How To Handle Your Father's Business After He Dies

If your father, who owned and operated a successful small business in town, passed away unexpectedly, and you and your siblings are having trouble determining what to do with this business, you could benefit by seeking the services of a business attorney. Business attorneys offer mediation services relating to family business succession planning, and here are three things the attorney will help you with.

Finding out if your father had a plan in place

Before you and your siblings get too worried about what will happen to your father's business, you should find out if your dad had a family business succession plan in place. This is an agreement, similar to a will, that many business owners create before they die. It is designed to state who will get the business when the owner passes away, and it will state many other details about the business.

The lawyer you visit can help you find out if your dad had a plan. If so, you and your siblings will have nothing to fight about, because everything will already be planned out. If your dad did not have a plan like this, the attorney you visit can help you decide what to do.

Considering each person's opinions

The first step in determining what to do with this business will be to find out what each sibling has in mind. A lawyer that handles an issue like this does so with a process known as mediation. Mediation involves each person stating their opinions, feelings, and desires. This is usually done in a group setting, but it can also be completed individually. The goal is to find solutions that everyone will be happy with, and this is not always an easy process.

Helping you develop a plan to carry out

After everyone has fully explained their stances, the attorney will help all of you create a plan is the best for everyone involved. This plan may consist of dividing the rights to the business equally between all siblings, and it should also list the responsibilities, duties, and roles of each family member.

If you are in a situation similar to this and are not sure what you should do, talk to a business attorney today. Your attorney can help you and your siblings create a solution for this problem that you will all be pleased with. To learn more, contact a business attorney today.