Business Succession Planning: Who Takes Over When You’re Deployed?
By Nina Kaufman, Esq.I’ve had a number of entrepreneurs come to me recently needing to make major changes in their business. Namely, they want out. Either they want to get rid of their business partner, their business partner has just shown them the door or they’re just plain sick and tired and want to sell (if possible). Other reasons that people have needed to “exit, stage left” (Saturday morning cartoon junkies “of a certain age” will get the reference) have included the joyful adoption of a baby . . . and the often difficult situation of caring for an ailing parent.
One that comes up less often–but deserves consideration–is what happens when you’re in the military? When you’re called into active duty, but the only person able to run the business is . . . you? What happens to your customers? What do you want to do with the vendors who supply your business?
According to the Dallas Morning News, there’s a new resource available to assist entrepreneurs with military obligations make these decisions. DeployProof.com provides a number of tips and tools, such as a questionnaire to help small-business owners determine whether to suspend their business or keep it running with the help of trusted friends or family, and links to other resources once a decision is made.
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