What sort of work do you do? If he is a good worker, think hard about how to expand your trade - many businesses that weather economic downturn hang onto good staff, and thrive. There is little chance of you being one of these if you get rid of what is likely one of your best business assets. I know things can be depressing but you are the boss, and it is for you to have the vision thing. Maybe you need to step back and think about expanding the area you work in, the people you market to, change what you do so more people want it, even get some training. If this recession bites, there will be some big losers - why should you guys not be winners? Very good luck, and don't give up yet.