Typically a business owner will include what’s called a “Business Succession Plan” in their Will. This includes instructions on what to do with the business in terms of selling, management, financing, investments, staff, and other details. The size and type of the business makes a huge difference in how you handle it.  If the business is a corporation, the shares owned by the estate would likely be distributed to the beneficiaries or sold. The Executor may have to make business decisions in the meantime until that transaction is complete.  If the business is a sole proprietorship, it is likely the Executor will simply sell the assets of the business and close it, unless there is someone who wants to take it over (typically a family member.)  If the business is an LLC, it will have an operating agreement that includes what should happen in the event an owner dies. When there are multiple owners, they will typically vote to buy-out or replace the deceased member's ownership. If the deceased was the sole owner of the LLC, it is similar to a sole proprietorship and is typically closed.  Sometimes a business is gifted to someone in the Will, or it is placed in a Trust and someone is designated to manage it. There is also the scenario in which no succession plan or Will is left. In that situation, we highly recommend you seek the advice of legal and financial professionals.