Unemployed business owners?

[Rich Z]

Seems like a lot of companies are folding and it got me wondering what the previous owners of such businesses are going to to. Previously, they would likely just get a job with another company, maybe even a competitor, but with the job market pretty much dead, that probably isn't going to happen. There just are not jobs available. So not only does a company closing put the employees on the streets, but it removes a possible option for someone else to get a job there, and has the owner(s) looking for work as well. This could REALLY snowball, I think.

How do you know whether the economy is in an actual DEPRESSION or not? Or is that something you know know looking back at it when it is over with?

I sure hope that Connie and I don't have to make snake and mice sandwiches to live off of if things get REALLY bad....

[dvdcta]

Originally Posted by Rich Z

Seems like a lot of companies are folding and it got me wondering what the previous owners of such businesses are going to to. Previously, they would likely just get a job with another company, maybe even a competitor, but with the job market pretty much dead, that probably isn't going to happen. There just are not jobs available. So not only does a company closing put the employees on the streets, but it removes a possible option for someone else to get a job there, and has the owner(s) looking for work as well. This could REALLY snowball, I think.

How do you know whether the economy is in an actual DEPRESSION or not? Or is that something you know know looking back at it when it is over with?

I sure hope that Connie and I don't have to make snake and mice sandwiches to live off of if things get REALLY bad....

RICH!!......TRY GATOR STEAKS!!!!.......SWAMP RAT!.......

[coolassbrad]

pardon me do you have any grey poupon??

[Rich Z]

Originally Posted by dvdcta

RICH!!......TRY GATOR STEAKS!!!!.......SWAMP RAT!.......

I'm not exactly what you mean by that, so I'll just come up with my own interpretation that I highly recommend you understand and pay attention to:

THIN ICE

[gsdave]

The outlook is a little bleak sometimes. I just started my own business last year (sold my portion of a much larger company back to the owners). Its hard to tell what will happen. Every election year I can remember has been slow, but after the election and new candidate (or old) comes in things usually break loose. I guess we'll see what happens. Obama has made promises of rebuilding the infrastructure so there is a possibility of work there. Although there will be more competition for that work unless some of the private money gets freed up. The best thing we can do is pray for guidance and do the best we can. I have more work now than I did last year at this time, but I also have 2 employees and more obligations.

[Shadow]

Originally Posted by gsdave

The outlook is a little bleak sometimes. I just started my own business last year (sold my portion of a much larger company back to the owners). Its hard to tell what will happen. Every election year I can remember has been slow, but after the election and new candidate (or old) comes in things usually break loose. I guess we'll see what happens. Obama has made promises of rebuilding the infrastructure so there is a possibility of work there. Although there will be more competition for that work unless some of the private money gets freed up. The best thing we can do is pray for guidance and do the best we can. I have more work now than I did last year at this time, but I also have 2 employees and more obligations.

I'm in a business that generally gets better as the economy or society weakens. Then again, I've been in the same sort of class most of my working lifetime.

I would imagine that most entrepreneurs will do what entrepreneurs do. If the doors close, figure out something else to do

I got rid of all employees and have only subcontractors at the moment. I prefer it that way for tax purposes.

Had three (3) offices statewide and employees to match. No thank you ever again!!

[Dick]

while we're not out of work, we always have to worry about other companies coming in and underbidding us. Especially county jobs where what we get paid is made public.

People out of work will come in for next to nothing just to stay busy. . But thats buisness ya know?

[floridaZ]

Originally Posted by Rich Z

How do you know whether the economy is in an actual DEPRESSION or not? Or is that something you know know looking back at it when it is over with?

Now I don't remember the specifics, but in my Economics class we learned that a recession is a drop for a certain amount of time, and a depression is a drop for a greater time. The difference between a recession and a depression, on paper at least, is only the amount of time you are there.

I think a recession is no economic growth (or shrinkage) for more than 6 months. I could be wrong there.

[Shadow]

Historically, recessions havbe lasted approximately 14 months.

IF history holds true, we should be out of this on by about January or so

[85vette]

Originally Posted by Shadow

Historically, recessions havbe lasted approximately 14 months.

IF history holds true, we should be out of this on by about January or so

What year?