From working with customers and handling employee issues to overseeing operations and marketing products, small business owners (SBOs) typically handle nearly every aspect of their business. But when it comes to working on their exit strategy, they often require or would greatly benefit from some guidance from a trusted advisor. This guidance is invaluable when selecting who has a place on the exit planning team.

To help SBOs and trusted advisors alike, ELLA, a digital workbench for exit planning, highlighted the six people who are critical to a successful exit. Together, they form a holistic team that ensures a smooth and profitable transition, be it a sale to a third party, family transition, management buyout, merger, or any other exit option.

What is an Exit Planning Team?

An exit planning team is a group of professionals that helps business owners plan and execute a successful exit. The team is tactical and deal-oriented, formed specifically for the exit process to reduce risk, maximize value, succession plan, and handle the transaction. This team should include a(n):

1. Business Attorney

An experienced business or transactional attorney is pivotal to a successful sale and smooth transition. Depending on the complexity of the exit and goals, a business owner may find additional specialists such as a merger and acquisition (M&A) or tax attorney.

A skilled business attorney on the exit team ensures that the deal is legal, enforceable, and in the owner’s best interest. To land an advantageous exit, they’ll:

• Review and negotiate key documents

• Ensure legal compliance

• Manage and minimize risks

• Draft agreements

• Advise on entity restructuring

• Protect intellectual property (IP)

• Support due diligence from the seller's side

Key Takeaway: One wrong clause or poorly worded agreement can be costly, resulting in lawsuits, tax surprises, or lost value. Transitions are complex, and a seasoned attorney will protect the owner.

2. Certified Exit Planning Advisor (CEPA)

Most small business owners will go through the exit process once in their life, and a lot is riding on making the most of it. The problem is, they’re often so busy working in the business that they don’t have time to work on it, meaning they don’t have the time to plan.

It’s for this precise reason that exit planning advisors are so critical. They translate an SBO's personal, financial, and business goals into an executable roadmap, help to build value, and ultimately, prepare for a future sale. Put simply: From intention to execution, they’re a business owner’s strategic partner. At different stages of the exit process, a seasoned exit planning advisor will:

• Assess readiness

• Identify value gaps

• Set clear exit goals

• Help build the exit team

• Coordinate execution

• Provide personal support

It should be noted that an exit planning advisor is not selling the business as a broker might. They’re in charge of building the exit plan, managing the exit process, and protecting the owner’s outcomes.

It’s also important to distinguish between exit planning advisors and certified exit planning advisors (CEPA). Whereas “exit planning advisor" is a general title, a CEPA is a specific credential awarded by the Exit Planning Institute (EPI). The EPI trains CEPAs in the Value Acceleration Methodology™, better equipping them to build a holistic exit plan that includes:

• Aligning business, personal, and financial goals

• Quantifying the value gap and identifying actionable levers to close it

• Assembling and coordinating cross-functional teams

• Helping the owner accelerate value

• Speak the languages of buyers, M&A advisors, and other technical professionals

3. Certified Public Accountant (CPA)

Taxes, financial statements, and deal structure can be among the most complex aspects of exiting a business. Navigating these complexities is why having a Certified Public Accountant (CPA) in the exit planning process is essential. To avoid costly mistakes and ensure the exit is tax-efficient, financially sound, and deal-ready, CPAs will:

• Advise on timing and entity structure changes

• Coordinate with other advisors

• Ensure compliance and avoid red flags

• Help clean up accounting systems

• Prepare financial statements for valuation

• Provide financial reporting and insights

• Strategize around the owner's short-term deal and long-term wealth

• Structure deals in a way that optimizes tax outcomes

CPA are really the first line of defense when buyers’ accountants start scrutinizing the books. Even the best sale can lead to unexpected tax bills, deal delays, or lower valuations without a strong CPA.

4. Certified Valuation Analyst

A Certified Valuation Analyst (CVA) is a credentialed professional who determines a business's fair market value using standardized methods set forth by the National Association of Certified Valuators and Analysts (NACVA). Buyers, courts, and the IRS widely accept these standards.

CVAs analyze financial performance, industry data, and risk factors to provide a defensible, data-driven valuation. In the context of exit planning, a CVA helps business owners:

• Understand what their business is worth and why

• Discover value drivers

• Determine goal-specific improvements

• Identifying their value gap

5. Estate Planning Attorney

Estate planning attorneys, or estate planners, help small business owners maximize personal wealth and uphold their legacy while minimizing estate taxes, creating a will, and organizing charitable contributions. Further, should something unexpectedly happen to the SBO before or during the exit process, the estate planner will solidify a plan to ensure business continuity by forming succession plans, creating trusts, and assigning powers of attorney.

Shrewd SBOs realize that, without careful planning, the value of their estate may result in a significant tax liability for their heirs. In coordination with a CPA, CVA, and wealth advisor, an estate planner may assist in structuring ownership transfers to reduce or defer taxes through:

• Annual Exclusion Gifts

• Lifetime Gift Tax Exemptions

• Discounted Business Interest Transfers

• Grantor Retained Annuity Trust (GRAT)

• Family Limited Partnerships (FLPs)

• Irrevocable Life Insurance Trust (ILIT)

• Charitable Remainder Trust (CRT)

Having a clear and legally enforceable plan can prevent family squabbles and confusion over who inherits what, particularly in multi-beneficiary situations.

6. Financial Advisor

A financial advisor on the transition team is critical to ensure the owner’s finances are in order. Their goals are to maximize business value, minimize risk, and align with your long-term personal and financial goals. To ensure those goals are met—and ideally, exceeded—a skilled financial advisor will:

• Structures exit to reduce tax liabilities

• Align exit with retirement and wealth goals

• Conduct financial due diligence

• Model different exit outcomes

• Deploy funds wisely

• Coordinate with other advisors

In their pursuit of maximizing business value and minimizing risk, a great financial advisor becomes the SBO's financial quarterback, collaborating with others on the exit team to find the best path forward.

Build The Team The SBO Needs

While there are certainly established pillars of a great exit team, every business will require a different set of people with seats at the table. Whether the team expands to a board of advisors, investment bankers, risk advisors, and growth consultants or is kept small, the important part is that everyone is working together and in the same direction.

To do just that, ELLA built a digital workbench for trusted advisors to bring clarity, structure, and trust to the exit planning process no matter how many people are on the team. The workbench was designed hand-in-hand with CEPAs and advisors to ensure it's not just intuitive but actually built for the real world of advisory work. If you’re interested in learning more about ELLA, join our early access list below.