CERTIFIED EXIT PLANNING ADVISOR PRACTICE
EXAM/CEPA NEWEST EXAM QUESTIONS AND
CORRCET DETAILED ANSWERS LATEST UPDATES
2025-2026 (VERIFIED ANSWERS) ALREADY
GRADED A+ NEW!!!
What are the first type of actions a business owner should focus on when
setting priorities in an action plan?
a. Improving culture
b. Life after planning
c. Mitigating risk
d. Marketing and growth
ANSWER-c. Mitigating risk
What question should you be asking yourself when performing an opportunity
assessment?
a. What are the deliverables
b. Where are the resources coming from?
c. What are the risks?
d. All of the above
ANSWER-d. All of the above
The "Wow" Curve charts a business owner's _____ over time.
a. Financials
b. Enthusiasm
c. Growth
d. Value
ANSWER-b. Enthusiasm
What is the best definition of relentless execution?
,a. A specific set of behaviors and techniques that companies need to master in
order to have a competitive advantage.
b. Developing and implementing action plans.
c. The process of holding people's feet to the fire and disciplining them when
they miss their goals.
d. It all depends on the client's preference.
ANSWER-a. A specific set of behaviors and techniques that companies need
to master in order to have a competitive advantage.
Accountants, attorneys, and financial planners and all examples of advisors
that should be added to the team starting in the _______ gate of the value
acceleration process.
a. Prepare
b. Decide
c. Discover
d. Determine
ANSWER-c. Discover
All exit planning teams should contain a family therapist.
a. True
b. False
ANSWER-b. False
What is a potential con of working within a team?
a. Slower production
b. More expensive
c. More complicated
d. All the above
ANSWER-d. All the above
Specialized consultants are typically considered members of an owner's:
a) Extended team
b) Core team
c) Accountability team
d) All of the above
ANSWER-a) Extended team
,What is not a core element of a team that makes it effective?
a) Financial Knowledge
b) Trust
c) Rhythm
d) Commitment
ANSWER-a) Financial Knowledge
The core capabilities of the Value Advisor include engaging advisors, resolve
conflicts, and focusing on enterprise value.
a) True
b) False
ANSWER-a) True
What is the common goal of the team, no matter who is in the door first?
a) Getting the owner to do the Triggering Event
b) Set a budget
c) 90-day sprints
d) It depends on the client's preference
ANSWER-a) Getting the owner to do the Triggering Event
Which of the following would be considered a con of the intergeneration
transfer exit option?
a. Business legacy preservation
b. Longer sale process
c. Lower sale price
d. Higher taxes
ANSWER-c. Lower sale price
Which of the following is not an inside exit option?
a. Sale to existing partners
b. Management buyout
c. Intergenerational transfer
d. Recapitalization
ANSWER-d. Recapitalization
, 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?
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?
EXAM/CEPA NEWEST EXAM QUESTIONS AND
CORRCET DETAILED ANSWERS LATEST UPDATES
2025-2026 (VERIFIED ANSWERS) ALREADY
GRADED A+ NEW!!!
What are the first type of actions a business owner should focus on when
setting priorities in an action plan?
a. Improving culture
b. Life after planning
c. Mitigating risk
d. Marketing and growth
ANSWER-c. Mitigating risk
What question should you be asking yourself when performing an opportunity
assessment?
a. What are the deliverables
b. Where are the resources coming from?
c. What are the risks?
d. All of the above
ANSWER-d. All of the above
The "Wow" Curve charts a business owner's _____ over time.
a. Financials
b. Enthusiasm
c. Growth
d. Value
ANSWER-b. Enthusiasm
What is the best definition of relentless execution?
,a. A specific set of behaviors and techniques that companies need to master in
order to have a competitive advantage.
b. Developing and implementing action plans.
c. The process of holding people's feet to the fire and disciplining them when
they miss their goals.
d. It all depends on the client's preference.
ANSWER-a. A specific set of behaviors and techniques that companies need
to master in order to have a competitive advantage.
Accountants, attorneys, and financial planners and all examples of advisors
that should be added to the team starting in the _______ gate of the value
acceleration process.
a. Prepare
b. Decide
c. Discover
d. Determine
ANSWER-c. Discover
All exit planning teams should contain a family therapist.
a. True
b. False
ANSWER-b. False
What is a potential con of working within a team?
a. Slower production
b. More expensive
c. More complicated
d. All the above
ANSWER-d. All the above
Specialized consultants are typically considered members of an owner's:
a) Extended team
b) Core team
c) Accountability team
d) All of the above
ANSWER-a) Extended team
,What is not a core element of a team that makes it effective?
a) Financial Knowledge
b) Trust
c) Rhythm
d) Commitment
ANSWER-a) Financial Knowledge
The core capabilities of the Value Advisor include engaging advisors, resolve
conflicts, and focusing on enterprise value.
a) True
b) False
ANSWER-a) True
What is the common goal of the team, no matter who is in the door first?
a) Getting the owner to do the Triggering Event
b) Set a budget
c) 90-day sprints
d) It depends on the client's preference
ANSWER-a) Getting the owner to do the Triggering Event
Which of the following would be considered a con of the intergeneration
transfer exit option?
a. Business legacy preservation
b. Longer sale process
c. Lower sale price
d. Higher taxes
ANSWER-c. Lower sale price
Which of the following is not an inside exit option?
a. Sale to existing partners
b. Management buyout
c. Intergenerational transfer
d. Recapitalization
ANSWER-d. Recapitalization
, 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?
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?
