A Letter from the Publisher
BWD
A REHMANN PUBLICATION VOL. 24 | FALL/WINTER 2017-2018
B u s i ness Wisdom Deli vered
IN THIS ISSUE
04
Welcome to the club
05
M&A transactions: Five tips
for retaining and engaging
executives and key employees
06
Property tax — a fixed expense?
08
Year-end strategies to
reduce your tax liability
Tackling an elephant
We’ve all heard the saying the best way to eat an elephant is one bite at a
time, but often forget to apply this lesson to our lives when faced with large
decisions or responsibilities. How many times have you postponed a project
and thought, I’ll get to that tomorrow after I [fill in the blank]. But when it
comes to your future, be it personal or business, it’s likely far more important
to just take the first step rather than wait.
Seth Godin, author and agent of change said, “The easiest thing is to react.
The second easiest is to respond. But the hardest is to initiate.” Oftentimes,
the sheer size of a project can cause us to delay reacting. But addressing
your future proactively not only helps you visualize and plan for your long-
term goals, it allows you time to research different approaches, solicit second
opinions or prepare for the unexpected. Reacting to situations may result
in missed opportunities or force you to respond with minimal time and
resources, causing unnecessary stress and a loss of control.
10 When it comes to your future, take the first step and develop a goal-based
plan to help you paint a clear picture of where you would like to be. Whether
it be your retirement, your succession plan or safeguarding your business
against fraud.
12 Figuring out which part of the elephant to bite first isn’t important. Just
get started.
Patch it so it holds:
Protect your systems
Do you know where your business is?
14
The new revenue recognition standard:
Lessons from SEC filers
Contributors:
Paul Bach
Michael Bannasch
Heidi Bolger
Larry Dalman
Jessica Dore
Sam Hodges
Magdalena Marriott
Ryan Sullivan
Mary Van Skiver
Joe Zaiter
Randy Rupp, CPA
CEO
BWD Staff:
Publisher ....................
Managing Editor .........
Editor .........................
Creative Director.........
Cover Photography ....
Randy Rupp
Miranda Junga
Aja Myles
Marcy Meinke
John Martin
Subscriptions & Circulation:
Send inquiries to:
Rehmann – BWD
1500 W. Big Beaver Rd., 2nd Floor
Troy, MI 48084
248.952.5000 | [email protected]