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Out-of-Court vs. Court Restructuring

When a company faces severe financial difficulties, the path to recovery can seem daunting. Deciding between an out-of-court restructuring and court protection is a crucial step. Understanding the differences and benefits of each approach can help businesses navigate through financial distress more effectively.

 

Can I Restructure my Company Out of Court or Do I Need Court Protection?

When dealing with significant financial challenges, businesses have two main pathways to consider: in-court restructuring (also known as Chapter 11 bankruptcy) or out-of-court restructuring. Out-of-court restructuring is a strategic approach companies take when facing financial distress to renegotiate their debt obligations with creditors outside of formal judicial proceedings. This method offers a potential path to recovery that can benefit both the debtor and the creditors if managed effectively and collaboratively.

Unlike formal Chapter 11 bankruptcy proceedings, which have judicial oversight, out-of-court restructuring is a collaborative process between the company and its creditors. The shared objective is to restore the company’s financial health to a sustainable state, avoiding insolvency.

Factors Influencing the Decision

Making the decision to opt for out-of-court restructuring or in-court proceedings like Chapter 11 is influenced by several factors, including:

  • The Company’s Current Liquidity: Companies with sufficient liquidity may have more time to negotiate out-of-court.
  • The Complexity of the Company’s Capital Structure: Companies with simpler capital structures and fewer creditors may find it easier to negotiate and implement an out-of-court restructuring.
  • The Urgency of Its Financial Situation: Companies facing imminent liquidity shortfalls may have to resort to the formalities of a court-supervised process.

Success Factors for Out-of-Court Restructuring

The success of out-of-court restructuring largely depends on the willingness of creditors to negotiate and the company’s ability to present a viable turnaround plan. It requires a high degree of cooperation and agreement among all parties involved, and unanimous or near-unanimous consent from the affected creditors is typically necessary. If successful, it can preserve the company’s value and operations without the stigma and operational restrictions that come with a bankruptcy filing. However, if the company cannot secure agreement from its creditors, it may have no choice but to seek protection under bankruptcy laws, where a court-supervised reorganization can impose terms on dissenting creditors.

Snapshot Process Comparison

Out-of-Court Restructuring

  • Informal – No court involvement; negotiations occur directly between the company and creditors.
  • Cost-Effective – Simpler and less expensive than Chapter 11.
  • Swift – This can be appealing to cash-constrained companies.

In-Court Restructuring (Chapter 11)

  • Formal – Standardized process overseen by the court.
  • Complex – Involves legal procedures, filings, and court approvals.
  • Time-Consuming – This may take longer due to court proceedings.

Advantages and Disadvantages

Advantages of Out-of-Court Restructuring:

  • Lower legal fees and administrative costs.
  • Faster resolution.
  • Tailored solutions.
  • The continuation of goodwill between the business and its creditors.

Disadvantages of Out-of-Court Restructuring:

  • Non-consenting parties cannot be forced to comply (limited binding power).
  • Agreement from multiple creditors is required and can be difficult to coordinate.
  • If negotiations break down, court proceedings may become necessary after all.

 

In short, out-of-court restructuring offers an efficient and collaborative path to financial recovery. Companies must weigh the pros and cons based on their unique circumstances. The goal is to achieve a sustainable, going-concern basis while avoiding insolvency.

 

DWH has helped hundreds of businesses through both types of restructuring processes. If your business needs advisory services, contact us to schedule a consultation today. You are not alone. We can help. At DWH, we’re here for you. Feel free to reach out for a conversation on how we can assist you as you focus on thriving rather than just surviving.

 


This post was written by Heather Gardner
hgardner@dwhcorp.com | LinkedIn
Edits made by Jordan Gunn

All companies experience change.
Plan for it with us.

