Planning for a Business Turndown

How will your business be affected if there is an economic downturn? Are you prepared for it, and have you thought about how you can survive it but also prosper?

After a decade of economic growth, and with an uncertain political climate, there’s talk of recession in the air. It may or may not be happening, but it’s good to be prepared and this workshop will be a powerful tool in helping business owners plan how to survive and thrive.

The event will start with a presentation by Neal Elkin, Managing Director and Senior Folio Consultant at Bank of America Private Bank. Neal will present the bank’s recession indicator and go through an overview of how the tool works, and the implications that it uncovers.

Using a combination of information on unemployment claims, housing starts, industrial production and vehicle sales, this tool analyzes where we are in the economic cycle. Based on that, it looks at trends and is an excellent lead-in to a discussion about the likelihood of a recession.

Pivoting from this economic information, we will switch to a panel of five business owners, who will share their experiences about how they handled the last recession and the steps to go through if there is another recession on its way. In particular, they will cover:

• Trends in the marketplace that indicate that a business downturn is coming

• How the last recession affected them

• Risks that come with a business downturn

• New opportunities that a business downturn can present

This promises to be a lively and informative workshop that will help attendees identify what actions they need to take to prepare and thrive under changed economic circumstances.

We are honored to include on the panel the following Long Island business owners, and we are very much looking forward to having you join us for this valuable and timely workshop.

• Frank Chau, Owner, F Chau & Associates, LLP. Frank is a lawyer specializing in intellectual property and patents for a number of significant domestic and overseas clients.

• Glenn Franklin, Partner, Franklin Gringer & Cohen PC. Glenn runs a labor and employment focused law firm with a large number of clients in the New York metropolitan area.

• Gus Lugten, Vice President of Operations, Q Source Inc. Q Source is a national and international distributor of products for commercial, industrial assembly and production environments.

• Mark Rickard, President, Rickard Squared. Rickard Squared is a digital marketing agency that specializing in the use of data for customer acquisition.

• Jay Shulman, President, J T Shulman & Co. PC. Jay is the managing partner of a five-partner accounting firm with significant clients both in the US and internationally.