Study: Gap between exit expectations and exit preparation

Scott Bushkie

Guest Columnist

April 20, 2026

A recent national study of 750 U.S. business owners revealed a striking gap between exit expectations and preparations.

Nearly half (48%) of business owners between the ages of 45 and 75 say they expect to sell their business within the next three years.

Almost two-thirds (64%) expect to sell in the next five.

Yet only about one-third (34%) have taken any formal steps related to selling.

Those findings come from Cornerstone’s 2025 National Study on Selling Your Business, which surveyed 750 U.S. owners of privately held companies with revenues between $5 million and $100 million.

The data suggests a harmful disconnect between exit planning and owners’ goals.

Half (49%) of owners say their retirement goals would be in jeopardy if they could not complete the sale of their business.

And 47% say they’ve lost sleep in the last month because too much of their net worth is tied up in the business.

Yet only a small percentage are taking the necessary steps to mitigate those risks.

Planning doesn’t force a sale

One of the biggest misconceptions about exit planning is that it sets a business owner on a one-way path toward selling.

In reality, planning creates options.

It gives owners a clearer view of what’s possible, whether that ultimately means selling to a third party, transitioning to family or internal leadership, bringing in a partner or continuing to operate with a more informed understanding of value and risk.

In other words, planning isn’t about committing to a transaction.

It’s about understanding what the business could support and what choices are realistically available.

Where the biggest gap shows up: Value

One area where this disconnect becomes especially clear is around valuation.

Sixty-one percent of owners have never received a Real Market Analysis or valuation of their company.

At the same time, many owners say uncertainty about what their business is worth prevents them from considering a sale at all.

Without an objective understanding of value, it becomes difficult to make informed decisions about personal financial readiness, risk tolerance or whether certain investments in the business are likely to pay off.

Buyers are moving, even if owners aren’t

Market interest in privately held businesses, meanwhile, remains strong.

More than 60% of owners report receiving interest from a buyer or buyer’s representative within the past year. 

Yet more than half say they would consider accepting an unsolicited offer without first obtaining a third-party valuation if they “assumed the offer was reasonable.”

That combination – strong inbound interest and limited valuation information – creates a risky dynamic.

Even well-intentioned buyers are tasked with acquiring businesses at the lowest price possible. 

Meanwhile, more aggressive buyers actively look for owners who lack data, leverage or a clear understanding of what their business is worth.

Planning before engaging buyers doesn’t mean selling sooner.

It means entering any conversation informed rather than reactive.

Planning is really about control

When owners delay planning, they often assume they’re keeping their options open. 

In reality, the opposite tends to happen.

Health events, burnout, market shifts or changes in personal circumstances can force rushed decisions.

Or, owners may discover too late that their business isn’t positioned the way they assumed.

Planning shifts control back to the owner.

It allows time to understand value, explore scenarios, assemble the right advisory team and address issues that could limit future options.

It also gives owners the freedom to decide if and when to sell, rather than having circumstances decide for them.

Exit planning doesn’t need to start with a for-sale sign.

It can start with a simple question: Do I understand what I own, what it’s worth, and what my options really are?

For many owners, answering that question is the first real step toward staying in control of one of the most important decisions of their business lives.