There aren't, it must be said, a lot of good businesses to be in right now, with the notable exceptions of two related fields: bankruptcy consulting and undertaking. The golf trade is no beacon of light, and one might expect the overseas golf-travel industry to be a black hole. Two leading players in the field paint a picture of challenge on the sell side but, perhaps more important, a bright one on the (admittedly shrinking) buy side. Scottish brothers Gordon and Colin Dalgleish founded luxury tour operator PerryGolf a quarter-century ago; Gordon, the firm's president, heads the marketing from Wilmington, N.C., while Colin runs the operations from Helensburgh, Scotland. Sam Baker manages Cincinnati-based Haversham & Baker Golfing Expeditions, which began in 1991 and focuses on international travel advice and arrangements for country clubs and their members. Gordon Dalgleish saw signs of the market softening last August but was still taken aback by the sudden drop-off in reservations to come. "By the second half of September and into October, following the first of several really bad days on Wall Street, business turned very quickly," he said. "January and February are historically our two best sales months, but right now our business is off about 50% from where we have been historically at this point in the year." Factors, there are a few. As Dalgleish pointed out, many overseas golf trips are taken by eight friends renting a coach and driver, "and it is virtually impossible to find eight men, none of whom is affected by the current crisis. Camaraderie being what it is, often times if everyone cannot travel, the group falls apart." Corporate trips have essentially disappeared -- companies awash in red ink don't (or, perhaps more correctly, shouldn't) entertain customers or reward the sales force, and even healthy concerns don't want to risk bad publicity by seeming out-of-touch with the belt-tightening zeitgeist.