LaunchPad: Digital Asset Protection & Succession Planning For SMBs
What happens to your business if something happens to you? Will your employees or partners be able to carry on? Not if you hold the digital keys to the bank – and other valuable digital assets. This article shows you how to protect your business.
“If you are a business owner and something happened to you, how many people in your company have access to key digital information? Specifically, I’m referring to the digital files that entrepreneurs go to great lengths to keep private. And at many small companies the owner is the only one with access to important login information that is necessary to keep the business running. Without a plan to pass on those digital files and passwords, sorting through an entrepreneur’s online estate after he or she is gone can be time consuming and frustrating for loved ones.
If you already have a will, your attorney can draft an addendum that spells out who should receive the keys to your various digital accounts. However, a will is not the place for usernames and passwords since it will become a public document. A better way would be to store the information on a USB flash drive and keep it in a safe-deposit box or a safe in your home. Along with that, it is important that you include instructions so your successor knows how your data is organized, including email and where sensitive company information is stored. Most importantly, keep this master information updated and make sure someone you trust knows where to find it if the need arises.”