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Selling a company after the owner dies

  • 14-04-2016 6:46pm
    #1
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,781 Mod ✭✭✭✭


    My father was taken ill recently so we decided to try to sell his business. It's just a consultancy business so mainly we'd be selling the brand - he had a wel known brand as a consultant in a very niche business, and made very good money when he was healthy. We are hoping to find someone who wants a new challenge and take over the brand and the consultancy - and at least get some money for it. However he's now taken a turn for the worse. I'm wondering can we the family still sell his business after he passes, and how this works and how complex it would be? He was just a sole trader, had a trading name wich was the name of the business/website.

    Can anyone tell me if I can do this in a simple manner?
    Thnaks


Comments

  • #2
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    First of all, is there a company at all? If he was a sole trader with a business name there is no company to sell. You would be trying to sell the goodwill and branding which is personal to him.


  • #3
    RossieMan
    Registered Users, Registered Users 2 Posts: 6,766 ✭✭✭RossieMan


    Sounds like there's no business to sell.

    Seems a strange thing to be worrying about with your dad so close to deaths door,however.


  • #4
    hometruths
    Registered Users, Subscribers, Registered Users 2 Posts: 6,347 ✭✭✭hometruths


    Depending on the nature of the business the website may have some value.


  • #5
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,295 ✭✭✭✭Mrs OBumble


    RossieMan wrote: »
    Sounds like there's no business to sell.

    Seems a strange thing to be worrying about with your dad so close to deaths door,however.

    Especially if there are still school or college age children in the picture, then it is prudent to be thinking of how they will be provided for if the main income earner becomes unable to work.

    Best to do this while they're still hale and healthy. But sometimes you just have to do it while they're sick.


    OP - does he have a trading name registered? Are the brand/website mentioned as assets in his will? If not, then I think you would need to go through the same legal process for them as for any other assets.


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