You started your business to control your financial destiny. But what do you do when you're blindsided by a crisis that threatens your company's very survival? Do you know people you can call at 2 a.m. who would be willing--and able--to bail you out?
"If I ever needed cash in the middle of the night--let's say $50,000 at 2 o'clock in the morning--I have certain contacts I could use in an emergency," says Rand Stagen, 28, founder and publisher of The Met magazine, a Dallas publication that covers the local entertainment and night-life scene. "Every entrepreneur needs at least one [person they can go to in an emergency], because you never know. What if your business is about to bounce payroll and you have no traditional resources to go to?"
While you hope you'll never need to call anyone in the middle of the night and ask for fast cash, how do you go about establishing those kinds of relationships--just in case? Stagen says there are three steps:
Sean Lyden is the CEO of Prestige Positioning (a service of The Professional Writing Firm Inc.), an Atlanta-based firm that "positions" clients as leading experts in their field-through ghost-written articles and books for publication. Clients include Morgan Stanley, IFG Securities, SunTrust Service Corp. and several professional advisory and management consulting firms nationwide.