My blogging tends to be technical but as a small business owner this was something I just could not let pass without saying something:
Colt Defense – a company that goes back to the “old west” – has filed for Chapter 11 protection.
Direct quote: “.. Colt’s current problems lie in its reliance upon government contracts for sustenance; ignoring the consumer market until it was too late; and being owned by private equity interests with a knack more for financial engineering than gunsmithing. ..”
How many businesses out there are “.. owned by private equity interests..” and doing well.. and actually growing? My gut tells me there are a lot mote “Colt’s” out there than we want to admit.
This is yet another example where the folks pulling the strings do “not have a clue”.
NOTE: Quote was from: a post on Fool.com