My oldest son was almost laid off by his employer, who is a midsized mortage company.

It would have been a big mistake, not just because he’s my son, but the company owner hasn’t figured out that his people are his best asset. Money is money, but his people make him distinctive. The company is having a bad year, because rates are up and home values are shaky.

And the owner hasn’t diversified into other loan products that might offset some of the cyclicality.

But, bad year or no, keep your people if they’ve done good work in the past. They will again. Even if you have to sell your Ferrari or your classic car.

He’s thinking of changing industries, because the mortgage business is notoriously cyclical, and it’s rather difficult for him, as the sole breadwinner, to plan when it’s hard to say if you’re going to sell something this month and earn some commission income. He’s got savings, but, still.

So, you owners out there who are having bad years, keep your best people, even if it means you don’t get a paycheck.