As part of the Visiting Executives Forum, he suggested that businesses are at best reinventing, at worst retrenching. “We have gone through a recession, which is dramatic, changing the face of business today. Really, changing the face of consumerism today, in a way that is catching a lot of people by surprise,” he said.

After relaying the history of his family-owned enterprise, Berkowitz discussed the importance of knowing not just your company, but also your customers, both present and future. “You have to be aware of your surroundings,” Berkowitz explained, “You always have to be addressing the needs of not just your current clientele, but your future clientele… you really have to understand what business you’re in.”

Berkowitz also managed to explain to the audience the bright side of the current economic climate. “One of the great things about a recession is that it provides a great environment for change. People are far more accepting during recessionary times than they are during ordinary times,” he said.