Making a Company Recession-Proof

     So one thing I have noticed it seems with quite a few of the wealthy (or formerly wealthy) with this economic/financial crisis and recession, is that a lot of wealthy people seem to be oblivious to the concept of not having all of your eggs in one basket. I think Felix Dennis said it best in his book, "How to Get Rich," when he mentions that you should not have all of your eggs in one basket, nor should you spread the eggs of one basket out, but rather, try to create multiple baskets of eggs! But even if one wasn't/isn't into creating multiple baskets but rather just watching what eggs they have, one would think people would have been a bit more vigilant.
     For example, some people had all of their net worth (or almost all of it) tied up into one company, a company in an industry that was definitely prone to being devastated by a major recession. And thus the great majority of their hard-earned wealth disappeared due to their company getting decimated by the recession. If you have all of your net worth tied into one company, then you make damned sure that it is a company that is very strong and very recession-resistant. Otherwise, it is just too risky. Or, take a portion of your wealth and put it into other assets, so that you are not just tied to this one business you own.
     Another example of bad thinking was all the people who entrusted their entire net worth to one guy. This is what many rich apparently did with Bernie Madoff. And even with entrusting it to multiple guys, you have to be careful, because some of those so-called investment managers simply entrusted all of their money to Madoff as well. Some may say, "Well no one ever DREAMED that Bernie Madoff was a scoundrel!" well true, however, you could entrust your money to a guy who has a heart of gold, that doesn't mean he can't mess up. Investing and asset management, like any business, is part art, part science, not hard science or engineering (and even engineers have been known to make mistakes occasionally).
     Mark Ecko is another guy who seemed to be oblivious to this. Apparently he had a lot of his net worth tied up in his company, which is a fashion industry company. The problem was that his company was in an industry that is extremely prone to recessions, and thus when the global financial crisis hit and then the ensuing economic depression, his company crashed, and thus so did much of his net worth.
     Now I have been going off on a tangent here as I am more referring to wealth management overall with all of this, but I think the same principle applies with building a company: don't have all the eggs in one basket. If your company is recession-prone, or in an industry that goes through cycles, then make sure that you take all of this into account. The business should be ready at all times for the chances of a recession (although I am sure that this is much easier said then done).
     If your business is more recession-resistance, than that is great. And if your company consists of multiple sub-companies, then I would try to make quite a few of those sub-companies ones that tend to be recession-resistant. This way, when a recession inevitably occurs, those sub-companies can help prop up the faltering companies that are recession-prone. This will thus help protect the company and help protect your fortune/wealth as well.