A study of 750 American business owners ages 45 to 75, each leading companies with at least US$5 million in annual revenue, offers a clear picture of how owners think about selling their businesses and how unprepared many are for what is often the largest financial transaction of their lives.

The research, conducted by The Center for Generational Kinetics in partnership with Cornerstone Business Services, reveals a widening disconnect between intention and execution. In short, selling is on the radar for most owners, but meaningful preparation is not.

Owners send mixed signals about selling

According to the study, nearly half of business owners (48%) plan to sell within the next three years, almost two-thirds (64%) expect to sell within five years and 81 percent anticipate selling within 10 years.

Yet those intentions coexist with a very different mindset. More than four in 10 owners (43%) say they plan to run their business until they are mentally or physically unable to continue.

Taken together, the data suggests many owners hold two competing ideas at once: ‘I’ll sell someday’ and ‘I’ll keep running this indefinitely’. That internal contradiction, while common, can delay the kind of early preparation that preserves options later on.

Not to mention, waiting until you become sick or incapacitated will almost always lower value and introduce significant risk to the business, employees and family members who depend on it.

Owners know the stakes are high

Sixty-six percent say selling their business would be the single largest financial transaction of their life. Nearly half (49%) believe their retirement plans and dreams would be in jeopardy if they could not complete a sale. And 47 percent say they lose sleep because they have too much of their net worth tied up in their business.

In other words, most owners understand that their personal financial future is tightly tied to the outcome of a business sale, even if they haven’t taken concrete steps to shape that outcome.

A widespread valuation blind spot

One of the clearest indicators of readiness, or lack thereof, shows up around valuation.

Sixty-one percent of business owners have never received a certified business valuation or Real Market Analysis of their company. At the same time, more than a quarter of owners (27%) say uncertainty about what their business is worth actively prevents them from selling.

That means many owners view a sale as essential to their long-term security, yet lack objective data about the value of the very asset that will fund that future. It’s like sending a child through grade school, high school and college without ever seeing a report card. You may hope for a good outcome, but you’re operating without real feedback.

Buyers are knocking, even when owners aren’t ready

Market interest, meanwhile, appears robust. Sixty-one percent of owners report they have received interest from a buyer or buyer’s representative within the past 12 months.

More concerning, however, is that 55 percent say they would accept an unsolicited offer without obtaining a third-party valuation if they assumed the offer was reasonable.

That combination – strong inbound buyer activity and limited valuation information – creates an environment where the first serious price an owner sees may come from the other side of the negotiating table.

Even well-intentioned buyers who act in good faith are tasked with acquiring businesses at the lowest price possible. Meanwhile, less scrupulous buyers actively look for owners who lack data, leverage or a clear understanding of what their business is worth.

Emotional factors still shape financial outcomes

The study also highlights how deeply personal selling a business can be. Two-thirds (65%) of owners say their identity is deeply tied to their business, and 35 percent report they cannot imagine themselves separate from owning it.

Those emotional ties can make it harder to engage in planning that feels, even subconsciously, like preparing for an ending. But delaying those conversations can shrink a business owner’s exit options over time.

Owners want a team, not a single advisor

Finally, when it comes to guidance, expectations are evolving. The data suggests financial advisors are more central to the business sale conversation than many realize.

Nearly three-quarters (72%) of owners believe it is their financial advisor’s job to accurately reflect business value in retirement planning, and the same percentage expect their advisor to recommend a team of specialists to maximize value and minimize taxes.

Owners also rate merger and acquisition firms and investment banks as the most effective resource for core elements of the sale process, including valuation, preparing a business for sale, marketing, negotiating and completing the transaction.

The message is clear: Business owners increasingly see exit planning as a team sport. Advisors who embrace that reality can strengthen relationships and relevance, while those who don’t may find themselves sidelined in a defining client moment.

What the findings signal

Taken together, the research paints a picture of a large population of owners who expect to sell in the coming decade, understand the personal stakes and are receiving inbound buyer interest. Yet, these owners don’t know what their business is actually worth, lack informed planning and don’t have a defined advisory team.

That gap between awareness and action helps explain why so many owners struggle to achieve the outcomes they envision.

The next decade is likely to bring a significant wave of potential transactions. The study suggests the difference between a smooth, value-maximizing exit and a disappointing outcome may hinge less on market timing and more on whether owners understand their true value, their options and their leverage before engaging buyers.

For more information and advice on planning your exit, click here.