Planning for business transition you begin to execute your transition plan with financial plans, projections, legal documents, etc. This part of the work is tangible, and your advisors will understand how to best implement it. The hard work is the intangible work, and no one can do it for you. Conclusion This approach to planning assumes an investment of your personal time and the cost of enlisting a facilitator. The old adage that what you pay attention to and invest in grows, also applies to transition planning.

Since you may never be able to fully determine the biggest cost of not starting to plan your transition—a personal opportunity lost or the business value left on the table when you eventually exit—isn’t it worth the peace of mind knowing you took the time to find the right people to continue the legacy you began? Note: If you’re an owner contemplating the future transition of your business, review The Eight Principles of Business Succession. bakertilly.com page 5 An independent member of Baker Tilly International Pursuant to the rules of professional conduct set forth in Circular 230, as promulgated by the United States Department of Treasury, nothing contained in this communication was intended or written to be used by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer by the Internal Revenue Service, and it cannot be used by any taxpayer for such purpose. No one, without our express prior written permission, may use or refer to any tax advice in this communication in promoting, marketing, or recommending a partnership or other entity, investment plan or arrangement to any other party. Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member of Baker Tilly International. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity.

In specific circumstances, the services of a professional should be sought. © 2014 Baker Tilly Virchow Krause, LLP .