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Dads Gone Now What?

 
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Old 08-19-2009, 07:52 AM   #1
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Dads Gone Now What?


All my life my dad has been there for us. Well Friday we get a call in the morning that he was taken to the hospital. Turns out a brain aneurysm burst in his head. He made it through two surgeries. His brain continued to swell and last night we decided that he not suffer anymore. He was a saved Christian so no doubt he is better now.

Dad left behind 4 kids for 12-26, me being the oldest. He alway had four grand kids. He just built his dream house and has only lived there about a year. He has always worked 12 hour days 6 days a week.

I'm not here for sympathy, I have a wonderful family/friend base that will help us get through this. I'm here for some business advice. My dad owned a company that built bridges and box culverts. It was mainly him and my brother (22). Ive done this type of construction before, about 4 years. My brother and I have alot of decisions to make. I'm not real for sure about his financial situation right now but Ill fill you guys in for you can probably give me more accurate advice. I do know he had a few insurance polices.

Again guys I'm not here for you to feel sorry for me. I'm only 26 and called my dad every day for work related advice. Now we have more decisions to make than ever and it's the first time he's not here to guide us
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Old 08-19-2009, 07:55 AM   #2
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Re: Dads Gone Now What?


Sorry to hear about your dad, and best of luck to you.

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Old 08-19-2009, 08:00 AM   #3
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Re: Dads Gone Now What?


Let me express my condolences to you and your family...and it sounds by your writing, your dad left you and your other siblings with the correct tools to help you through what is ahead of you...

I'm sure he was proud of you...
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Old 08-19-2009, 08:00 AM   #4
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That's what we're here for. Ask away.
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Old 08-19-2009, 08:07 AM   #5
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Re: Dads Gone Now What?


Sorry for you loss. First things I would think of, regarding the business are:

1) How was the "company" set up...llc, sub s, corp etc?

2) What does your dad's will say about the company (or his shares of the company)?

3) Talk to a cpa and an attorney

4) Are you or your brother realistically capable of running the business end of the company?

5) If you are contemplating going into business with your brother, is it possible to work well together...realistically? Who would be in charge...your younger brother?

I'm sure other suggestions will follow.
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Old 08-19-2009, 08:15 AM   #6
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Re: Dads Gone Now What?


Sorry to hear about your Dad.

Remember that you have time
to make good decisions.
Now is not the best time to rush anything.
Your Dad took a long time to
build a business, do it justice by
thinking through it when your head
is clear.

My best to you and your family.
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Old 08-19-2009, 08:41 AM   #7
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Re: Dads Gone Now What?


My condolences on your loss. He sounds like a good and honest man.
As to the business, contact any open contracts, and call for a " timeout"
Accountant and an Attorney, look for some basics: structure ( S-C corp, LLC yadda) Balance sheet.
Does your Brother want to continue? Need you hire for management? Was it all up to your dad to be the rainmaker, and if so, what next?
Though it feels like you have to make every decision in seconds, try this from one who has been through this, and wishes he could go back and do it over. Make no decisions on the day the question was brought to you. You may be, like me, able to shut everything off and just deal with the "stuff' that comes up. Don't. take your time. trust me on this.
And again, I am sorry for your loss.
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Old 08-19-2009, 08:58 AM   #8
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Re: Dads Gone Now What?


My condolences to you and your family. Certainly you can find the help here that you will seek. As others have said, take your time with decisions and make them well.

Good Luck
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Last edited by DavidC; 08-19-2009 at 10:25 AM.
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Old 08-19-2009, 09:49 AM   #9
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Re: Dads Gone Now What?


hard story, very sad
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Old 08-19-2009, 10:21 AM   #10
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Re: Dads Gone Now What?


In a time like this--Follow the advise these good men have given you. The time your Father invested to make the business what it is, now is not the time to rush anything.

Take a "time-out",...seek professional advise and think things through.

My condolences to you and your family.

-stay strong.

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Old 08-19-2009, 02:00 PM   #11
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Re: Dads Gone Now What?


Personally...I would follow the advice of those 3 above me there [ #5, #6, #7 ]...there heads are screwed on pretty tight....

Sorry for your loss.
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Old 08-19-2009, 02:04 PM   #12
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Re: Dads Gone Now What?


Sorry for your loss.Be there for your 12 yo brother.He will need you.
I lost my dad when I was 14 and had no father figure to keep me in line..I really could have used a kick in the pants on a weekly bassis.
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Old 08-19-2009, 02:08 PM   #13
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Re: Dads Gone Now What?


God Bless.
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Old 08-19-2009, 03:09 PM   #14
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Re: Dads Gone Now What?


God bless, and stay strong.

Take your time to be careful, but you are correct- do take action when needed!

Good communication with the family & business advisers. Oh, and pray hard!
~Matt
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Old 08-19-2009, 03:28 PM   #15
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Re: Dads Gone Now What?


Sorry for your loss.
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Old 08-19-2009, 04:01 PM   #16
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Re: Dads Gone Now What?


Sorry to hear about your Dad.
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Old 08-19-2009, 04:08 PM   #17
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Re: Dads Gone Now What?


I too am sorry for your loss as it sounds like he raised good kids with good heads on their shoulders. Listen to what the others have said here, from what you have said your father worked hard for what he had and looked out for this kind of incident. It is now up to you and your family whether to proceed or not, IMO you and your family have an opportunity here and it would be a shame to see your dads hard work not continue.
My wifes ex-husbands father passed away leaving behind a nice little business for his sons to operate until his grandson was old enough to take over. The business inventory and equipment was all paid for, just needed to be properly maintained and operated. His sons took over the business and ran it into the ground, they abused the equiment, didnt restock inventory as it was sold, little to no maintenance and what maintenance was done was done wrong and it is now about to close its doors. My step-son is only 16 and still has little interest in the business but he is aware that it was improperly operated and maintained. It frustrates me to see this happen and the sons just laugh about it. The father also left his sons a huge collection of guns that were all mint, those guns are all now sold off and money wasted. Their mother still lives in the house on a couple hundred acres of land which when she passes will also go to my step-son. I hope my step-son had a little better head on his shoulders than his dad, if not then when he starts selling everything i will be there with money to buy.
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Old 08-19-2009, 04:28 PM   #18
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Re: Dads Gone Now What?


Please accept my deepest symathy, this is all to fresh in my mind.
Definitely follow up with your fathers legal and fanancial advisors as to how the business is structured and for advice on how to restructure as necessary. Best wishes to you and your family.
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Old 08-19-2009, 04:30 PM   #19
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Re: Dads Gone Now What?


Sorry for your loss.

I agree with the above advice, take the time you need to make rational decisions.

God Bless.
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Old 08-19-2009, 04:38 PM   #20
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Re: Dads Gone Now What?


While you didn't ask for condolonces, etc... you still have em

There is some good advice above --- just make sure you spend time with those that matter the most at this time, your family

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