CEPA (CERTIFIED EXIT PLANNING ADVISOR)
EXAM QUESTIONS WITH VERIFIED ANSWERS
2026 | Practice Test | A+
• What is the purpose of exit planning? -✓✓To maximize the value of the business at
the time of exit, minimize taxes, and ensure the owner accomplishes personal and
financial goals.
• What does an exit plan address? -✓✓All business, personal, financial, legal, and tax
questions involved in transitioning a privately-owned business.
• What contingencies should be included in an exit plan? -✓✓Contingencies for illness,
burnout, divorce, and death.
• Who created the CEPA Program? -✓✓The Exit Planning Institute (EPI) in 2007.
• What is the Value Acceleration Methodology™? -✓✓A process that integrates exit
strategy into business, personal, and financial goals of the business owner.
• What are the three major components of the Value Acceleration Methodology? -
✓✓Maximizing business value, personal financial planning, and life-after business
planning.
• What percentage of the CEPA Exam questions focus on the Value Acceleration
Methodology? -✓✓50%.
• What is the format of the CEPA Exam? -✓✓150 multiple-choice questions, including
situational stories followed by related questions.
• What is required to pass the CEPA Exam? -✓✓A score of 70% or better.
• What percentage of businesses put on the market do not sell? -✓✓70%-80%.
• What is a common regret among business owners after selling their business? -
✓✓Three out of four owners surveyed "profoundly regretted" the decision one year after
selling.
• What is the survival rate of family-owned businesses into the second generation? -
✓✓Only 30% survive.
• What is the significance of the Faculty Meetup in the CEPA program? -✓✓It is a forum
for CEPA Candidates to discuss critical topics and ask questions.
,• What should CEPA Candidates do after each day in the program? -✓✓Review the
program manual and answer the study guide questions.
• What are the three sections of the CEPA Exam? -✓✓Value Acceleration
Methodology, Value Acceleration Methodology Case Studies, and Technical Modules.
• What is the focus of the Technical Modules in the CEPA Exam? -✓✓Topics such as
Financial Planning, Estate Planning, Private Equity, and Business Valuation.
• What is the recommended study approach for the CEPA Exam? -✓✓Actively
participate in the classroom, self-study, and review all required readings.
• What is the role of the Exit Planning Institute (EPI)? -✓✓To provide resources and
education for professionals in the field of exit planning.
• What does exit planning combine according to Christopher Snider? -✓✓The plan,
concept, effort, and process into a clear strategy to build a transferable business.
• What is a key outcome of effective exit planning? -✓✓Creating value today for the
future of the owner, family, and business.
• What is the significance of understanding key concepts in the CEPA program? -✓✓It
is critical for passing the CEPA Exam and succeeding in the marketplace.
• What should CEPA Candidates focus on in the Practice Test Questions & Study
Topics section? -✓✓Key elements within each module that are critical for passing the
exam.
• What is the recommended method for utilizing the study guide? -✓✓To navigate the
CEPA program body of knowledge and understand critical elements for the exam.
• What is the importance of the CEPA Exam's closed book format? -✓✓It emphasizes
the need for thorough preparation and understanding of the material.
• What is the expected notification time for CEPA exam results? -✓✓The following
Friday after the program has completed and the exam window has closed.
• What is the role of case studies in the CEPA Exam? -✓✓To assess the candidate's
understanding through practical application of concepts.
• What is the primary goal of exit planning? -✓✓To ensure a smooth transition and
maximize the value of the business upon exit.
, • What percentage of business owners have no formal transition advisory team? -
✓✓66%
• What is the estimated wealth transfer due to business exits in the next 10 years? -
✓✓$14 trillion
• What percentage of owners want to exit their business within five years? -✓✓48%
• What are the five Ds that can cause involuntary exits? -✓✓Death, Disability, Divorce,
Distress, Disagreement
• What is the first paradigm shift needed for effective exit planning? -✓✓Focus on
enterprise value
• What percentage of privately held businesses offered for sale do not sell? -✓✓70-80%
• According to the Family Firm Institute, what percentage of family transitions survive
into the second generation? -✓✓30%
• What is the primary goal of the advisor of the future? -✓✓Focus on value creation
• What are the Five Stages of the Value Maturity Index? -✓✓Identify, Protect, Build,
Harvest, Manage
• What are the Four Intangible Capitals? -✓✓Human Capital, Customer Capital,
Structural Capital, Social Capital
• What is the importance of focusing on value rather than just income? -✓✓Focusing on
value drives all other positive outcomes
• What is the formula to determine Strategic Value? -✓✓(Cash and/or sales) x (a
market multiplier) = value
• What is the purpose of the Value Acceleration Methodology? -✓✓To focus on value
growth and align business, personal, and financial goals
• What is one of the key tools for using value acceleration? -✓✓90-Day Sprints
• What is the primary benefit of the Value Acceleration Methodology? -✓✓Focuses on
value vs. income
• What is the common mistake business owners make regarding exit planning? -
✓✓They focus on income generation rather than enterprise value
EXAM QUESTIONS WITH VERIFIED ANSWERS
2026 | Practice Test | A+
• What is the purpose of exit planning? -✓✓To maximize the value of the business at
the time of exit, minimize taxes, and ensure the owner accomplishes personal and
financial goals.