 

 

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5 Key Traits to Look for in a Financial Advisor

Choosing the right financial advisor is a decision that carries significant weight. Many businesses have felt the strain of financial stress, whether due to unexpected slow-downs, supply chain disruptions, or rapid growth. If you find yourself in such a situation, you might be urged or required to seek professional help. But how do you know who to choose? By cost? By personality? What qualities should you prioritize? It’s challenging to make the right choice if you’ve never faced this situation before and the stakes are high.

 

The 5 Qualities


Core Values

A good financial advisor devises strategies to maximize the value of a company and communicates these strategies clearly to each stakeholder. This proactive approach minimizes unnecessary conflicts, saving time and money that can be better spent on value-creating activities. When evaluating potential advisors, inquire about their experience with and approach to various stakeholders, such as vendors, customers, employees, and lenders/investors. Ensure their values align with yours.

Experience

Navigating financial challenges involves more than just financial models and analysis. A reputable financial advisory firm should have a wide range of business competencies and a proven track record of successfully guiding businesses through challenges similar to yours. Ask potential advisors about their experience with situations like yours and request references. Additionally, a team with real-world experience can empathize with your challenges and develop the best path forward. Make sure to ask about the experience of the individuals who will be working on your project.

Capacity

Ensure your advisor has the capacity to support your business within your required timeframe. Clearly articulate your expectations and request a written scope of work and timeline. Ask how they would handle an accelerated timeline or an expanded scope and whether any additional resources would be brought in outside of the advisory firm’s normal staff. Confirm their approach to resource management and how they prioritize client needs to ensure you receive the attention and support necessary for success.

Ability to Listen and Understand

A financial advisor’s ability to listen and understand your needs is crucial. They should be willing to listen to the issues you are facing and then develop a comprehensive plan to address these issues. Do they ask probing questions and listen to your answers? Do they communicate in a way that is easy to understand and relatable? An advisor who listens well can tailor their strategies to your specific circumstances and simplify complex financial concepts, ensuring you are fully informed and confident in the decisions being made.

Seeing the Bigger Picture

You need a financial advisor who can frame issues within the broader context of your operations and mission. What other issues are present? What sub-issues exist? What are your goals? How will the issues impact other stakeholders? Your advisor should ask questions that demonstrate a focus on overall business success, not just immediate problem-solving. By seeing the bigger picture, an advisor can identify potential risks and opportunities that might otherwise be overlooked, providing a holistic approach to navigating financial challenges and driving sustainable growth.

 

Choosing the right financial advisor can be daunting, but remembering these five qualities can help you select an advisor who best represents your interests and aligns with your core values.

 

At DWH, we understand that every business faces performance challenges at some point. You are not alone. We’re here to help. Reach out to us for a conversation on how we can assist you in thriving, not just surviving.

 


This post is from the DWH archives
Original content written by Heather Gardner
hgardner@dwhcorp.com | LinkedIn
Edits made by Jordan Gunn

All companies experience change.
Plan for it with us.

 

 

If you found this topic interesting, our strategic partner, JACO Advisory Group published content you may find relevant as well: 4 Qualities to Look For When Selecting a Financial Advisor to Super Charge Your Business Results

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Know What You Have Before Getting What You Want

For most business owners, it’s far more exciting to dream about “the next big idea” than to tackle their current challenges. This mindset often extends to planning for a transition, whether it’s succession or the sale of the company. We all want to jump to that “next step” once we can envision it. However, the most successful growth or transition plans start with a clear understanding of the current state, including improvement opportunities and blind spots.

Gaps and opportunities can exist in multiple areas: leadership and organization, operations, commercial and development processes, and financial information management. At DWH, we employ a proven Assessment protocol customized to each client’s situation. Think of it as a multi-point inspection followed by in-depth discussions about observed challenges, risks, and opportunities compared to best practices.

Taking Inventory for Future Success

By aligning on ‘what we have’, business owners and leaders can better set realistic expectations for their company’s future. This future could involve growing the business, entering new markets, pursuing new ventures, transforming the business for the next generation, or developing individual team members.

