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Money is always king, but never more so than in a downturn.
That's why Rich Squar, founding partner in Newport Beach, California, firm Squar Milner CPAs and Business Consultants, advises businesses to check their lines of credit before things get out of hand. But VCs are much pickier about the firms they invest in. That makes it a good time to be flexible about giving up more equity than you normally would, says David Friend, founder of software company eYak Inc. in Boston. Manage your staff. If you live through an economic downturn, you'll thank your employees.