This type of opportunity in adversity can also be found at the medium- and small-business level. So today I ask -- Have you spotted your recession-era opportunity?
As companies bite the dust, new opportunities are born for the entrepreneurs who survive. A great recent example is Systemax, which in the last two years spent $44 million to buy the name rights and customer lists for two once-great, now-dead brand names, CompUSA and Circuit City.
The high-stakes gamble is paying off. Systemax is opening CompUSA stores again with updated features for the digital age, and is thinking about doing the same for Circuit City, which is operating online. The company reports most customers are unaware the companies have changed hands -- they just come in because it's a name they know.
Think about the stores in your market or your industry that have busted. Did any of them have a loyal following? Could you pick up that ball and start it rolling again?
It's a business graveyard out there...maybe there are some choice bones you could pick up at a bargain price and leverage to create new growth opportunities for your business.