A well-facilitated development process integrates planning around the ‘why’, the ‘how’, and the ‘what’. This includes an action plan to address immediate gaps and achieve mid-to-long-term objectives, supported by the necessary resources and expertise to guide process improvements, capability development, and implementation.

Ways to Reduce Risks

To minimize risks associated with growth or transition, we at DWH often assist clients in several key areas:

  • Identifying Gaps and Blind Spots: We help uncover areas needing improvement and potential challenges.
  • Setting Goals and Objectives: We assist in strategic planning to set clear, achievable targets.
  • Creating Stakeholder Alignment: We work to ensure all key stakeholders are on the same page.
  • Planning for Leadership Transitions: We help manage transitions of leadership, relationships, roles, and knowledge.
  • Establishing Controls and Governance: We implement meaningful controls and governance structures.
  • Strengthening the Business: We enhance overall business strength, including people, processes, and property.

Understanding what you have before moving to what you want is crucial for a successful business journey. Let DWH guide you through this process to ensure a solid foundation for your future growth and transition plans.

If you want to learn more about our strategic approach to growth and transitions, click here.

 

This post is from the DWH archives
Content written by Marcel van der Elst
Edited by Jordan Gunn

 

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The DWH Business Assessment Tool Explained

At DWH, we believe that informed decision-making is the cornerstone of business success. Our comprehensive business assessment process is one of our most effective tools in this endeavor. Frequently, clients ask us about this process and its benefits. Here’s an in-depth look at what it entails and how it can help your business thrive.

A Deep Dive into Your Business

Our business assessment is designed to gather both quantitative and qualitative data, ensuring a holistic understanding of your operations. This meticulous process allows us to identify gaps between your current practices and industry best practices. We then develop tailored recommendations to bridge these gaps, driving your business toward excellence. Here’s how we do it:

Comprehensive Information Request: We begin with a detailed request for information, covering various aspects of your business operations, finances, leadership, and market positioning to ensure we have a thorough understanding of your current state.

In-depth Interviews: Our team conducts interviews with key leaders and stakeholders to gather qualitative insights into leadership dynamics, strategic vision, and organizational culture, providing a deeper context for our assessment.

On-site Observations: Our team visits your business premises to observe operations firsthand, focusing on four critical areas: Leadership, Operations, Finance and Management Information, and Sales and Marketing.

Actionable Insights for Immediate Impact

Upon completing the assessment, we provide you with a comprehensive report that outlines:

Identified Gaps: We offer tailored, actionable strategies to address identified gaps, including operational enhancements, leadership development, financial optimization, and improved sales and marketing tactics.

Recommendations: We offer tailored, actionable strategies to address identified gaps, including operational enhancements, leadership development, financial optimization, and improved sales and marketing tactics.

Prioritized Action Plan: We provide a step-by-step roadmap prioritizing actions based on impact, helping you focus on critical tasks to achieve efficient progress and sustainable growth.

We present this report in a collaborative session with your leadership team, ensuring clarity and understanding. Our goal is to empower you to take decisive action, and we often assist with implementing the recommendations. If specialized expertise is needed, we help you find the right providers to ensure seamless execution.

Driving Value Across Business Stages

Our business assessment tool is versatile and can significantly impact businesses at various stages of their lifecycle:

Distressed Businesses: Our assessment identifies critical risks for companies in financial or operational distress and prioritizes actions to stabilize and improve performance.

Rapid Growth: Businesses poised for growth benefit from our assessment by identifying potential challenges and validating financial projections to ensure sustainable expansion.

Succession Planning: Transitioning leadership is a pivotal moment. Our assessment helps outline a clear path forward, addressing risks and ensuring the business can support the succession plan. For more insights, see our post, Succession Planning: Preserving Company Legacy.

Preparing for Transaction: When preparing for a sale or acquisition, our assessment enhances business value by improving cash flow and reducing risks, making the business more attractive to potential buyers.

