Believe that bankruptcy will never happen to you? That’s great, but businesses large and small that have survived the recession shouldn’t let their guard down just yet, advises Susan Tose Spencer, an entrepreneur, lawyer and former minority owner, general manager and vice president of the Philadelphia Eagles football franchise.
Having participated in a number of businesses over the last 25 years—which included heading up her own companies and facing $1 million in debt with one failed meat packing venture in New Jersey—Spencer is familiar with the financial toll and emotional beating that goes along with trying to save a company on its last legs.
“If you are a small business owner that is still in business after the most recent economic downturn, that doesn’t mean you are out of the woods,” says Spencer, author of a book titled, "Briefcase Essentials: Discover Your 12 Natural Talents for Achieving Success in a Male-Dominated Workplace." “There are many telltale signs that you need to consider, face the facts about the health of your business, and then come up with a strategy.”