When the transition has already started
The first questions are practical: who has authority to sign checks, run payroll, and speak with the bank. If an owner has died, their shares or membership interest usually pass through their estate, and in New York an executor or administrator appointed through the Surrogate's Court may have to act before heirs can. Lenders, landlords, and key customers may have contract rights triggered by an owner's death or a change in control. Governing documents such as bylaws, an operating agreement, or a buy-sell agreement often answer the immediate questions, so locating them comes first.
Family, managers, and the people who expect something
Succession is rarely only a legal question. Children who work in the business and children who do not often have different expectations, and long-time managers may believe they were promised a share or a role. Written promises are easier to evaluate than verbal ones, but both deserve attention because either can turn into a claim. Where the business passes within a family, estate tax and valuation questions follow, and the timing of a sale or transfer can affect them. Keep the company's financial records current and complete, since everyone involved will want to see them. If the business holds licenses issued to the owner personally, ask early whether they can continue without that person.
Steadying things, then deciding
In an early meeting we identify who holds legal authority right now, what the governing documents require, and which deadlines are running in the estate, with lenders, or under contracts. We then help the family or remaining owners decide whether to keep, sell, or wind down the business, and how to do so without losing value in the meantime. For owners who are still able to plan, we work through who should own the business, who should run it, and how a transfer would be funded. Starting that work while the owner can still take part is far easier than reconstructing intentions afterward.
