1|Page
CEPA (CERTIFIED EXIT PLANNING ADVISOR) EXAM
PREP 2026 QUESTIONS WITH 100% CORRECT
VERIFIED ANSWERS!!!
What is the calculation for Recasted EBITDA? - Answer-
Addbacks + EBITDA = Recasted EBITDA
What does EBITDA stand for? - Answer-Earnings Before
Interest, Taxes, Depreciation, & Amortization
What are the three gaps within the Value Acceleration
Methodology? - Answer-Wealth Gap, Value Gap, & Profit
Gap
What are the Five Stages of Value Maturity in order? -
Answer-Identify, Protect, Build, Harvest, Manage
In the Five Stages of Value Maturity, what occurs in the
"Identify" stage? - Answer-Identify and asses the business
value. Understand how ready and attractive the business
is. What is the current value? What is it's potential value?
What are the gaps?
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What are considered the "Value Creation" stages within
the Five Stages of Value Maturity? - Answer-Protect Value
and Build Value
In the Five Stages of Value Maturity, what occurs in the
"Protect" stage? - Answer-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.
In the Five Stages of Value Maturity, what occurs in the
"Build" stage? - Answer-This is made up of strategic
actions including culture building, communication building,
personnel changes, new products/improvements, etc.
In the Five Stages of Value Maturity, what occurs in the
"Harvest" stage? - Answer-This is when the owner exits
the company and harvests its value
Simply put, what is exit planning? - Answer-Good
Business strategy
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What are the Four intangible Capitals or "Four C's"? -
Answer-Human Capital, Structural Capital, Customer
Capital, & Social Capital
How much of a business' value (in percentage) is trapped
inside the four intangible capitals or "Four C's"? - Answer-
80%
What is Human Capital? - Answer-It's the people in the
business. Employee tenure, experience / talent level,
management team succession plan, management team
strength, etc.
What is Structural Capital? - Answer-The most robust of
the "Four C's", this includes everything from the real
estate, intellectual property, equipment, process &
documentation, IT, systems (including financial &
accounting systems), etc.
What is Customer Captial? - Answer-Depth of customer
relationships, customer entanglement, customer
concentration / diversification, contracts, etc.
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What is Social Capital? - Answer-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.
What are the three gates (in order) of the Value
Acceleration Methodology? - Answer-Discover, Prepare, &
Decide
What are the Three Legs of the Stool? - Answer-Business,
Financial, & Personal
What is the Wealth Gap? - Answer-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.
What is the Value Gap? - Answer-The difference between
the owner's current business value and the Best-In-Class
business value.
CEPA (CERTIFIED EXIT PLANNING ADVISOR) EXAM
PREP 2026 QUESTIONS WITH 100% CORRECT
VERIFIED ANSWERS!!!
What is the calculation for Recasted EBITDA? - Answer-
Addbacks + EBITDA = Recasted EBITDA
What does EBITDA stand for? - Answer-Earnings Before
Interest, Taxes, Depreciation, & Amortization
What are the three gaps within the Value Acceleration
Methodology? - Answer-Wealth Gap, Value Gap, & Profit
Gap
What are the Five Stages of Value Maturity in order? -
Answer-Identify, Protect, Build, Harvest, Manage
In the Five Stages of Value Maturity, what occurs in the
"Identify" stage? - Answer-Identify and asses the business
value. Understand how ready and attractive the business
is. What is the current value? What is it's potential value?
What are the gaps?
,2|Page
What are considered the "Value Creation" stages within
the Five Stages of Value Maturity? - Answer-Protect Value
and Build Value
In the Five Stages of Value Maturity, what occurs in the
"Protect" stage? - Answer-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.
In the Five Stages of Value Maturity, what occurs in the
"Build" stage? - Answer-This is made up of strategic
actions including culture building, communication building,
personnel changes, new products/improvements, etc.
In the Five Stages of Value Maturity, what occurs in the
"Harvest" stage? - Answer-This is when the owner exits
the company and harvests its value
Simply put, what is exit planning? - Answer-Good
Business strategy
,3|Page
What are the Four intangible Capitals or "Four C's"? -
Answer-Human Capital, Structural Capital, Customer
Capital, & Social Capital
How much of a business' value (in percentage) is trapped
inside the four intangible capitals or "Four C's"? - Answer-
80%
What is Human Capital? - Answer-It's the people in the
business. Employee tenure, experience / talent level,
management team succession plan, management team
strength, etc.
What is Structural Capital? - Answer-The most robust of
the "Four C's", this includes everything from the real
estate, intellectual property, equipment, process &
documentation, IT, systems (including financial &
accounting systems), etc.
What is Customer Captial? - Answer-Depth of customer
relationships, customer entanglement, customer
concentration / diversification, contracts, etc.
, 4|Page
What is Social Capital? - Answer-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.
What are the three gates (in order) of the Value
Acceleration Methodology? - Answer-Discover, Prepare, &
Decide
What are the Three Legs of the Stool? - Answer-Business,
Financial, & Personal
What is the Wealth Gap? - Answer-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.
What is the Value Gap? - Answer-The difference between
the owner's current business value and the Best-In-Class
business value.
