Recall to full Active Duty-Sell or close the shop?
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.
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Jack Tar (Old English Slang for Sailor)
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