when I had my own business for 30 years, I made sure my cash flow and savings were built up enough to last at least 2 years without even generating one dollar in sales. (Similarly make sure you have food for 2yrs without any disruption) If your cash flow in your business can only last a few months without customers, your in. The wrong business.
I heard you speak of this 70 year businessman friend. Dude, if you have been in business that long and are closed because a few bad weeks - you should not have even been in business in the first place. I get it, I am retail. We are getting SMOKED and are not even allowed to operate. Will it shut me down totally? Unlikely. You have to SAVE, not leverage some other income stream or investment. Save actual dollars. A lot of us are pivoting. Going online much more for inventory sales and services. Huge haircut but we will survive!
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