You can learn from Hearst. According to the New York Post, the publishing house for Marie Claire, Esquire and Popular Mechanics, stowed away $1 billion for emergency purposes.
Being that we’re hearing about it now, Hearst has utilized its savings, investing in its new CFO – former Goldman Sachs investment banker and Managing Director of The Silverfern Group – Mitchell Scherzer, who replaces Ronald Doerfler. Luckily the subjugated CFO will retain a job as senior VP of finance and administration.
With the grim outlook of the publishing industry, I’d say that Hearst CEO Frank Bennack, made the all the right moves. Add to that, the debt-free Hearst has $7 billion in revenue (despite the slump in profits this year).