The harshness of the current economic downturn struck home recently when a friend told me the story of how her brother had just lost his business. During the 70s he had identified a niche in the fine-china market and over the last thirty years had successfully supplied larger firms with unique and short-run items. Five years ago he took out a rather large bank loan in order to finance his company’s expansion.
Although Zack had reliably met the terms of the loan, at the beginning of the year the bank called in the full outstanding balance. The money could only be raised by selling his business to a larger conglomerate, which proceeded to fire his fifty staff members. Zack himself was given a managerial job in the new firm’s head office, which means he now commutes into London daily, rather than enjoying the benefits of walking to work and running the company he had established and developed over the last three decades.
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