This is a question that was mostly theoretical for me until now. I just found out that the owner of a small company I did freelance work tragically died recently in a small plane accident. (His wife called me today to inform me of the accident and to ask me for some help)
I created a document for my current startup venture so that my business partner or my wife can find things like contracts and other business documents so that the company can proceed in case of my early departure.
What sorts of things do you have in place should a tragedy occur? Is there a mechanism that automates your business or allows some other easy continuance of the entity?
What are the best practices? Has anyone gone through something similar (does not need to be a death - just an exit or a partner) - what was done right? What could have been improved?
To clarify - I am not so interested in the high level generalities - I can figure most of those out - what I am interested in is how the specific details are implemented - like how does the phone bill get paid, how the server and other hosting logins are transferred, how the bank account signatures are set up, how are ownership shares transferred, etc. I presume that in many partnerships there was one person who handled many details that the other partner or founders know little about and may not even be aware of the things that go on. (For example a CTO or architect knows nothing of the business side of the company - what bank they use, etc.)
What sort of testing/examination would be good to see that everything is in place for the incapacitation of a key person? Again, I am looking for specific details, not just high level concepts.