‘Hell is here’ for small business

[ad_1]

Robert Herjavec, CEO, Herjavec Group

Scott Mlyn | CNBC

Robert Herjavec, cybersecurity entrepreneur and “Shark Tank” investor, told CNBC on Friday that his directive to small businesses is to do whatever it takes to survive the coronavirus crisis.

Herjavec argued he would take hedge fund manager Bill Ackman’s “hell is coming” warning on Wednesday to the next level, saying that “hell is here.”

The Herjavec Group founder and CEO said that his “mandate for every small business is survival,” adding that “companies are drowning every single day” as many parts of the economy come to a complete halt.

Herjavec said he’s operating on a day-to-day basis, saying his “long-term” planning is one week. Businesses cannot last making zero money, he added.

He said the government is acting very quickly, but he’s not sure the broad stimulus plans being discussed are going to keep small businesses afloat.

Herjavec, who owns stakes in many small and medium sized businesses, said he’d like to see the government forgive business taxes and rent.

His “Shark Tank” portfolio includes Tipsy Elves ugly holiday sweaters and Happy Feet slippers.

Earlier on CNBC, famed restaurateur Danny Meyer echoed Herjavec’s concerns, just days after laying off around 2,000 of his Union Square Hospitality Group workers.

Meyer, also the founder Shake Shack, said on “Squawk on the Street” that he must remain solvent so when the coronavirus outbreak ends he’s able to rehire his team.

USHG’s New York City restaurants include Union Square Cafe, Gramercy Tavern and the Modern.

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank,” on which Robert Herjavec is a co-host.

[ad_2]

Source link