Most Affluent Business Owners Lack Confidence in Valuing Their Business, Planning Exit Strategy

First Citizens Wealth, the wealth management division of First Citizens Bank, today published new results from its "Beyond Wealth" study that offer fresh insights about affluent business owners. Key findings include:

• A bare majority (52%) of affluent business owners say they know exactly how much their business is worth. And a large share of those (44%) aren't confident in that assessment.
   
• Less than half of affluent business owners (47%) say they have a plan for exiting their business, while only a third (33%) feel very prepared to exit.
   
• One in five (20%) affluent business owners plan to leave their business in the next five years, with one third (37%) planning to retain ownership for at least another decade.

The "Beyond Wealth" study surveyed affluent individuals across the United States with more than $500,000 in investable assets, including a subgroup of affluent business owners.¹

"This latest installment of our Beyond Wealth study delivers compelling insights into how affluent business owners perceive business valuation and exit planning," said Michael Wilson, executive vice president and lead executive for First Citizens Wealth.

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