When a sim dies

I was wondering about that. So I need to make sure I get that business perk and then it's an option when clicking to talk to someone?

My plan is for all my shop owners to pass on their businesses to one of their kids. At least the successful businesses. To be honest, the bakery isn't making very much. The ONLY reason it made money was because I chose the cash business perk 5 times. I'm curious if it will start losing money now...