Why Choose DWH?

At DWH, we understand that every business is unique. Our approach is rooted in our core philosophy: every stakeholder matters. We listen, analyze, and provide customized solutions that align with your business’s specific needs. For nearly 15 years, we have been helping companies navigate change, improve performance, and achieve their goals.

Ready to Take the Next Step?

If you have any questions or would like to discuss how our business assessment tool can help your business, please feel free to reach out. At DWH, we’re here to guide you toward your best value, outcomes, and opportunities. Change happens – plan for it, with us.

 


This post was written by Heather Gardner
hgardner@dwhcorp.com | LinkedIn

 

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A Case Study in Future-Proofing a Local Health Facility

The Situation:

A community mental and behavioral health facility has been providing a wide range of residential care, counseling, and other community health services for youth, adults, and families since the 1960s. These programs represent Core Services, funded by public contract sources – 60% of its total budget, and Transforming Services, funded by donor contributions -less than 10% of the annual operating funds. The facility experienced a declining patient population due to state regulatory and procedural changes, and caretaker staffing difficulties. Despite new leadership in 2020 to initiate a wide-reaching plan to grow the organization and steamline its operations, COVID-19 and additional state regulation changes, forced the facility to reconsider its services and address operational inefficiences, while trying to maintain excellent patient care. In 2022, they enlisted DWH to assess and identify gaps between business best practices and its current state, and to provide recommendations to bridge these gaps to facilitate the improvement of the Organization’s operating and financial performance.

The Solution:

DWH developed an understanding of the facility by gathering qualitative and quantitative data through interviews with key employees and stakeholders; examining and understanding key assets (on- and off-balance sheet) and processes; and reviewing certain financial and non-financial information. DWH was able to identify and assess the facility’s current state, areas for improvement and provided recommendations that were divided into three main areas of (1) Leadership, (2) Finance and Management Information, and (3)Operations.

The Outcome:

DWH was able to identify gaps and make best practices recommendations to close those gaps. We developed and prioritized “Next Steps” for the organization including quick-win items to create momentum within the organization and longer-term projects to become part of strategic planning. Finally, the facility received a 13-week cash flow forecast summary to help with cash management, decision-making, and communication with key stakeholders.

 

 

As a group of financial and business professionals, DWH offers expertise and support so companies can embrace change for the better. Built on a core philosophy that every stakeholder matters, we listen to those who shape a business and guide that business to its best value, outcomes, and opportunities. All companies experience change. Plan for it with us.

 

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A Case Study in Ensuring Financial Resilience

The Situation:

A Michigan-based manufacturing company specializing in assembling products in the industrial, automotive, office furniture, and commercial appliance industries is known for delivering precision-engineered manufacturing solutions for its customers. The company hired DWH as a requirement of its bank for them to engage a third party to evaluate current financial projections, perform a stress test on these forecasts, and assist with developing or enhancing tools and processes to support future growth.

The Solution:

DWH evaluated the company’s working capital model, annual budgets and forecasts, and a 13-week Cash Flow forecast by gathering underlying qualitative and quantitative data collected through interviews with key employees and stakeholders, examining and understanding critical assets and processes, and obtaining and reviewing certain financial and non-financial information. This data formed the basis for understanding the financial state of the business and allowed DWH to assess the company’s financial resilience by conducting a series of hypothetical scenarios simulating various economic and market conditions, using the financial information and models provided.

The Outcome:

After researching and collecting extensive financial data from the company and performing the stress test scenarios, DWH delivered detailed recommendations for the company. These recommendations include best business practice guidelines and future risk mitigation strategies based on an analysis of its current financial situation and projected growth in the future. The company now has a full understanding of its financial resilience.

 

 

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Managing Cash Flow Amidst Disruptions

Disruptions can happen to a business at any given time, which can turn business operations upside down. One type of business disruption is when one of your suppliers or customers files for bankruptcy.

