CEPA (CERTIFIED EXIT PLANNING ADVISOR)
EXAM QUESTIONS WITH VERIFIED ANSWERS
2026 | Study Guide | A+
• It's important to not just tell an owner the right answer, but to ask them the right
question. What are examples of the "right question" to ask a business owner client? -
✓✓a. What is the strength of your intangible capital?
b. What is your biggest pain point and biggest desire?
c. What deal structure are you looking for when selling?
• Complete the following quote: "Luck is ___ meeting opportunity." -✓✓Preparation
• Four intangible capitals (The 4Cs) include Human, Structural, Social, and Customer
(True/False) -✓✓True
• Four intangible capitals (The 4Cs) include _ _ _ _ _, Structural, Social, and Customer
-✓✓Human
• Four intangible capitals (The 4Cs) include Human, _ _ _ _ _ _ _ _ _ _, Social, and
Customer -✓✓Structural
• Four intangible capitals (The 4Cs) include Human, Structural, _ _ _ _ _ _, and
Customer -✓✓Social
• Four intangible capitals (The 4Cs) include Human, Structural, Social, and _ _ _ _ _ _ _
_ -✓✓Customer
• Business is personal for most owners (T/F) -✓✓True
• Exit planning is a strategic business tool used to focus the company on maximizing
business value (T/F) -✓✓True
• The Baby Boomer generation doesn't needs to be thinking about exit planning (T/F) -
✓✓True
• The Value Acceleration Methodology provides a structure to the exit planning process
(T/F) -✓✓True
• A successful exit strategy balances the "____ Legs of the Stool." -✓✓Three
• What is one of the main causes of "sellers' cold feet" during the sale of a business? -
✓✓Lack of Personal Planning
, • What is the first stage in the "Five Stages of Value Maturity?" -✓✓Identify
• What is the second stage in the "Five Stages of Value Maturity?" -✓✓Protect
• What is the third stage in the "Five Stages of Value Maturity?" -✓✓Build
• What is the fourth stage in the "Five Stages of Value Maturity?" -✓✓Harvest
• What is the fifth/final stage in the "Five Stages of Value Maturity?" -✓✓Manage
• When ranking a business's intangible capitals, what is the main purpose of using the
common sense scoring of 1 - 6 -✓✓Forced to not chose average
• A key difference between lifestyle businesses and value creator businesses is that
value creator businesses usually generate better income (T/F) -✓✓True
• First gate in the Value Acceleration Methodology? -✓✓Discover
• Second gate in the Value Acceleration Methodology? -✓✓Prepare
• Third gate in the Value Acceleration Methodology? -✓✓Decide
• If the potential value for a business is 16 million, and it's currently valued at 9 million,
what is the value gap of the business? -✓✓$7 Million
• The typical business owner has ____% of their net worth tied up within their business.
-✓✓80%
• What are benefit of prioritizing wealth management for a business owner? -✓✓a. Tax
efficiency
b. Insurances in place (Risk Management)
c. Structured cash flow
• Life insurance, health insurance, and product liability insurance all fall under which
section of the financial planning process? -✓✓Risk Management
• The components of integrated wealth management for individuals are: -✓✓Retirement
planning, risk management, estate planning, portfolio management
• A business owner only needs one advisor to complete their exit planning (T/F) -
✓✓False
EXAM QUESTIONS WITH VERIFIED ANSWERS
2026 | Study Guide | A+
• It's important to not just tell an owner the right answer, but to ask them the right
question. What are examples of the "right question" to ask a business owner client? -
✓✓a. What is the strength of your intangible capital?
b. What is your biggest pain point and biggest desire?
c. What deal structure are you looking for when selling?
• Complete the following quote: "Luck is ___ meeting opportunity." -✓✓Preparation
• Four intangible capitals (The 4Cs) include Human, Structural, Social, and Customer
(True/False) -✓✓True
• Four intangible capitals (The 4Cs) include _ _ _ _ _, Structural, Social, and Customer
-✓✓Human
• Four intangible capitals (The 4Cs) include Human, _ _ _ _ _ _ _ _ _ _, Social, and
Customer -✓✓Structural
• Four intangible capitals (The 4Cs) include Human, Structural, _ _ _ _ _ _, and
Customer -✓✓Social
• Four intangible capitals (The 4Cs) include Human, Structural, Social, and _ _ _ _ _ _ _
_ -✓✓Customer
• Business is personal for most owners (T/F) -✓✓True
• Exit planning is a strategic business tool used to focus the company on maximizing
business value (T/F) -✓✓True
• The Baby Boomer generation doesn't needs to be thinking about exit planning (T/F) -
✓✓True
• The Value Acceleration Methodology provides a structure to the exit planning process
(T/F) -✓✓True
• A successful exit strategy balances the "____ Legs of the Stool." -✓✓Three
• What is one of the main causes of "sellers' cold feet" during the sale of a business? -
✓✓Lack of Personal Planning
, • What is the first stage in the "Five Stages of Value Maturity?" -✓✓Identify
• What is the second stage in the "Five Stages of Value Maturity?" -✓✓Protect
• What is the third stage in the "Five Stages of Value Maturity?" -✓✓Build
• What is the fourth stage in the "Five Stages of Value Maturity?" -✓✓Harvest
• What is the fifth/final stage in the "Five Stages of Value Maturity?" -✓✓Manage
• When ranking a business's intangible capitals, what is the main purpose of using the
common sense scoring of 1 - 6 -✓✓Forced to not chose average
• A key difference between lifestyle businesses and value creator businesses is that
value creator businesses usually generate better income (T/F) -✓✓True
• First gate in the Value Acceleration Methodology? -✓✓Discover
• Second gate in the Value Acceleration Methodology? -✓✓Prepare
• Third gate in the Value Acceleration Methodology? -✓✓Decide
• If the potential value for a business is 16 million, and it's currently valued at 9 million,
what is the value gap of the business? -✓✓$7 Million
• The typical business owner has ____% of their net worth tied up within their business.
-✓✓80%
• What are benefit of prioritizing wealth management for a business owner? -✓✓a. Tax
efficiency
b. Insurances in place (Risk Management)
c. Structured cash flow
• Life insurance, health insurance, and product liability insurance all fall under which
section of the financial planning process? -✓✓Risk Management
• The components of integrated wealth management for individuals are: -✓✓Retirement
planning, risk management, estate planning, portfolio management
• A business owner only needs one advisor to complete their exit planning (T/F) -
✓✓False
