NOW AVAILABLE:
2023 NATIONAL STATE OF OWNER READINESS REPORT
As we celebrate the 10-year anniversary of the groundbreaking research study, the State of Owner Readiness Report how do today's owners stack up against a decade ago? Delve into the latest insights, assessing business attractiveness and owner readiness on a national scale. Explore how readiness, paired with business attractiveness, significantly amplifies transition success. Uncover crucial findings indicating that prepared owners not only achieve SUCCESSFUL exits but SIGNIFICANT ones.
HOW READY ARE BUSINESS OWNERS? FIND OUT NOW!
For the last 10 years the Exit Planning Institute has been conducting the State of Owner Readiness survey across the country.
The 2023 National State of Owner Readiness Report was broken into four geographic regions
THE GENERATIONAL MAKE UP OF OWNERS
Over the past decade, there has been a significant shift in generational ownership lowering the average age of the business owner. Younger owners have entered the market demonstrate a greater inclination towards embracing exit planning compared to the older generations.
ATTENTION TO EXIT PLANNING
The Importance of Ongoing Education and Proactive Planning
Over the past decade, education and awareness surrounding exit planning have significantly improved, indicating increased readiness among business owners. While financial readiness ranks highest among respondents, the presence of estate plans remains consistently lower, suggesting a need for further investment and education in this area by management consulting and accounting professions. The data underscores the importance of ongoing education and proactive planning in facilitating successful business exits, highlighting the pivotal role of advisors in empowering owners to take action towards long-term value creation and legacy planning, thereby shifting exit planning from a future event to a present-tense imperative.
We've tracked the changes in business owner's attention to exit planning over those years.
Attention to exit planning has increased by 5 times since 2013 as a result of Exit Planning Advisors' work.
INSTANT INSIGHTS: QUICK GLANCE OF THE REPORT
Explore the insights from the 2023 State of Owner Readiness report, revealing a surge in exit planning education and awareness among business owners. Evidence shows increased completion of formal education programs, a better understanding of exit options, and heightened engagement in pre-transition value enhancement and due diligence projects. Despite this progress, many owners still lack a formal transition team, highlighting the ongoing need for comprehensive support. Survey data underscores a willingness among business owners to integrate key exit planning elements, signaling a proactive approach to navigating business transitions.
Percent of Owners who Have Received Formal Exit Planning Education
Percent of Owners who Have Sought Advice, but Don't Have A Transition Team
Exit Option Preferences
Business Owners' Post Transition Plans
Top Reasons for Owners to Have Conducted a Formal Valuation on Their Business
Percent of Owners having Completed a Formal Pre-Transition Value Enhancement or Due Diligence Project
MOST TRUSTED ADVISOR
As businesses evolve and face complex financial landscapes, they're turning to professional advisors for guidance. After naming Certified Public Accountants (CPAs) as their most trusted advisor in 2013, business owner respondents named Financial Avisors as their most trusted advisor in 2023.
2023 NATIONAL STATE OF OWNER READINESS REPORT
Do you know how business owners today stack up against owners a decade ago? Discover key highlights and emerging patterns providing invaluable insights into the preparedness of business owners across the nation. Gain an edge in understanding the current state of owner readiness, and uncover strategies to navigate the complexities of exit planning effectively.