DWH Partner, Jeremy Cosby discussed this type of business disruption in a recent interview and shared his thoughts on how businesses can navigate through this type of situation to help ensure they come out on top.

1. Proper Cash Flow Management

Cash flow is always important, even more so in times of change and transition. It is important to understand the potential scenarios that could affect the cash that you need to run your business.

Managing cash flow, whether it’s a bankruptcy, strike, pandemic, etc., and understanding the levers you can pull to control your cash flow, will help you navigate through that transition. Having good cash flow management means you have tight control over what’s going on, both in the past and the future. Doing thorough scenario planning in advance will allow you to navigate challenges when they arise.

2. Understand Different Scenarios That Could Affect Cash

A business owner needs to understand the different scenarios that could affect the cash that is needed to run the business. For example, in a supplier or customer bankruptcy, the client needs to understand how their supply chain or customer will be directly or indirectly impacted by the bankruptcy. What are the types of vehicles involved? What impact does the bankruptcy have upstream or downstream? How will I be impacted and when? How will my suppliers be impacted? Answering these questions will inform all the rest of your decisions. Typically, businesses impacted the most are the smaller suppliers (downstream) who don’t have the reserves to absorb the impact.

3. Understand the Impact of the Bankruptcy

A key element in proactively protecting your cash flow is to grasp the impact the bankruptcy will have on your business. One effective way to gain that understanding is due diligence. Due diligence must be done thoroughly and promptly. For example, if you are concerned one or more of your suppliers is financially distressed, then spend the time to develop alternative supply sources. If you are concerned a customer is financially distressed, then closely manage your outstanding accounts receivable.  Doing this proactively can put you in a better position with suppliers, with customers, and leverage tools and resources.

The quicker you understand the impact, the sooner you can take action.

4. Have a Well-Prepared Strategy

Remember that managing cash flow during a significant disruption is a temporary challenge. It requires flexibility, creativity, and strong financial planning. Having a well-prepared strategy can help your business weather the storm and emerge stronger on the other side.

DWH has helped hundreds of businesses improve liquidity by helping them understand the way cash flows through the organization from invoice to invoice. We can help you too. Book a consultation to get started.

 


Originally posted on June 1, 2021, by Jeremy Cosby
jcosby@dwhcorp.com | LinkedIn

All companies experience change.
Plan for it with us.

 

 

If you found this topic interesting, our strategic partner, JACO Advisory Group published content you may find relevant as well: “How a 13-Week Cash Flow Forecast Model Can Benefit Your Business” and “13-Week Cash Flow Forecast – A Day-to-Day Cash Management & Longer Term Operational Planning Tool

 

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Meet Our Newest Team Members

Lyndon Grooters | DWH Senior Financial Analyst

For most of his career, Lyndon has focused on costing, pricing, and analytics in manufacturing and family-owned settings. He has led projects that range from building highly interactive sales dashboards to overhauling quote models and methodology. He earned his BBA in Finance from Grand Valley State University. In previous roles, Lyndon has been responsible for researching, understanding, and summarizing costs, providing strategic price recommendations to leadership teams, and performing a range of financial analyses, including forecasts and sensitivity analysis. He improves decision-making and draws insights through financial modeling, KPIs, and dashboarding. At DWH he focuses on cost analysis, cash flow modeling, and data visualization. Lyndon and his wife, Mattie, live in Grand Rapids with their dog, Leo, and two cats, Merlin and Arthur. Find out more about Lyndon by visiting his LinkedIn profile and the DWH website.

