Navigating Exit Planning with CEPA

In this episode of The Confident Advisor Practice Podcast, Adam Figura is joined by Pete Bush and Brian Toma to dive deep into the value of the Certified Exit Planning Advisor (CEPA) designation. They explore how this credential equips financial professionals to better serve business owners navigating complex exit strategies. Topics include the wealth gap, M&A challenges, personal planning, and the importance of building a dream team. Listeners will gain valuable insights into how advisors can lead meaningful transition conversations and prepare clients—and their own businesses—for successful futures.

 

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⏱️ Time-Stamped Chapters & Show Notes

00:00 – Introduction to Exit Planning and CEPA
Adam welcomes listeners and introduces guests Pete and Brian. He explains the purpose of the CEPA designation for financial advisors.

01:38 – Why Pete and Brian Chose the CEPA
Both discuss their motivations and experiences earning the CEPA designation. Brian describes the curriculum as some of the best, most practical advisor content he’s seen.

03:25 – The Dream Team Approach & Driving Business Value
The CEPA program's emphasis on collaboration among advisors resonates strongly with Brian. Pete adds how the designation fits into his broader client service model.

05:15 – Understanding the Value of a Business
Advisors frequently encounter business owners who don’t truly know what their business is worth or understand their wealth gap.

06:12 – Challenges in Exit Planning for Business Owners
Brian and Pete discuss common roadblocks like emotional attachment, staying too long, and making assumptions about succession within families.

08:50 – The Importance of Personal Planning in Business Transitions
Many owners fail to plan for life after selling their business. This personal gap can stall or kill deals, no matter how good the numbers look.

10:52 – Family Dynamics and Ownership Dilemmas
Brian shares insights on the difficult, but necessary, conversations around family succession, including how to handle fairness between involved and uninvolved children.

13:25 – Do You Have a Business or a Job?
Advisors should help owners assess if the business can run without them. If not, it's a job—not a business. Pete recaps the CEPA "three-legged stool": business, personal, and financial readiness.

14:56 – M&A Insights and Challenges in Acquiring Practices
Brian and Pete reflect on buying other practices. They emphasize evaluating not just the numbers but the people and culture driving the business.

17:50 – The Four Intangible Capitals (4 C’s)
They break down CEPA’s framework of Human, Social, Structural, and Systems Capital and how these impact business value.

19:31 – Preparing for Business Acquisition
Before advisors consider acquisitions, they must ask: “Why do I want to grow this way?” and “Can my team handle the scale?” If systems aren’t ready, the deal may cause more harm than good.

21:11 – Advisor Role: Asking the Right Questions
Adam points out how the best advisors ask questions to understand client goals. Pete jokes about Brian’s “Socratic” method of answering questions with questions.

23:04 – Final Thoughts and Takeaways
Brian shares a story about a client who thought he needed $10M from a sale—but only needed $7.5M to live his ideal life. The advisor's role in modeling these scenarios is critical to confident decisions.

26:42 – From Concentrated to Diversified Wealth
Pete explains how business owners accumulate wealth in a concentrated, illiquid asset and must be coached to diversify and protect their legacy.

29:05 – Why Advisors Should Consider CEPA
Pete closes with three key reasons to pursue the CEPA: to better help clients, identify acquisition opportunities, and prepare for one’s own succession plan. “Stay ready so you don’t have to get ready.”

30:01 – Closing Thanks
Adam thanks his guests and the audience. He encourages listeners to stay tuned for the next episode.

 

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💡 Key Takeaways

• The CEPA credential enhances advisors’ value when working with business owners.

• Most business owners are unaware of the true value of their business or their wealth gap.

• Exit planning must include personal and emotional readiness—not just financials.

• A strong advisory team (“dream team”) is critical for successful business transitions.

• Acquiring a practice means acquiring its people and culture, not just its numbers.

• Advisors should question their readiness before pursuing M&A.

• Asking the right questions helps uncover the client’s true goals.

• Advisors need to stay educated and ready—for their clients and themselves.

 

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🎯 Sound Bites

• “You need to know what you want.”

• “This is my life. This is my baby.”

• “You have a job.”

• “You have to hire the best people.”

• “You have to have a good CPA.”

• “We build out scenarios.”

 

🎯 Contact

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