5. Business Comes Before Pleasure for an Ontario Executor

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If there’s an active business to wind up and sell, will you be up to it?

As executor, you can be caught in the middle of a shotgun clause in a shareholders or partnership agreement. Will you be able to handle the stress and get the best deal possible for the estate?

Running a business is, at best, a dangerous proposition. More so if you have no experience and are unfamiliar with the operations and the market.

In most cases, you are trying to sell the business as a going concern. You may have to hire professional managers to operate the business until it can be sold. In a small business, employees can disappear overnight when they sense their pay checks are in jeopardy.

Questions to Consider

  • Can you pay business managers fees from the business?
  • Can you sell other estate assets to keep the business afloat?
  • Is the business up-to-date with all government and tax filings?
  • Does the business have proper bookkeeping and tax records?
  • Are you concerned about unreported cash sales?

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