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VIDEO: The new reality after the Great Recession

There are many lessons to be learned from the Great Recession, and industry leaders Bill Yeargin, of Correct Craft; Larry Russo Sr., of Russo Marine; and Joe Lewis, of the Mount Dora Boating Center and Marina, shared what they learned at the International BoatBuilders’ Exhibition & Conference.

In September 2008, when the market plunged, all said they knew business wouldn’t be the same and all went into action right-sizing their companies to weather the storm.

Click play for more advice from Yeargin, Russo and Lewis.

Yeargin said he asked his employees to look at the downturn as a permanent change, not something to be dealt with for six months or so.

There’s no detail too small to look at, Lewis added.

Russo said every aspect of his business has changed in the last few years and he has constantly adjusted to try to stay ahead of the decline.

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