Succession and estate planning

Secure your legacy with a tailored succession strategy

Most business owners are so invested in running their business that they give little thought to building a succession plan. But it's important to think ahead to protect the business and wealth you've worked to build.

A succession plan helps control the impact of taxes, probate fees and other costs. Our professionals are dedicated to offering informed, objective advice to assist with developing and implementing an exit strategy that provides optimal value to your beneficiaries, your estate and your legacy. 

Designing your future

The earlier a succession plan is in place, the greater the available options and opportunities. Having worked with owners of enterprises of all sizes, our advisors evaluate options from a variety of perspectives: personal, family, tax, commercial, financial, risk and regulatory. Our multi‑faceted approach enables effective decision-making and optimizes value for the stakeholders who are affected by your decisions. 

The importance of thinking ahead

Planning for the future of your business involves taking many factors into consideration, including your vision and goals, family dynamics, tax planning, contingency planning, leadership succession and exit strategy. 

The cost of inaction can be significant, and might include higher tax payments, a forced sale, inadequate funding for personal retirement, lost shareholder value or other preventable outcomes. 

With specialized knowledge and experience, Baker Tilly advisors provide the clarity and counsel required to develop and implement a succession plan tailored to your individual needs and circumstances. 

Understanding your options 

There are many possible scenarios for what will happen to your business when you are no longer involved. Whether you intend to transfer ownership ⁠or end the venture completely ⁠is a major decision, but there are other options. 

You might consider disposition strategies that maximize individual asset values, working with current management on a buyout or appointing a manager that keeps you connected with your venture. Our experts work closely with you to ensure the plan you have in place will provide meaningful and measurable results. 

Our expertise

In determining what you would like to leave behind ⁠–⁠ and to whom ⁠–⁠ you need to understand the financial, legal and tax implications of these decisions. Our experts offer an informed, unbiased review of each option, and will advise the best solution for you.

To learn more, reach out to your Baker Tilly advisor today.