Why business owners change advisors during a sale

Scott Bushkie

Guest Columnist

July 27, 2026

Selling a business is often the largest financial event of an owner’s life.

Yet many business owners enter the process without a coordinated team, a clear understanding of value or a strategy for what comes next.

That gap may help explain one of the more striking findings from Cornerstone’s 2025 National Study on Selling Your Business: 96% of business owners said they would consider switching financial advisors before, during or after the sale of their company.

At first glance, the statistic may sound disloyal. 

In reality, it reflects something more practical.

Most owners are not looking for a new advisor because they are unhappy.

They are looking for guidance that feels relevant to the complexity of a business exit.

For many owners, selling a company is unfamiliar territory.

Most have spent decades building their business but have never sold one before.

The transaction itself can involve valuation questions, tax planning, deal structure, legal risk, wealth planning, family considerations and emotional decisions about identity and legacy, often all at once.

That changes what owners expect from their advisors.

They increasingly want more than investment management or periodic financial reviews.

They want coordination and proactive conversations.

They want someone who understands how the moving pieces of an exit affect one another.

Owners often discover planning gaps too late

In many cases, owners are operating with outdated or assumed ideas about what their business is worth.

Cornerstone’s study found that a majority of owners have never had a Real Market Analysis (RMA) or formal valuation of their business.

Some rely on industry rules of thumb or informal estimates that may not reflect the unique market realities of their company.

That disconnect can create frustration during a sales process, especially when expectations and market conditions do not align.

At the same time, many trusted advisors are not specialists in mergers and acquisitions. 

Financial advisors, CPAs, attorneys and other professionals may each understand part of the picture, but business owners often discover that no one is helping coordinate the broader strategy early enough.

Long before a company officially goes to market, factors such as leadership depth, customer concentration, financial reporting practices, recurring revenue and working capital habits can influence both value and buyer interest.

Owners who begin planning earlier typically have more time to strengthen those areas and position the business more effectively.

And once a transaction is underway, many additional decisions can materially affect the owner’s outcome.

Exclusivity issues and buyer pools, deal structure, tax exposure, rollover equity and transition timelines all shape what an owner ultimately keeps and how prepared they feel afterward.

Advisors do not need to become M&A specialists to add value during this process.

But the ones who remain most trusted are often those who engage earlier, ask broader questions and help connect owners with the right expertise before critical decisions are already on the table.

This shouldn’t be a last-minute conversation

Importantly, early involvement does not mean pushing an owner toward a sale.

But discussing readiness early gives owners more options and more control.

It creates time to improve operations, strengthen management teams, address customer concentration risks, organize financial reporting and think carefully about personal goals after the transaction.

Those conversations can also help owners avoid making reactive decisions under pressure once a deal is already moving.

The advisors who tend to remain central during an exit are usually the ones who engage earlier and help assemble the right team around the owner.

That may include M&A advisors, M&A attorneys, CPAs, estate attorneys, wealth managers and other specialists working together rather than independently.

The strongest advisory relationships are often built during that preparation stage, before the pressure of a live transaction.

For advisors, the lesson is straightforward: Business owners want guidance that extends beyond a single specialty.

They want trusted professionals who can help them think strategically, coordinate expertise and prepare for one of the most consequential transitions of their lives.

And for business owners, the message may be even simpler: The best time to start planning for an eventual exit is usually long before you intend to leave.