 

Andrew Knowlton | DWH Senior Director

Andy Knowlton has more than 35 years of experience in leading finance teams, managing the finance function, and serving as a trusted business partner to the executive management team.  As a seasoned industry CFO, he has worked in both private and public company environments.  Andy earned his B.S. Degree in Engineering from the University of Michigan, and an MBA in Finance from Michigan State University where he was a TA in accounting.  He continued teaching at the undergrad and graduate level during his working career.  He is a non-practicing CPA in the State of Michigan. Andy has spent his career in both privately held family-owned businesses and publicly traded multinational corporations.  He has led acquisitions, bank financing transitions, tax planning initiatives, family succession planning, and benefits strategy.  He embraces the challenges and opportunities in all of these disciplines. Andy enjoys working across functional lines bringing the finance perspective into all aspects of the business.  He has incorporated operational and finance KPIs to drive performance in a variety of diverse business units. Find out more about Andrew by visiting his LinkedIn profile and the DWH website.

 

John Ashby | DWH Senior Financial Analyst

John focuses on financial reporting, cash flow modeling, budgeting, and forecasting in order to make recommendations to drive improvements. He also helps to identify key performance metrics and effectively communicates the data via clear visual presentations. Prior to joining DWH, John spent thirty-plus years in auditing, forecasting, project and product management, banking, and FP&A. He has a strong ability to identify actionable insights in business data, focusing on key drivers and indicators. John is also experienced in leading cross-functional teams and playing a key role in systems implementations. John holds a BA in Economics from Whittier College and an MBA with a specialization in Finance from the University of Notre Dame. Find out more about John by visiting his LinkedIn profile and the DWH website.

 

Jonathan Coe | DWH Director

Jonathan Coe, Director, has more than 30 years of experience in finance, accounting, and management. He earned his B.A. in Accounting from Hope College and an MBA from Grand Valley State University. Jonathan’s career has spanned different value chains including pharmaceuticals, chemicals, telecommunications, and both OEM and aftermarket automotive. Throughout his career, Jonathan has specialized in FP&A, financial reporting (both US GAAP and IFRS), project accounting, and risk management.  Most recently, Jonathan was the CFO for SoundOff Signal, a mid-market private manufacturer of emergency lighting for first responders where the company more than doubled in size in his six years as CFO.  He is on the finance committee for Habitat for Humanity and has held different leadership positions at his church. He has also been involved with teaching various Junior Achievement classes. Jonathan assists our clients to optimize their organization’s financial performance via strategic planning, financial leadership development and coaching, due diligence, and profitability/cash flow improvement. Find out more about Jonathan by visiting his LinkedIn profile and the DWH website.

 

Rob Heitmeier | DWH Senior Director

Rob Heitmeier has over 30 years of experience in executive leadership, financial and corporate management, strategy development, mergers and acquisitions, and business management. He has a bachelor’s degree in finance from Michigan State University and an MBA from the University of Detroit. Rob works with business owners to help them understand their businesses’ fundamental problems and helps develop and navigate a path to improved business performance. Find out more about Rob by visiting his LinkedIn profile and the DWH website.

 

Brent Smith | DWH Senior Financial Analyst

With a distinguished career centered on M&A initiatives, Brent Smith stands as an expert in turn-around services, financial consulting, and commercial underwriting. His robust portfolio includes aiding companies in navigating growth through strategic acquisitions, meticulous succession planning, and optimizing operations for distressed businesses. A proud alumnus of Davenport University, Brent holds a Bachelor’s degree in Finance. His industry expertise spans a diverse range including manufacturing, logistics, and retail sectors. As a consultant, Brent’s proficiency particularly shines in the lower middle market segment, where he collaboratively works with businesses to amplify their operational excellence. Find out more about Brent by visiting his LinkedIn profile and the DWH website.

 

 

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Promoting Cultural Diversity During Native American Heritage Month

Powwow celebration with traditional Native American dance

November is Native American Heritage Month, which was created in 1990 through a presidential proclamation and has continued to be observed ever since. The month is dedicated to showcasing the immense importance of this group, as it represents the rich history, culture, and contributions of Indigenous peoples in the United States.

During the month of November, awareness is spread about Indigenous history, contemporary Native issues, and the accomplishments of Native Americans who have enriched our culture.

