Fixing a family business

Jim Kirsh is justifiably proud of his cast-iron foundry. Seventy years ago his grandfather started the firm in the bucolic town of Beaver Dam, Wis. Each month Kirsh Foundry (kirshfoundry.com) turns out 1,000 tons of wheels, gears, radiator components, gas jets, and other parts. Revenues grew from $11.9 million in 2005 to $12.4 million last year. While the 105-employee company had profits of about $400,000 in 2006, the picture is grimmer today. "Things just went to hell," says Kirsh, 54, a friendly, athletic man with a touch of gray in his hair. "We've lost about $50,000 since October of last year."

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[Source: Financial news of the day - CNNMoney.com]