Inheriting a business usually prompts "should we sell?" before the more useful questions: who is allowed to sign anything right now, and what has to keep running this week? Once you have settled authority and current obligations, your family can weigh four paths: keep operating, hire a manager, arrange a buyout among heirs, or explore a sale. A family campground makes a good example because it adds complications: seasonal staff who arrive in April and regular guests holding sites for next summer. Permits may also be issued in the previous owner's name. Dirt Ventures acquires and operates RV parks and campgrounds; we are not lawyers or accountants, so treat the legal and tax points below as questions to bring to your advisers.

What does inheriting a business actually mean?

It depends on how the business was owned.

  • Sole proprietorship: No separate entity exists; Cornell's Legal Information Institute explains that the business "ceases to exist when the sole proprietor dies,". Assets and debts go through probate, and licenses do not transfer.
  • LLC membership interest: The entity usually survives, but the estate holds the interest as a transferee. The American Bar Association explains that it gets distributions but no say in management unless the operating agreement says otherwise. A single-member LLC can dissolve if no successor is admitted in time, as soon as 90 days in some states.
  • Corporate shares: The corporation continues under its board. In New York, for example, an executor may vote estate-held shares without first transferring them.

A personal representative's powers "commence upon appointment" under Uniform Probate Code §3-701, and third parties will ask for letters testamentary as proof. A successor trustee of a revocable trust has authority at death without court appointment. The Florida Bar notes that assets must be funded into the trust during life or they may go through probate. Before deciding anything, confirm how the campground is titled, including whether the land sits in a separate entity from the business.

What needs attention while the family considers its options?

  • Tax IDs and payroll: IRS Publication 5845 states that an estate operating a business needs a new EIN. The fiduciary uses Form 56 to notify the IRS of the fiduciary relationship, and quarterly Form 941 filings continue as long as wages are paid.
  • Insurance: Standard ISO policy conditions transfer the insured's rights and duties to the legal representative "but only while acting within the scope of duties," and the Hartford specimen policy excludes vandalism or water damage after more than 60 consecutive days of vacancy, which can matter in an off-season closure.
  • Permits: Many campground and wastewater permits do not transfer. Minnesota's campground license, for example, "is not transferable." Few permit rules mention death at all, so call each agency early.
  • Guests and staff: Someone with authority needs to answer the reservation line, honor deposits already taken for next season, and tell long-tenured employees who signs their checks.

In many states a personal representative can continue an unincorporated business only for a limited time without a court order; the Uniform Probate Code allows four months.

Keep operating, hire help, arrange a family buyout or explore selling

None of the four paths is the default, and each carries tradeoffs the family can weigh at its own pace.

  • Keep operating: An heir can preserve control and the park's routines but needs time and authority. Record-keeping also takes patience. Yale's June 2026 RV trends report lists "owner-managed with no financials" among factors that lower what buyers pay.
  • Hire a manager: Ownership stays in the family while a company handles operations and marketing. OHI also includes guest services in that company's role. Fees reported in undated guides vary widely, so get two or three proposals. OHI's legal toolkit advises examining exit terms and whether the other party can raise prices at any time.
  • Family buyout: In a family buyout, one sibling buys the park and pays the others fair value. If a sibling needs a loan, ask an SBA lender about current owner-buyout rules. Intra-family loans should be written and bear interest. They also need a repayment schedule, since intrafamily transfers are presumed gifts. If the estate itself finances an heir, IRS Publication 537 treats an executor and a beneficiary as related persons for installment-sale purposes.
  • Explore a sale: Buyers range from relationship-first operators to private-equity portfolios, public REITs (real estate investment trusts), franchise systems and generalist cash buyers. They differ in how much they ask for up front and what happens to staff afterward.

What if nobody wants to run the inherited campground?

A seasonal park cannot wait for family consensus, because the season opens on a date.

  • Starlight Campgrounds, which runs only seasonal Upper Midwest parks, told Woodall's that even the best workampers (RVers who work at a park in exchange for a site and pay) typically move parks each year, so teams are rebuilt annually.
  • A Maine park profiled by Woodall's in June 2025 uses four workampers in summer and only the owners off-season, and set aside 30 sites for seasonal campers who pay from December to May to cover low-revenue months.

Someone has to send those invoices.

If no heir can be on site, a one-season interim manager or a family member committing to a defined stint can cover operations. Another realistic choice is an early conversation with a buyer who will operate the park.

Deferred maintenance need not be fixed before anyone talks. Buyers describe themselves differently: some say they avoid fixer-uppers, others advertise as-is purchases. A long-term operator would rather see the last septic inspection and the repair list you ranked but could not fund than a hurried repaint. After an acquisition, our long-term upkeep work centers on maintenance planning and repair prioritization. We also invest carefully over time.

