You’d think the fall of Enron and WorldCom taught investors a valuable lesson in the dangers of having too much of their company-sponsored retirement plan in company stock. But entrepreneurs typically invest the bulk of their net worth in their businesses. And just as often they only seek to diversify when they are ready to begin removing themselves from the business. While small business owners can sell a portion of the firm to employees, many don’t take advantage of this opportunity until well into the business’ life cycle, leaving the founder’s retirement savings tied up in his business for a long period of time.

When I ask small business owners if they’re seeing a slowdown, I’m told that invoices are taking longer to get paid, that expansion plans are getting put on hold, or that new contracts are slower in coming than in the past. Construction and auto dealers so far appear to be suffering the most.

But any admission of slower growth is always followed by the same phrase: “But we’re pretty much recession proof.”

Most go right into the trash basket. Sometimes the motion is even accompanied with a huff -- I get irked at the corny joke about molar and, frankly, I’m peeved that the only mail I get is from the dentist.