A Raymond James survey of 540 privately held business owners reveals that 88% plan to fully or partially transition their financial stake within the next ten years, with 56% targeting a window of five years or less. Only 20% intend to retire upon exit, while one-third will continue working at their current business and 30% plan to reinvest proceeds in new ventures. The findings underscore the pressing need for tailored wealth planning as business divestitures evolve into strategic reinvestments rather than simple retirement events.

The data shows that 44% of respondents have more than half of their personal wealth tied up in their company, and 90% hold at least 25% of assets in business interests. Raymond James executives warn that such concentration poses significant risk if no diversification strategy is in place. With total client assets at $1.77 trillion, the firm is well positioned to offer multifaceted solutions—ranging from securities-based lending to structured exit transactions—to help clients convert illiquid business value into balanced portfolios.

A majority of surveyed owners plan to pass their business to insiders: 35% will transfer to family members and 23% to non-family internal stakeholders. Among owners of companies valued above $15 million, 44% prefer family succession. While 85% report having a formal transition plan, Raymond James highlights the importance of addressing interpersonal dynamics and governance structures early to ensure a seamless handoff and to mitigate potential tax and valuation disputes during intergenerational wealth transfers.

Although many owners prepare for exit, 85% anticipate needing additional capital for future growth. Preferred sources include private equity (52%), traditional bank loans (50%) and personal funds (43%). When ranking factors critical to ongoing business performance, owners place expansion into new markets first (22%), followed by the economic environment (17%) and product demand (15%). Talent recruitment and next-generation leadership rank lower, suggesting a potential gap between strategic growth ambitions and the human capital needed—an area where Raymond James’ integrated advisory platform can provide targeted support.