The Demolition Derby Will Destroy a Business, How Do You Avoid it?

Suppose you find yourself or your business in a demolition derby, exit immediately. Don't ever hold your ground amid a demolition derby unless you have no exit options.

An example of a demolition derby is the shutdowns we have experienced across the US. Some businesses pivoted, and some have not. Some of those businesses that did not pivot went bankrupt, and others piled on mountains of debt and stress.

Great businesses focus on cash flow, and they create contingency plans for adverse events. Certain companies are better at pivoting than others. The mobility of your business will enable you to pivot. If you have an immobile business and see a storm coming, either sell your business or move it. Don't wait for the storm to hit to move a slow-moving stationary business.

Government and economic conditions change. A responsible business owner stays abreast of the local and national economies. They continually look forward to determining whether or not a pivot is required.

"""Evaluating a Business Requires Effort & Diligence, Buying a Business Requires Patience.""
--Red to Black Podcast

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