Franklin ponders future without International Paper (Times-Dispatch)
Some wonder how the community will survive without its top private employer, if laid-off employees are forced to go elsewhere to find work, leaving other local businesses to wither. In the wake of the announcement, residents have expressed anger and fear. Yet some also hold out hope that the region can recover, just as it did from the flooding during Hurricane Floyd in 1999 that ruined hundreds of businesses in Franklin.
Small Banks Move In as Giants Falter (NY Times)
Across the country, community banks like Mr. Speed’s are trying to tap into the public’s outrage over Wall Street greed to lure customers from their big multinational competitors. The overarching message: You can trust us, because we did not cause the crisis and did not need bailouts.
CIT files for bankruptcy; taxpayers may lose $2.3B stake (USA Today)
Small- and midsize-business financier CIT Group’s bankruptcy protection filing Sunday could put most of its clients back into the precarious position the federal government was trying to prevent with its $2.3 billion cash infusion late last year. CIT is the largest of the so-called factoring companies that provide capital to clients based on their accounts receivable to tide them over until they’re paid.
Accounting 101: How to Keep Financial Records (WSJ)
Let’s take a look at the basic financial statements that every business owner should prepare and review on a regular basis: the profit-and-loss statement, the balance sheet and the cash flow statement.
Lessons from Entrepreneurs Who Beat the Odds (BusinessWeek)
Most businesses don’t last more than a few years. Meet three scrappy entrepreneurs who describe how they reached three-, five-, and 10-year benchmarks
