How your business is set up matters a great deal to your family, your heirs and your estate. If you select the “wrong” type of business — or become involved in a network marketing business that you can’t pass down to your heirs — then when you die, your business could die. A sole proprietorship will die when the proprietor dies.
In a network marketing business, being able to pass down (or not pass down) your business to your heirs will be outlined in a document that may be named
– Terms of Service;
– Policies and Procedures; or
– Member Agreement.
Be sure to look for this at the beginning for one very simple reason: Why would you put your time and effort into building a business from which your heirs could not benefit?
Do you remember in Charles Dickens’ Great Expectations what happened when Magwich died? Under English law, his wealth was forfeited to the Crown and thus Pip’s luxurious life as a gentleman came to an end. Pip had to go to work again.
Even if you were wildly successful in business, if you were to die, would your family or heirs inherit the benefit of your hard work? Plan the end in mind regarding the death of your business.
One of the things that I, Vicki, greatly appreciate about Young Living Essential Oils is that an Independent Distributor’s business can be passed down to his or her heirs. Not all network marketing businesses are designed that way. Choose carefully.
Are you ready to become a distributor with the world leader in essential oils, Young Living Essential Oils?