this shift will actually increase your revenues while giving you more time to live and enjoy your life.
What do you want to happen to your blog when you pass away? Should it keep running, or should it be sold? Who has authority – Your former partners or your family members? Discuss and plan for all of these questions today.