Why celebrate Native American Heritage?

As a tribally owned company, our team is passionate about protecting tribal sovereignty and growing economic prosperity throughout Indian Country. We want to share a few important reasons to recognize and celebrate Native American heritage:

1. Acknowledge the historical & ongoing contributions Native Americans have made to the nation.

From agriculture and medicine to language and art, Native Americans have made significant contributions to American society. Acknowledging and celebrating their heritage allows us to honor their achievements and recognize their importance in shaping our collective identity.

2. Foster cultural awareness and appreciation.

It allows individuals to gain a deeper understanding of Indigenous traditions, values, and perspectives, and this knowledge can lead to greater respect and appreciation for the diverse cultural heritage that exists within the United States.

3. Address historical injustices and promote social justice.

Throughout history, Native Americans have faced colonization, forced assimilation, and marginalization. Recognizing their heritage is a step toward healing historical wounds, promoting cultural preservation, and empowering Native American communities.

How to Celebrate Native American Heritage

Although it’s nice to have a month dedicated to celebrating and honoring Native American heritage, there are many ways you can continue acknowledging Native Americans throughout the entire year. Here are a few ideas to help you get started:

Attend cultural events

Look for local events, powwows, or cultural festivals that celebrate Native American heritage. By attending these events, you will be able to experience traditional dances, music, food, and crafts.

Educate yourself

One of the best ways to celebrate Native American heritage is to educate yourself about their history, culture, and contributions. Read books, watch documentaries, or visit museums dedicated to Native American history.

Volunteer and support Native American organizations

Get involved with local Native American organizations. Offer your time and support by volunteering at community events, fundraisers, or educational programs that promote Native American heritage and empower Indigenous communities.

Support Native American businesses and artists

According to U.S. Census Bureau statistics, Native American-owned businesses contribute over $33 billion to the U.S. economy every year and employ over 200,000 people. We encourage you to seek out Native American-owned businesses and artists and support their work and help sustain their livelihoods.

Amplify Native American voices

Give platforms and opportunities for Native American voices to be heard. Share books, articles, art, and other resources created by Native Americans to promote their perspectives and insights.

 

We encourage you to approach Native American heritage with sensitivity and respect. We feel that engaging in cultural appreciation rather than cultural appropriation is crucial to ensure Native American traditions and identity are honored and preserved.

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A Case Study in Cultivating an Entrepreneurial Culture

The Situation:

DWH partnered with the Nottawaseppi Huron Band of the Potawatomi (NHBP), a federally recognized tribe in western Michigan, to cultivate an entrepreneurial culture among its members. Recognizing the untapped potential within the community, NHBP leadership sought to empower its members with the tools, knowledge, and resources necessary to launch, acquire, or scale small businesses.

The Solution:

Instead of offering a one-size-fits-all solution, DWH deployed a nuanced, multi-phase approach tailored to the specific needs and aspirations of NHBP members:

  • Needs Assessment: We designed and circulated a comprehensive survey to gauge interest, evaluate current skill levels, and understand the entrepreneurial dreams of the community members.
  • Curriculum Design: Using the survey insights, we crafted a targeted curriculum complete with topics and training materials that addressed the unique needs of the tribe.
  • Educational Bootcamps: Quarterly full-day workshops were planned, offering structured learning experiences and opportunities for attendees to provide feedback.
  • Personalized Mentoring: For those who had successfully completed the educational sessions, in-depth mentoring opportunities were made available to provide hands-on experience and guidance.

The Outcome:

The COVID-19 pandemic brought unprecedented challenges, disrupting our planned in-person educational boot camps. Undeterred, we swiftly transitioned to a remote learning model. Despite this pivot, we successfully conducted extensive surveys that gave NHBP an actionable roadmap to harness entrepreneurial talents and interests within their community. All remote training sessions were recorded and archived, serving as a lasting educational resource for the tribe.