What if family members disagree about selling?

Siblings often value the park for different reasons: childhood summers or a parent's decades of work. Some also value staff who have been there for years. Those differences are worth naming early, and the decision can be explored gradually. It can help to agree on who decides before debating what to decide. Family Business Magazine contributors Binz Astrachan and Rüsen frame the first question as "Do we want to stay in business together, and why?" and call decision rules, majority versus consensus, "absolutely critical," noting the process can take six months to a few years.

The legal backstops differ by state:

  • Heir consent: Probate rules on heir consent vary by state. In California, a Notice of Proposed Action must go out at least 15 days before a sale, and a timely written objection forces court supervision.
  • Partition: If heirs co-own the land, partition is the backstop; a St. Mary's law review article calls heirs-property forced sales "notorious for yielding sales prices well below the market value." The Uniform Partition of Heirs Property Act, adopted in 26 jurisdictions including DC and the U.S. Virgin Islands, adds a disinterested appraisal and a 45-day buyout right.

When every sibling sees the same profit-and-loss statements and repair list, conversations tend to cool. Sharing the permit folder helps too. An FFI case study ran twelve mediation sessions over about six weeks, and Susana Quintás writes that a facilitator "does not replace the family in the decision but ensures every voice is heard." Blair Trippe cautions that mediation can do more harm than good when the issues are values and emotions rather than negotiable terms.

What information is useful before a valuation or buyer conversation?

Start with what exists today. Campground Investor's valuation list and the OHI due diligence checklist together cover:

  • Three years of profit-and-loss statements and tax returns
  • Two to three years of occupancy and reservation data
  • Site count by type
  • Seasonal agreements and deposits held
  • Staff names and roles, with pay recorded for each person
  • Permits for pool, dump station, propane and food service
  • Title and survey
  • Deferred maintenance

Gaps are normal. The IBBA reports that about 65% of small businesses lack financials that properly reflect income and expenses as well as profit. It names bank statements and invoices as substitutes. Northeast Campground Brokers warns that lenders "will NOT consider unreported income." Woodall's notes: "The more historical data available, the smoother the underwriting process becomes." For an inherited park, the most valuable document may be a one-page list of what you know and don't: the water test date, septic report, pedestal amperage, reservations already taken, and repairs the previous owner meant to do.

Legal, tax and financing questions for qualified advisers

The Form 706 instructions list a $15,000,000 basic exclusion for 2026 and a 40% top rate, so federal estate tax applies only to larger estates. State taxes reach further: the Tax Foundation's October 2026 compilation counts twelve states plus DC with estate taxes and five with inheritance taxes. IRC §1014 generally resets basis to fair market value at death, but how that applies depends on what was inherited. Inheriting the park differs from inheriting stock or an LLC interest.

Questions for your advisers:

  • Which state taxes apply to each heir?
  • Does a stepped-up basis apply, and how does it affect a sale?
  • Does any estate-tax election restrict a later sale?
  • Would using a management company affect any estate-tax payment option?
  • What do lenders require for a sibling buyout note?

Exploring a sale before committing to it

A first conversation with a buyer commits you to nothing. A letter of intent can: even a "non-binding" one may create obligations such as exclusivity, so wait for whoever holds authority before signing. Brokers often ask for a six- to 12-month exclusive (Morgan & Westfield says most require one year), and the IBBA puts Main Street commissions at 8–15%.

A Conversation, in Three Steps begins with learning about the park and discussing what matters to your family. We then explore whether there is a fit. You do not need a fixed timeline, a formal valuation, complete records, a broker or a decision to sell. If mutual interest develops, we may visit and review the business with you. We may also talk through transition options. We cannot resolve a family disagreement, but we can describe what a long-term operator would want to understand, which siblings can take back to their own table.

FAQ and next step

You can explore a sale before reaching family agreement or gathering complete records. These answers explain who needs authority to act and whether operating experience is required.

Can I ask about a sale before the family agrees?

Yes. An offer or listing needs the authorized representative. So does an LOI.

Can I sell a business I have never operated?

Authority to sell comes from your role as personal representative or trustee, or from admission as an owner. Operating experience is not required. In our view, the harder question is whether you can sign, which your counsel answers.

What if the records are incomplete?

The IBBA names bank statements and invoices as substitutes, and we start conversations without complete records.

If you are beginning to think about what comes next for your park, Start a Conversation. You do not need to have the timing or structure figured out. If email is easier, write to George at george@dirt.ventures and tell us a little about your park.