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Wednesday, July 15, 2009

Family Businesses Are Reeling in Recession



MIAMI — Using only strips of canvas and a little rope, Scott Peterson walked up a 50-foot flagpole here to remove a star-spangled banner with reds faded pink. His ancestors used the same method: the family business, originally Harold A. Peterson Steeplejack, opened in 1926.

And it will probably close in 2009. The Great Recession, especially its stranglehold on credit and new construction, appears to have mortally wounded what the Depression could not kill.

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