Credential / Password Manager Programs
Today, it is not uncommon for a small business to have hundreds of user-ID/password combinations to access bank accounts, business services, software tools and services, email, social media, and vendor accounts for photographic gear.
Best practice is the use of a password manager like 1Password, Bitwarden, and similar commercial products. These powerful tools maintain an encrypted inventory of user-IDs, passwords, license keys, and other information that needs to be protected, but still have available on demand or more importantly, available to those that are helping stabilize, organize, and gracefully close the business. These tools can keep passwords updated as they are changed on the websites rather than manually updating a spreadsheet or paper document. The more sophisticated tools will notify users when they find any user-ID / password combinations on the dark web or on other hacker sites so the password can be changed before the bad actors can access any account information.
Another advantage of these products is that they offer an emergency access feature that sends access information for the password vault to a designated person either in response to a specially addressed email message sent from the Designated Agent or when the Business Owner fails to respond to a challenge from the password manager within a specified period.
This lets trusted people get access to your account information in the event the Business Owner can’t tell them password access information.
A well-maintained password manager tool is an extremely powerful resource for the family and Designated Agent when they are tasked with triaging the crisis and need to access key accounts to operate the business.
This also provides the Designated Agent with a great view of where to look for banking, business, and vendor information.
Reducing your workload in preparation for retirement is challenging. You have worked so hard to build up the equipment, skills, and client base for the work - the idea of not doing that work again becomes a barrier to moving through your reduction phase.
Instead of just reducing everything at once, consider looking at your overall portfolio of services and identify the types of work that don’t bring you as much joy and enthusiasm as others. These are the lines of business you want to look at first. Either eliminate these lines of business or transition them to another photographer who is competent at this type of work and are eager to take it off your hands.
You won’t miss this work as much as you would if started with your most enjoyable work.