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."
- BYU grad strikes gold teaching via online...
- The wrath of Comic-Con: S.L. convention...
- Healing souls, healing a mountain
- Dave Ramsey says: Don't leave an estate with...
- San Diego Comic-Con tells Salt Lake...
- Sarah Palin launches online subscription channel
- Utah Transit Authority eyeing electric bus...
- Does getting married really increase wealth...
- Fast food workers vow civil disobedience 14
- San Diego Comic-Con tells Salt Lake... 12
- BYU grad strikes gold teaching via... 12
- Dave Ramsey says: Don't leave an estate... 10
- Does getting married really increase... 8
- Sarah Palin launches online... 7
- 3 ways you can save money on movie... 3
- Disney moves toward $10 hourly starting... 2