Recall to full Active Duty-Sell or close the shop?

[Jack_Tar]

OK Everyone,
I need some advice from the business crowd. I an getting recalled to full active duty. At this stage in that game I have 11 years and change active duty so staying until 20 to retire is the plan. I took over my shop 5 years ago and have been building and growing this business. I have basically 3 options here.

Option 1 is what I am trying to do first. Turn over 60% of the business to a competent and trustworthy friend. Let him run it and grow it. Use my 40% to have a hold in the company when I retire and a job. That is the prefect world idea. His wife doesn't want him to give up the guaranteed paycheck with tons of overtime to own and run another shop. He had a shop before with cars in magazines and some that went to some of the big auctions, but a crooked partner cost him the company.

Option 2 is to sell the company. Existing business with good reputation and existing client base. Originally moved to this location in 1973 so everything is grandfathered in. Tools, equipment, customers, that whole shooting match.

Option 3 Shut it down and find something to do with ALL of this stuff.

I have 4-6 weeks.

Help, I need some business guidance.

[budnate]

pretty tough to fix a problem when your half way around the world...even if you keep a interest and it goes sideways down the road your left to fix the problem, safe play is sell out and reevaluate when your done in 20 or so.

[XXXGoldL34M20]

"Option 2 is to sell the company. Existing business with good reputation and existing client base. Originally moved to this location in 1973 so everything is grandfathered in. Tools, equipment, customers, that whole shooting match."

I think this is the best Option as having a partner is worst thing to do as the only person you can trust is yourself, I know because our family ran a business with a partner and he screwed us over, even running a business with Family is not guaranteed these days in the trust department.

I say do what you have to do concentrate on that one thing and if you get back, start from scratch again. <<GRAEMLIN_URL>>/biggthumpup.gif

[Woj]

There is some experience talking here. Partnerships only work under ideal conditions. If you are deploying to the Mid East (or any hostile environment), you certainly don't want to be worrying about a business, you'll have plenty of worry about the mission and your family. Last time I was there, I could only think about my crew and the mission. You will be doing a dis-service to your fellow soldiers if your mind is somewhere else. If you have the option of shutting it down and restarting, with your customers aware of the situation, I would do that.

Best of luck, thank you for your service.

Phil Woj (ANG retired 30 + years)

[marxjunk]

sell it while it has value..to that close friend...

[Jack_Tar]

Thanks everyone,
I was not wanting to cut the cord to little empire here, but with some information I have gotten with face to face meetings with some business people here along with you guys information, the shop is for sale.

[markinnaples]

Best of luck with your shop, and thank you for your service; May God Bless you and our other service members who devote their lives to keeping America safe and free.