Your article brought back memories. In 2008 I worked for a 30 year old family owned industrial distributor. They ran a lean operation, had consistent profit levels, and didn't believe in debt. When things went south, the owner held a meeting and stated that no one would be let go or see a cut in base pay. His order was to get out in the field and sell like crazy since all our competitors were laying off sales reps and support staff. It wasn't pretty at first; 2009 sales dropped 50%, then increased 30+% in 2010, and roared back in 2011. The company came through stronger than ever. I was lucky to be in the right place when all this happened. Every situation is different but it illustrated to me the advantage of low debt in business and personal life.
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Your article brought back memories. In 2008 I worked for a 30 year old family owned industrial distributor. They ran a lean operation, had consistent profit levels, and didn't believe in debt. When things went south, the owner held a meeting and stated that no one would be let go or see a cut in base pay. His order was to get out in the field and sell like crazy since all our competitors were laying off sales reps and support staff. It wasn't pretty at first; 2009 sales dropped 50%, then increased 30+% in 2010, and roared back in 2011. The company came through stronger than ever. I was lucky to be in the right place when all this happened. Every situation is different but it illustrated to me the advantage of low debt in business and personal life.
Post: Financial Trauma
Link to comment from February 16, 2026