CEPA Certified Exit Planning Advisor Exam Prep
Study Prep & CE 2026 Guide
1. What percentage of privately held businesses that are D) 80%
offered for sale each year ultimately do not sell?
A) 20%
B) 40%
C) 50%
D) 80%
2. According to the Family Firm Institute, what percent- B) 30%
age of family transitions survive into the second gen-
eration?
A) 20%
B) 30%
C) 50%
D) 70%
3. According to EPI's first national State of Owner Readi- D) 49%
ness Survey, what percentage of business owners
have done no exit planning
at all?
A) 99%
B) 40%
C) 83%
D) 49%
4. Which of the following is not one of the five Ds? B) Decide
A) Distress
B) Decide
C) Divorce
D) Death
5. Business owners are leaving dollars on the table be- C) Enterprise value
cause they are not focusing on what?
, CEPA Certified Exit Planning Advisor Exam Prep
Study Prep & CE 2026 Guide
A) Family unity
B) Sales and income
C) Enterprise value
D) Creating an Exit Plan
6. The Advisor of the Future needs to get owners and C) Exit planning is good
advisors to make several paradigm shifts for exit plan- business strategy
ning and value acceleration
to work to the benefit of owners and their families.
What is the first paradigm shift that needs to be
made?
A) Focus on enterprise value
B) Adopt a process and work from a common frame-
work
C) Exit planning is good business strategy
D) All of the above
7. The Value Acceleration Methodology™ is based on a B) Master planning
management philosophy called what?
A) Cognitive theory
B) Master planning
C) Business enterprise
D) Business canvas
8. Which of the following is not a gate in the Value Accel- B) Plan
eration Methodology?
A) Prepare
B) Plan
C) Discover
D) Decide
9. Which of the following is a benefit of focusing on D) All of the above
value?
, CEPA Certified Exit Planning Advisor Exam Prep
Study Prep & CE 2026 Guide
A) Very predictable results
B) Gets employees thinking like owners
C) Mitigates risk
D) All of the above
10. The "Triggering Event" is delivered in what gate of the A) Discover
Value Acceleration Methodology?
A) Discover
B) Prepare
C) Decide
D) All of the above
11. What is the total timeframe it typically takes to move D) 3.5 years or more
a business owner through the full Value Acceleration
Methodology process?
A) Six months to one year
B) Minimum of one year
C) One to three years
D) 3.5 years or more
12. Personal liability insurance is a supplementary insur- B) False
ance that is not imperative for business owners to own
since most homeowners
and car insurance policies are comprehensive and
cover similar liabilities.
A) True
B) False
13. Wealth management includes various components of E) All of the above
investment management and comprehensive plan-
ning such as:
A) Portfolio management
B) Retirement planning
, CEPA Certified Exit Planning Advisor Exam Prep
Study Prep & CE 2026 Guide
C) Risk management
D) Estate planning
E) All of the above
14. Which of the following is an example of lacking port- B) Too much US Large Cap
folio diversification?: or Private Company Stock
A) An appropriate three to six month cash reserve
B) Too much US Large Cap or Private Company Stock
C) High expense ratios
D) Exposure to Emerging Markets
15. For a business owner to minimize estate tax liabilities D) All of the above
and ensure specificity for control and protections of
assets before and after
death, they should have:
A) Will
B) Power of attorney for financial transactions
C) Revocable living trust
D) All of the above
16. A retirement cash flow plan, which details the amount B) Statistical modeling
of, additions to and uses of investment assets, is most
accurate when the
following is used in the analysis:
A) A static rate of return
B) Statistical modeling
C) Historical S&P500 rate of return
D) The historical average rate of return on the client's
existing portfolio
17. If estate is less than $5 million ($10 million for a mar- A) Yes
ried couple), do I still need estate planning?
Study Prep & CE 2026 Guide
1. What percentage of privately held businesses that are D) 80%
offered for sale each year ultimately do not sell?
A) 20%
B) 40%
C) 50%
D) 80%
2. According to the Family Firm Institute, what percent- B) 30%
age of family transitions survive into the second gen-
eration?
A) 20%
B) 30%
C) 50%
D) 70%
3. According to EPI's first national State of Owner Readi- D) 49%
ness Survey, what percentage of business owners
have done no exit planning
at all?
A) 99%
B) 40%
C) 83%
D) 49%
4. Which of the following is not one of the five Ds? B) Decide
A) Distress
B) Decide
C) Divorce
D) Death
5. Business owners are leaving dollars on the table be- C) Enterprise value
cause they are not focusing on what?
, CEPA Certified Exit Planning Advisor Exam Prep
Study Prep & CE 2026 Guide
A) Family unity
B) Sales and income
C) Enterprise value
D) Creating an Exit Plan
6. The Advisor of the Future needs to get owners and C) Exit planning is good
advisors to make several paradigm shifts for exit plan- business strategy
ning and value acceleration
to work to the benefit of owners and their families.
What is the first paradigm shift that needs to be
made?
A) Focus on enterprise value
B) Adopt a process and work from a common frame-
work
C) Exit planning is good business strategy
D) All of the above
7. The Value Acceleration Methodology™ is based on a B) Master planning
management philosophy called what?
A) Cognitive theory
B) Master planning
C) Business enterprise
D) Business canvas
8. Which of the following is not a gate in the Value Accel- B) Plan
eration Methodology?
A) Prepare
B) Plan
C) Discover
D) Decide
9. Which of the following is a benefit of focusing on D) All of the above
value?
, CEPA Certified Exit Planning Advisor Exam Prep
Study Prep & CE 2026 Guide
A) Very predictable results
B) Gets employees thinking like owners
C) Mitigates risk
D) All of the above
10. The "Triggering Event" is delivered in what gate of the A) Discover
Value Acceleration Methodology?
A) Discover
B) Prepare
C) Decide
D) All of the above
11. What is the total timeframe it typically takes to move D) 3.5 years or more
a business owner through the full Value Acceleration
Methodology process?
A) Six months to one year
B) Minimum of one year
C) One to three years
D) 3.5 years or more
12. Personal liability insurance is a supplementary insur- B) False
ance that is not imperative for business owners to own
since most homeowners
and car insurance policies are comprehensive and
cover similar liabilities.
A) True
B) False
13. Wealth management includes various components of E) All of the above
investment management and comprehensive plan-
ning such as:
A) Portfolio management
B) Retirement planning
, CEPA Certified Exit Planning Advisor Exam Prep
Study Prep & CE 2026 Guide
C) Risk management
D) Estate planning
E) All of the above
14. Which of the following is an example of lacking port- B) Too much US Large Cap
folio diversification?: or Private Company Stock
A) An appropriate three to six month cash reserve
B) Too much US Large Cap or Private Company Stock
C) High expense ratios
D) Exposure to Emerging Markets
15. For a business owner to minimize estate tax liabilities D) All of the above
and ensure specificity for control and protections of
assets before and after
death, they should have:
A) Will
B) Power of attorney for financial transactions
C) Revocable living trust
D) All of the above
16. A retirement cash flow plan, which details the amount B) Statistical modeling
of, additions to and uses of investment assets, is most
accurate when the
following is used in the analysis:
A) A static rate of return
B) Statistical modeling
C) Historical S&P500 rate of return
D) The historical average rate of return on the client's
existing portfolio
17. If estate is less than $5 million ($10 million for a mar- A) Yes
ried couple), do I still need estate planning?
