As stocks began their historic nosedive early this month, Tim McNamara and Tracey Manzi smelled opportunity.
The husband-and-wife team of certified divorce financial analysts rolled out a new service to take advantage of the sputtering economy and its inevitable stress on marriages: a flat-rate option for divorce-related financial consulting and mediation.
Since then, their phone has been ringing off the hook.
“I got five phone calls yesterday about our full-service mediation,” said McNamara, president and cofounder of two-year-old New England Divorce Solutions in Boston’s Back Bay. “The uncertainty with the economy is really testing families as never before. They’ve taken all the equity out of their homes and feel they can’t afford a divorce.”
The booming divorce consulting practice is one of several niche businesses - from consulting to outsourcing to risk management software - that have moved aggressively to capitalize on the nation’s deteriorating financial situation.
History has shown savvy companies can gain market share during recessions and position themselves for rapid growth when a recovery arrives. Some that have fared best help other businesses, or individuals, cut costs and streamline operations in tough times.
Photo by Josh Reynolds.
Dave Carpenter on October 28th, 2008 at 1:40 pm
I get no joy in reading about increased divorces being one of the many likely social results of the economic meltdown.
But…I love this example of a fast moving entrepreneurial team assessing the market for new opportunities and moving quickly to capture a niche market.
Yes, there will be fortunes lost in the meltdown, but there will also be fortunes made by focused, agile, skilled activists.
You are doing a real service serving up such examples. Kudos. Keep them coming.