727: Rock the Recession: Reinvent Yourself, Start That Business or Pursue Gig Economy Side Hustles with Jonathan Slain

Jonathan Slain is a consultant who survived the last major recession by borrowing $250,000 from his mother-in-law. He is the co-author of the book "Rock the Recession" and the founder of the website recession.com. Today, Jonathan discusses strategies for preparing businesses and individuals for the upcoming economic downturn. He emphasizes the importance of benchmarking readiness, building relationships with banks, and seizing opportunities that may arise during a recession, such as acquiring assets or businesses at discounted prices.

Jonathan coaches high growth leadership teams across the United States to implement the Entrepreneurial Operating System® also known as "Traction." He focuses on working with entrepreneurial niche/specialty firms and large corporations ($10M+ in annual revenue), spending over 100 days per year working with teams just like yours.

Quotes

“Recessions are massive opportunities. If you know where to look and prepare yourself, you can really rock the recession.” - Jonathan Slain

“If you're entrepreneurial and hungry to own a business, I think it's a great time to start having conversations with business owners to see if they are interested in selling or having you take over their lease.” - Jonathan Slain

“I want you to preserve your best options, because otherwise, you might be choosing your least bad option. And that's just human behavior.” - Jonathan Slain

Takeaways

01:28 Recessions can be viewed as opportunities for growth, not just challenges to overcome.

06:15 Benchmarking your business's recession readiness is crucial to identify areas that need improvement.

09:19 Building relationships with banks and other potential partners can help you secure good deals on assets during a recession.

16:40 Having a personal and business emergency plan in place can provide psychological safety during economic downturns.

18:49 Being proactive in seeking opportunities, rather than waiting for luck, can lead to success in a recession.

Resources

• Recession: Need proven strategies to help you Rock the Recession? Ready to thrive instead of survive?
• Get a copy of the book, Rock the Recession: How Successful Leaders Prepare for, Thrive During, and Create Wealth After Downturns by Jonathan Slain & Paul Belair on Amazon
• Connect with Jonathan Slain on LinkedIn

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Filed in: Archive 3: 2018-2020 • Interview • Podcast