Rules to live by

Entrepreneur,  Dec, 2005  by Douglas Marvel

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I have to object to the recent article by Crystal Detamore-Rodman about bankruptcy ("Severed Ties," October). She seemed to be saying that reckless business building should be backed by unlimited bankruptcy provisions. I'm a CPA and have been working with small-business owners for almost 40 years. I can say that following the simple rules of writing a business plan, using the plan, doing research, and not overdoing it with debt will bring success. Unbridled optimism combined with easy debt has led many business beginners to debtors prison. It wasn't thoughtful entrepreneurial activity; it was spending foolishly. If people have to take on debt, they should do it through a legal entity by forming a corporation or an LLC and not by signing unlimited personal guarantees. The rules for business success are simple. They are just not as much fun as going berserk with other peoples' money.

DOUGLAS MARVEL

CPA

Resaca, Georgia

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