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2023 National State of Owner Readiness

Business Planning: 2023 National State of Owner Readiness

Author: Brandon Jordan, CFP®, CHFC®, CEPA®, CVGA®, CLU®, MSA, EA | CEO of Impact Advisors Group

Ten years ago, the Exit Planning Institute (EPI) embarked on a groundbreaking research endeavor in collaboration with several partners called the State of Owner Readiness Survey. This first-of-its-kind survey studied the personal preparedness of business owners for exiting their companies and assessed their companies’ readiness for such transitions. What came out of this survey was information that business owners were unaware misinformed about what exit planning is and thus ill-prepared for their inevitable exit. 

A decade later, the newly released 2023 National State of Owner Readiness report reflects a transformed landscape, business owners nationwide are undoubtedly more educated and aware than ever before. They are also more prepared for their exit and focused on blending and aligning the most critical components of a successful and significant exit:

  • Business,
  • Personal, AND
  • Financial (Understanding and Determining the “Wealth Gap”)

There are numerous intriguing conclusions from the 2023 report which surveyed more than 1,000 business owners. IAG has pulled out several data points that business owners may find to be of interest. 

  • 75% of business owners would like to exit their business in the next 10 years. 
  • 69% have made Exit Planning a priority. 
  • 39% have stated that Exit Planning was their TOP priority. 
  • Only 9% of business owners have no plans at all for their exit.    

There is still work to be done! IAG, with its team of Certified Financial Planners (“CFP®”) and Certified Exit Planning Advisors (“CEPA®”), is uniquely equipped to help business owners close the gap between “what is” and “what’s possible” so that they can achieve their business, personal, AND financial goals. 
 
To explore what’s possible:

  1. Value Gap Assessment
  2. Personal Readiness Assessment
  3. Business Readiness Assessment
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