Todd Taskey

An entrepreneurial business owner, Todd Taskey has more than 25 years of finance and investing experience. Prior to founding Potomac Business Capital, Todd was a founding investor, board member or management team member to five other business ventures. Armed with the insight from his past successes and failures — and ongoing conversations with growing business owners and entrepreneurs — Todd provides market strategy and finance advice via his Wrong Question blog and national public speaking tours.

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I still remember my mother telling me I should not hate anyone, but I hated Dr Zachery Smith.  Do you remember?  He was the cause of problems, putting the Robinson family in constant danger because of his greed and stupidity.  However, after a crisis passed, he would deflect blame and try to grab any available credit.

I got the same feeling last night after watching an American Express ad forecasting a light at the end of the economic recession and the rebirth of a new and better small business economy.  Clearly, their Dr Smith moment. 

Reality is that American Express cut credit limits to small business owners in their moment of need.  This not only limited available credit, it cause credit scores for many to drop and their cost of capital jump.  In other words, Amex was part of small business’ problem, not a solution.  When times were tough and the recession was scaring many business owners, Amex cut their risk and ran for cover.  Owners were looking for small business loans and working capital while Amex was taking them away. 

Now that things are looking brighter, they want to be a resource and a friend.  Until when…?

I understand weakness and fear, we’ve all experienced that at one time or another.  I understand Amex wanting to protect their balance sheet.  What I do not tolerate well is Amex boldly proclaiming they are part of the solution now that the future looks brighter.  I did not like it when I was a kid watching Lost in Space and I do not like it now when my business is on the line.