Family ties saved the Wittern Group during the Great Recession, according to an article by USA Today.
The family-owned business, which makes vending machine manufacturing, had to cut 130 jobs in 2008.
In a time when many companies went under, Heidi Chico, president of Wittern Group, said her company's secret was focusing on longer-term strategies.
Not all family-owned businesses survived the recession, though experts said these types of businesses had some advantages, according to the article. The decision-making process tended to be quicker and the companies tended to be more reluctant to cut skilled workers.
Family-owned businesses do have some additional hardships during recessions than other companies, however. Access to credit is a major one.
Chico said the Wittern group looked to longer-term strategies by purchasing upgraded technology. The company must have been healthy going into the recession, said Pramodita Sharma, a University of Vermont business professor.
“It's like a human,” Sharma told USA Today. “If I haven't been taking care of my body, if I haven't exercised or been eating right, when an illness comes, it hurts me more. It's the same with an organization."
- Lawmakers looking to pump up gas tax this...
- Are you part of the global 'baby shortage'?
- Nintendo opens 2015 with some big announcements
- What's in a name? At Grand Canyon, history,...
- Kimberly Rotter: 7 weird things that affect...
- Randy Shumway: The winners and losers of...
- Another study lists Salt Lake as one of the...
- Greek radical left wins election, threatening...
- EPA inventory highlights 'toxic'... 19
- Analysis: Obama seizes on recovery,... 17
- Lawmakers looking to pump up gas tax... 16
- Obama's proposed mandatory paid... 13
- Utah has fourth largest gender wage... 12
- Are you part of the global 'baby... 12
- Another study lists Salt Lake as one of... 10
- Survey ranks Utah's best and worst... 9