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How to manage inherited father's company and assets?

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My father past away unexpectedly he has a business and a bunch of "toys" as he would say cars boats motorcycles. He's business model is very and I mean very unorganized. I don't know any of the people that work for him as we weren't close in his last few years. But I'm his only son. Where do I start and how do I protect everything. He hasn't even been burried yet and people have already stolen. I can't run the company as I leave in another state. But don't really want to close the doors. I don't know where to start.

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rated:
Spouse?  Business Partner?  Attorney?  Start reaching out to people closer to him.  Hard to tell what your next steps would be without knowing more about the size of the business and what his role was.  There would be a big difference between say, him being a CPA with a couple of assistants, and him owning a small manufacturing company with an office manager and a floor manager, etc.  Will the business run without him, or was he not only in charge but also actively running it?

If it were me, I think I'd start by showing up at the business and sitting at his desk.  Interview every employee and try to figure out 1) who knows the most about how the business operates, and 2) who you can trust.  Note - they might not be the same people.  Go from there.

As for his personal assets, I don't see how that's related, but the first step would be to find everything and secure it.  Again, hard to nail down next steps without more details.

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In your case, I would try to get a handle on what the business does, and then try to put out some feelers in the industry and see if anyone is interested in buying it.

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icareneeds said:   I can't run the company as I leave in another state. But don't really want to close the doors. I don't know where to start.

You are going through an emotional time and you need to take time to figure out the right answer, but I can tell you what the wrong answer is: Being an absentee/non-involved owner. The emotional tie or sense of obligation to current employees might make you want to leave it open, but being absent in an admittedly poorly organized company just means you are watching the place burn down. Either decide to get involved (doesn't have to be directly, could be finding a partner/manager you can trust to run it day-day) or sell.

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If you're not interested in owning or running the business, you might try to find a business broker who can sell it for you.

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samko said:   If you're not interested in owning or running the business, you might try to find a business broker who can sell it for you.
  Also, maybe get help in locking down fhe liquid assets before they disappear.

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