EPI Exit Planning Institute
CEPA Certified Exit Planning Advisor Certification
Exam
Course Title and Number: CEPA Exit Planning Advisor
Certification
Exam Title: CEPA Certification Exam
Exam Date: Exam 2025- 2026
Instructor: ____ [Insert Instructor’s Name] _______
Student Name: ___ [Insert Student’s Name] _____
Student ID: ____ [Insert Student ID] _____________
Examination
Time: - ____ Hours: ___ Minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you have completed
the Exam.
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time expires
7. This is Exam which will assess your knowledge on the course Learning
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2025- 2026
EPI Exit Planning Institute
CEPA Certified Exit Planning Advisor Certification Exam
Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
1. What are considered the "Value Creation" stages
within the Five Stages of Value Maturity?: Protect Value
and Build Value
2. In the Five Stages of Value Maturity, what occurs in
the "Protect" stage?-
: Protect what you have because "build" means more risk.
Make sure the right systems are in place: the right financial
advisor, right financial plan, documented standard operating
procedures within the business, insurance, etc. Protect always
comes before Build. Non-strategic actions are ALWAYS before
strategic actions.
3. In the Five Stages of Value Maturity, what occurs in
the "Build" stage?: This is made up of strategic actions
including culture building, communication building, personnel
changes, new products/improvements, etc.
4. In the Five Stages of Value Maturity, what occurs in
the "Harvest" stage?: -
This is when the owner exits the company and harvests its
value
5. Simply put, what is exit planning?: Good Business
strategy
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6. What are the Four intangible Capitals or "Four C's"?:
Human Capital, Struc- tural Capital, Customer Capital, &
Social Capital
7. How much of a business' value (in percentage) is
trapped inside the four intangible capitals or "Four
C's"?: 80%
8. What is Human Capital?: It's the people in the business.
Employee tenure, experience / talent level, management
team succession plan, management team strength, etc.
9. What is Structural Capital?: The most robust of the "Four
C's", this includes everything from the real estate, intellectual
property, equipment, process & docu- mentation, IT, systems
(including financial & accounting systems), etc.
10. What is Customer Captial?: Depth of customer
relationships, customer entan- glement, customer
concentration / diversification, contracts, etc.
11. What is Social Capital?: Culture within & outside the
company. How people relate outside of the company. This is
developed over time after all other intangible capitals are
established/improved.
12. What are the three gates (in order) of the Value
Acceleration Methodolo- gy?: Discover, Prepare, & Decide
13. What are the Three Legs of the Stool?: Business,
Financial, & Personal
14. What is the Wealth Gap?: Understanding the owner's
wealth goal (how much money they'll need to fulfill personal
needs) and the current value of their assets (not including
their business). The gap or difference between these two is
usually filled by the business' value.
15. What is the Value Gap?: The difference between the
owner's current business value and the Best-In-Class
business value.
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16. What is the Profit Gap?: The difference between the
owner's current business profit (or recasted EBITDA) and the
Best-In-Class business profit (or recasted EBITDA)
17. The two concurrent paths are in which gate within
the Value Acceleration Methodology?: The Prepare Gate
18. What are the two concurrent paths within the
Prepare Gate?: The risk mitigation (De-risk) / business
improvement path
AND
The personal/financial ("Vision") path
19. What is the ONE goal of the Value Acceleration
Methodology?: To drive value across all three legs of the
stool (business, financial & personal)
20. How much of an owner's wealth (in percentage) is
locked in their busi- ness?: 80-90%
21. What's the difference between a Lifestyle Business
and Value Creator Business?: Lifestyle business = good
income; not transferrable
Value creator business = good income; transferable (owners
treat their business like an asset)
22. Most owners don't address what kind of planning?:
personal planning
23. What kind of planning could be the key to making
an exit successful?: per- sonal planning
24. What is the number one reason deals fail?: seller's
cold feet
25. The Value Maturity Index teaches owner's the
concept that they can have
and .: value AND income (as long as the owner focuses
on VALUE first)
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