In the December 2014 edition of the Business Update, a West-Michigan business-to-business publication, DWH was a featured contributor. The article discusses the importance of planning ahead for a family business transition and key aspects that should be included as a part of the planning process.
As a part of the planning process, which should start at least two years in advance of a planned transition, the generations involved should be confident the following long-term, value-creating items are in place:
- Sustainability of Cash Flow
- Documented Strategic Plan
- Tested Succession Management
- Timely and Accurate Financial Systems and Controls
For a full description of these items and how they can impact a family transition, a full reprint of the article can be found here: Business Update December 2014 – Family Business Transitions