articles/Lighting/creating-with-light41-page2

Dave Montizambert's Creating With Light Part 41 - part 2 of 1 2 3

by Dave Montizambert Published 01/02/2016

Something we hadn't considered, half the business disappeared withMark, so we needed time (money) to rebuild that. Our partnershipwas now just me. Like any business it's personal, Mark's clients werecomfortable working with him not me. Some stayed and some just driftedaway and I could see the results in our bank balance.

The next month was made even weirder as it was 9/11 - nothing madeany sense ...but we were able to continue the business with our staffbecause we had funds in the bank - the life insurance policy was clear andhad come through in four weeks or so. There's a lot to do when someonedies, it's not just heart breaking, it is really overwhelming too - all thepaper work that needed to be done, the new marketing, the planning.Sylvianne is a gifted administrator and she made a plan - I rememberSylvianne saying '...we have money so we don't need to do it all today,each day we will do just one thing'. She was so right, break it all down intobite-size chunks just like doing complex lighting. So we took our time, just one item per day we slowly and calmly got through all the administrationof probate, closing bank accounts, cancelling credit cards, selling personal'assets, and following the instructions of Mark's will.

I also learnt not to make hasty decisions; if it can wait then let it becausehow you feel now is going to be very different in 6-12 months once youhave recovered a little. Maybe you don't have to liquidate all the assets,what does it look like if you don't? For instance, we gave in to the adviceof the 'experts' and sold Mark's home. We thought and were advised thatwe needed to liquidate and set up a trust for his three-year-old daughterRIGHT NOW. Turns out the better decision would have been to keep itand rent it out, this would have provided sufficient cash flow for herupbringing and she would have had real estate upon her majority.


I was in such a strange fog and high at the same time. Your adrenalineis in over-drive and there were days of complete collapse. Those twodocuments, the will and the insurance made it possible for my business tocontinue and gave me time to surface from the fog of disbelief.

The best way to tackle a will is to make a list - pretend you are dead -really - who does what? Here's the list Sylvianne compiled:

  • Where are your documents - lasting power of attorney/will/lifeinsurance - who has immediate access to these documents?
  • Are your files both personal and business accessible?
  • Passwords?
  • Who will run your business if you aren't around any longer?
  • Who is making the first calls to either cancel or reschedule shoots?
  • Who has access to bank accounts, credit cards? The bills are stillcoming in.
  • Who and how do you address payroll?
  • Who is following up on ongoing projects due to be delivered/collected?
  • What happens to your stuff/studio - does the business collapse or goon?
  • Who has lasting power of attorney - can this person take care ofpersonal and business affairs?
  • Have you left instruction for your personal items and business-relatedconcerns?
  • If you have any secrets get rid of them - someone will find them :)
  • Is your family protected with a life insurance policy that is separatefrom your business?
  • Will your family and your business have enough cash until the estateand insurance policy are paid out?
  • Have you made your wishes clear regarding any medical decision thatyour family may have to make on your behalf?


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1st Published 01/02/2016
last update 09/12/2022 14:52:58

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