Starting in 2009, I took it upon myself to develop a Business State of the Union. My company had been growing since its inception in 2008, and with the way technology was changing all the time I felt I needed to have everything in one place. I needed to have information available to me or someone I trusted in case something were to happen to me. Articles have been written that touch on pieces of what was going through my mind. In fact, there was an article from the The Atlantic about having a social media will. Now, more than ever, I believe this is extra important considering the pandemic our world is facing.
But it is not just about social media. Think about your entire business. The infrastructure, the access, the passwords, the chain of command. What happens to all of that if something unexpectedly happens to you? Who has access? Where are the passwords? You never know when you will need to have these things ready for someone to take care of your estate.
Setting up your own State of the Union (SOTU) is an essential part of running your business. I am on my 12th year of doing so, and remind everyone annually at this time. So let’s go through the basics of what you need to do in order to set up your own personal SOTU.
Step One: Collect all the data.
- Business Systems – what technology do you have in place that is a vital part to running your business? Is it a specific software or database? Who has access? Where are the passwords? Does someone else understand how it works? A common one that comes to mind is Quickbooks. But this can also include any type of industry software that helps you run your business.
- Social Media – As it stands, Facebook will not give you access to your loved one’s account when they pass. They will “memorialize the account” so only confirmed friends can see and still post. Now for most people this may not be that big of a deal, but what if you have a lot of Facebook Ads tied to this account? Pictures? You cannot access this without the name and login. There are types of legislation the will assist in certain cases, but why not avoid it altogether and have your login and password accessible to the person that will need it? This of course also applies to Twitter, LinkedIn, Pinterest, Instagram, you name it. Gather your logins and passwords to all the social media sites you frequent and list them on your SOTU.
- Email – Where is it hosted? What are the passwords? Do you have access to all of the machines, such as home or work laptops, phones, iPads, etc. where you can log on to the email?
- Websites – Again, where is it hosted? What are the logins and passwords? How many domain names do you own, and when do they expire? Where did you register them? This is especially true if your livelihood is tied to your brand and website.
- Internet/Back Ups – Gather your logins and passwords to deal with our internet account. Do you know your wireless network password? Do you have a guest account with a password? Do you have a Time Capsule or other back up hard drive that is password protected? You need to know what these are!
- Cell Phone Accounts – Again, having access to logins, passwords, and plan information is vital. It is extremely rare that anyone has a land line any more, so you need to be able to get on the carrier’s website and adjust whatever is necessary.
- iCloud/iTunes – Apple is typically very helpful in retrieving someone’s music if they have passed, but if you have access to these accounts and can relieve a lot of extra work and aggravation.
I could go on and on with the list of different programs, products, services like PayPal, Amazon and various people like lawyers and insurance agents, but you get the idea. You also need to know that Hulu and Netflix accounts cannot be changed. If those accounts are set up under you, a new account will need to be created.
Step 2: Where To Store It
Now that you have all of this technical data in one place, what do you do with it? First, I recommend using an encrypted system to store all of your vital passwords. Once I can recommend is Passpack. Passpack.com is a password management system that will allow you to manage and organize your passwords, create accounts for family members or team members, and it is all encrypted and secure.
Next, it is time to create the official SOTU: a Word document or Excel spreadsheet that lists the physical location as to where to find your important documents, such as wills, life insurance policies, bank accounts and so on, and then also include your Passpack account information. This document can be as simple or as thorough as you want it to be. Then you find a place to put it.
Last year I even placed everything “in order of importance” to the best of my ability, just to make it easier on my executor. I have placed my SOTU onto Dropbox, which is not only accessible to me and my executor, but makes it easy to update the information. I also have a printed copy that I keep with the wills in a safety deposit box – just because I am anal like that.
Step 3: Update on an annual basis.
For me, that just happens to be every July or August. Set a date on your calendar – one that you will stick to. It only takes me less than an hour to go over any changes to passwords, business systems, bank accounts, etc. Just a small amount of time can really save you a lot of grief and struggle in the long run.
The SOTU is very personal since everyone utilizes technology and social media in different ways. Honestly – you don’t need to be a business owner to have one. Everyone should. Get your info together and then pick a person in charge. I make all of my Accountability Program clients do this.
So consider this your annual reminder! How many of you have a SOTU? Am I the only one? Did I get your wheels spinning? What are your thoughts?