Get'em while they're hot: on the lookout for the latest and greatest opportunities for 2003

Entrepreneur, Dec, 2002 by Steve Cooper, Mark Henricks, Gisela M. Pedroza, April Y. Pennington, Chris Penttila, Chris Sandlund, Devlin Smith, Nichole L. Torres

Laying people off and liquidating businesses is part of every turnaround manager's practice, although few relish it. "It's no fun to fold these things up," says Harris. The fun part, he says, is when you can save a troubled company, keep its employees and satisfy creditors at the same time.

Turnaround managers receive hefty fees for the long hours under extreme pressure. "There are many times that you're putting in 12 to 14 hours and getting up the next day and doing it again," says Tourtellot. "But I don't think anybody would complain about the money."

HOT BIZ-UPSCALE PET ACCESSORIES

What's too extravagant for a beloved family member? Apparently nothing, and pets reap the spoils. U.S. households will spend $30 billion on their pets in 2002, according to the American Pet Products Manufacturers Association Inc. (APPMA)--and not just on food bowls and the occasional chew toy. The upscale pet accessories market is where it's at, and entrepreneurs are cashing in with everything from high-end fashion to holistic foods.

Bobby Wise, 45, owner of San Francisco-based George, knows all about puppy love. Back in 1991, he and his partner couldn't find dog accessories that suited their tastes, so they decided to create their own line reflecting a clean modern aesthetic (think Banana Republic meets Petco) and found there was little competition. With three store locations and projected 2002 sales of $1.5 million, Wise has seen the market grow tremendously. To stay ahead of the pack, he's expanded his original line to include a full range of bedding, grooming products, clothing, treats and accessories for dogs, cats and their owners. "I think one of the keys is we've stayed faithful to our style," he says.

So why are people spoiling their pets? "We live busy lives, and pets love us unconditionally" explains APPMA's Funda Alp. "They don't complain when we get home late or tell us about their problems. The relationship you share is unmatched." Alp says many people--empty-nesters, singles and couples without children--consider pets their "babies," creating a new breed of pampered pet. For these owners, money is no object in showing their affection. Looks like the pet business is nothing to bark at.

HOT BIZ

Federal spending for homeland security will near $38 billion in fiscal 2003--up $18 billion from 2002 and almost twice the level before the September 11 terrorist attacks. That slug of cash as being spent on a broad array of people protecting goods and services, ranging from enough anthrax vaccine to inoculate 10 million people and airport baggage-screening machines and training to protective gear for firefighters and other rescue workers who would be first to arrive on the scene of a terrorist attack.

Protecting information is also a focus of security concerns. Security was named as a key business technology challenge to be faced through 2003 by three-quarters of attendees at a June computer convention, far more than any other technology issue. Well over $1 billion of the Homeland Security budget is devoted to upgrading communications, including improving security of information.