• What does an exit plan address? -✓✓All business, personal, financial, legal, and tax
questions involved in transitioning a privately-owned business.
• What contingencies should be included in an exit plan? -✓✓Contingencies for illness,
burnout, divorce, and death.
• Who created the CEPA Program? -✓✓The Exit Planning Institute (EPI) in 2007.
• What is the Value Acceleration Methodology™? -✓✓A process that integrates exit
strategy into business, personal, and financial goals of the business owner.
• What are the three major components of the Value Acceleration Methodology? -
✓✓Maximizing business value, personal financial planning, and life-after business
planning.
• What percentage of the CEPA Exam questions focus on the Value Acceleration
Methodology? -✓✓50%.
• What is the format of the CEPA Exam? -✓✓150 multiple-choice questions, including
situational stories followed by related questions.
• What is required to pass the CEPA Exam? -✓✓A score of 70% or better.
• What percentage of businesses put on the market do not sell? -✓✓70%-80%.
• What is a common regret among business owners after selling their business? -
✓✓Three out of four owners surveyed "profoundly regretted" the decision one year after
selling.
• What is the survival rate of family-owned businesses into the second generation? -
✓✓Only 30% survive.
• What is the significance of the Faculty Meetup in the CEPA program? -✓✓It is a forum
for CEPA Candidates to discuss critical topics and ask questions.
,• What should CEPA Candidates do after each day in the program? -✓✓Review the
program manual and answer the study guide questions.
• What are the three sections of the CEPA Exam? -✓✓Value Acceleration
Methodology, Value Acceleration Methodology Case Studies, and Technical Modules.
• What is the focus of the Technical Modules in the CEPA Exam? -✓✓Topics such as
Financial Planning, Estate Planning, Private Equity, and Business Valuation.
• What is the recommended study approach for the CEPA Exam? -✓✓Actively
participate in the classroom, self-study, and review all required readings.
• What is the role of the Exit Planning Institute (EPI)? -✓✓To provide resources and
education for professionals in the field of exit planning.
• What does exit planning combine according to Christopher Snider? -✓✓The plan,
concept, effort, and process into a clear strategy to build a transferable business.
• What is a key outcome of effective exit planning? -✓✓Creating value today for the
future of the owner, family, and business.
• What is the significance of understanding key concepts in the CEPA program? -✓✓It
is critical for passing the CEPA Exam and succeeding in the marketplace.
• What should CEPA Candidates focus on in the Practice Test Questions & Study
Topics section? -✓✓Key elements within each module that are critical for passing the
exam.
• What is the recommended method for utilizing the study guide? -✓✓To navigate the
CEPA program body of knowledge and understand critical elements for the exam.
• What is the importance of the CEPA Exam's closed book format? -✓✓It emphasizes
the need for thorough preparation and understanding of the material.
• What is the expected notification time for CEPA exam results? -✓✓The following
Friday after the program has completed and the exam window has closed.
• What is the role of case studies in the CEPA Exam? -✓✓To assess the candidate's
understanding through practical application of concepts.
• What is the primary goal of exit planning? -✓✓To ensure a smooth transition and
maximize the value of the business upon exit.
, • What percentage of business owners have no formal transition advisory team? -
✓✓66%
• What is the estimated wealth transfer due to business exits in the next 10 years? -
✓✓$14 trillion
• What percentage of owners want to exit their business within five years? -✓✓48%
• What are the five Ds that can cause involuntary exits? -✓✓Death, Disability, Divorce,
Distress, Disagreement
• What is the first paradigm shift needed for effective exit planning? -✓✓Focus on
enterprise value
• What percentage of privately held businesses offered for sale do not sell? -✓✓70-80%
• According to the Family Firm Institute, what percentage of family transitions survive
into the second generation? -✓✓30%
• What is the primary goal of the advisor of the future? -✓✓Focus on value creation
• What are the Five Stages of the Value Maturity Index? -✓✓Identify, Protect, Build,
Harvest, Manage
• What are the Four Intangible Capitals? -✓✓Human Capital, Customer Capital,
Structural Capital, Social Capital
• What is the importance of focusing on value rather than just income? -✓✓Focusing on
value drives all other positive outcomes
• What is the formula to determine Strategic Value? -✓✓(Cash and/or sales) x (a
market multiplier) = value
• What is the purpose of the Value Acceleration Methodology? -✓✓To focus on value
growth and align business, personal, and financial goals
• What is one of the key tools for using value acceleration? -✓✓90-Day Sprints
• What is the primary benefit of the Value Acceleration Methodology? -✓✓Focuses on
value vs. income
• What is the common mistake business owners make regarding exit planning? -
✓✓They focus on income generation rather than enterprise value
