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Small Business Owners Beat Recession Blues

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By LAURA CONE

The Sun

Published: January 7, 2009

While the worldwide economy may be shaky, some businesses in Sun City Center have decided to press on. Take owners Carla Miles and her husband Richard Schaffer, who have not let it keep them from their charity, business and leisure pursuits.

"People are going to continue to do business," Richard Schaffer said. "I have started a business in the past year."

Since he does not golf and has been retired for five years, Schaffer said he needed a different way to stay busy. He started Concrete Design Products.

Carla Miles, who is extremely involved in the Hope program for needy children in Wimauma, said she was proud of her husband for starting a small business.

"It was a step he felt was necessary," she said. "It's working out for him."

To help the business get up to speed, Richard has worked on projects such as outdoor painting and sidewalk crack repair, both of which are more recession-proof. Still, Richard is taking a pragmatic approach to the worldwide economic situation.

"We are not going to be overly extravagant but we are still going to travel on cruises," he said. "We have summer trips planned. It's not that we are going to fold our tents and sit here."

When it comes to the worldwide economy, bailouts and the Bernard Madoff scandal, Carla Miles said she has been concerned.

"I think it's very disturbing," she said. "We have seen things that have happened that I've never seen in my life."

Another businessman pressing forward is Gary W. Cotter with Cotter Financial, 767 Cortaro Drive, Sun City Center. While he said he has not had many clients ask him about the Madoff scandal, they are concerned about the drastic drop in the values of their stock portfolios.

"This is something that has affected some very, very rich people who entrusted their money to this guy," Cotter said. "The difference between this guy and typical investors is this person had his own company. He was the custodian of his clients' assets. Here I have my own company but I use a brokerage firm that I'm associated with to be the custodian of the clients' assets."

Whether helping people who want to start their own small business or prepare for the rest of their retirement years, Cotter said he advises people to look at their goals and attitudes. Then, seek professional advice from someone who can remain unemotional about the investment process.

"When you are managing money for someone you have a different attitude," he said. "It's not that you don't care. It's that you can be more disciplined and scientific about your approach."

Laura Cone may be reached at lcone@mediageneral.com.

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