Lately, many of the stories in the local and national newspapers have been talking about how small businesses are struggling to make ends meet, pay bills, keep employees, and ultimately survive.   A recent story in the New York Times, written by Jane Birnbaum and read here, highlights several family owned businesses and what they are doing to pull together and make it through.  One of the key themes throughout the piece is to not only stay resilient, but also rely on the advice and knowledge of those (including family members) who have struggled through tough times.  The overall message is that there is no greater tool than experience, and that any knowledge that you can use in today’s economic climate should be considered. 

But also this story gives some hope to small businesses everywhere, because it highlights how times have been tough before, and small businesses have hunkered down, trimmed where they needed to, and came out on the other side intact.

Here’s an excerpt from the piece:  “They can have the strength of the entire family, meaning all sorts of thinking and fiscal resources,” said Jeffrey A. Miller, a family business consultant based in Coral Cables, Fla. “There may be a consolidated family ethic, sometimes traceable for hundreds of years, which in tough times will help them hold steadier than businesses where people aren’t related.”

Do you have a family business and do you have any lessons to share from past downturns? How are you coping with the current economic crisis?