From Early Adopters to Leading Innovators: The CEPA Journey
I received my Certified Exit Planning Advisor (CEPA) designation from the Exit Planning Institute in November 2008. I was one of the first 100 world-wide. I’m now part of a 5000 strong professional community.
We first 100 were a merry band of like-minded early adopters. Still, when we received our CEPA, it felt momentous and thrilling. We had a spring in our step and something new to take to business owners. We couldn’t wait to trot our new skills into the marketplace and convince every owner of the unique power of an exit plan. After all, surveys said only three in 10 owners had a plan for ownership transition. Surely we would be welcomed as conquering heroes! We were in for a surprise.
I can count on one finger how many owners wanted what we had to offer. This “exit plan” thing hit with a thud – like a concrete piano dropped from the third story. We learned a hard lesson – just because owners didn’t have a plan didn’t mean they wanted one. That was intriguing because most of an owner’s net worth is almost always tied up in the business. If the business is their biggest financial asset, how can a plan for unlocking and harvesting its value be unattractive?
We set our minds to finding a way to get owners to lean into the conversation. Through experimentation, we finally found a question that triggered “the lean:” “Do you know what the value of your business is today?”
That simple question eventually led to the creation by the Exit Planning Institute of a methodology for value acceleration that all Certified Exit Planning Advisors use today. It was also the first step in Ready for Next’s journey from trying to convince owners to see it our way to meeting them where they are.
Now when we talk with owners, our first topic of conversation is whether they see themselves as explorers, pivoters or triggerers.
Explorers are seeking information and insights – they value expertise but aren’t yet ready to engage in a value acceleration program.
Pivoters are value accelerators – pivoting from a relatively low state of planning and value acceleration to much higher awareness of the key issues and commitment to creating the highest possible state of transition-readiness. Normally, we work with Pivoting owners for three to five years to build value and transition-readiness.
Triggerers are on a shorter timeline – the transition horizon might be 12-24 months (which is very rapid). Because time is so limited, we provide decision support. Our goal is to five very specific things that will help owners make the best decisions possible under the circumstances, whatever they may be at the time.
”Value acceleration” is a partnership with owners to generate value on top of value. We are not here to tell owners all the things wrong with their businesses. Every owner deserves credit for laying down a good road that a supercar can travel. Working together, value acceleration is a generative “yes, and…” process – a constructive partnership between creative entrepreneurs and CEPAs.
When I received my CEPA, I was 42 and naïve. I’ve progressed from a guy with an exit plan in my pocket to an expert in value acceleration and transition-readiness. I’ve worked with dozens of phenomenal owners over the years and learned so much about building successful businesses while maintaining connections with family and community. I have great partners in our company, Ready for Next Advisory Group, which we’ve built into a leading international firm in our industry.
Undoubtedly, my life would have been less rewarding if in 2008 I hadn’t signed up for a course that almost no one had heard of. Now 5000 CEPAs strong and growing, it’s a community I’m very proud to be a part of.
Here’s to the next 15 years helping owners achieve their dreams—even better than the last.