If you’re deployed for the military and own your own business, you might be in somewhat of a panic state at the moment. Not only do you have to worry about leaving your friends and family members behind, but you have to decide what on earth to do with your business! Should you sell it, hand it over to a relative, or get rid of it entirely? The solution isn’t always immediately obvious, so read on to help you decide.
Do You Have a Plan?
Some members of the military who are also business owners have what they call a ‘Deployment Plan,’ which is enacted if they are called to active duty. This plan lays out exactly what happens to the business-including profits, inventory, stocks, investments-and how it will be sustained or liquidated in the event of deployment. If you’ve prepared one for this eventuality, take it out, dust it off, and figure out if your original plan is still feasible.
Are You All Alone?
When you own a business yourself and have no employees or partners, it can be difficult to sustain the business when you’re deployed. If, however, you have employees or relatives who can manage it while you’re in the service, you might have a chance of keeping it going. Of course, this also depends on whether or not your employee or relative is willing to hold down the fort until your return.
What Skills Are Required?
If your business is based on your talents and skills-which cannot be replicated by a replacement-you might have to shut it down for good when you’re deployed. For example, if your business is designing web sites for other companies, you might not be able to find a replacement to satisfy your customers. This would hold true for a woodworker or dog trainer or any business that requires skill.
How’s the Money Look?
If your business is the sole source of income for your family, it might not be feasible to shut it down when you’re deployed. Even with your paycheck from the military, you might not be able to support your spouse and children, in which case someone will have to do it for you. Make sure to consider the financial ramifications before you shut down your business entirely.
What Costs Are Involved?
Most businesses require at least a minimal overhead to stay running. For example, if you rent an office space, you’ll have to continue to pay rent even if you aren’t around just to keep the business open. If your expenses vary, however, you might not have to worry about shutting down because the costs will no longer be a factor when you’re deployed.