Cornerstone’s Scott Bushkie on Unlocking the “$100M Opportunity”    

Every year, tens of thousands of small and mid-sized business owners—many of them long-time advisory clients—sell the companies that represent their life work. For financial advisors, these transactions should represent a once-in-a-lifetime opportunity to deepen relationships and capture new assets. Yet, too often, the opposite happens: clients sell their businesses and leave their advisors behind. 

Scott Bushkie, founder and managing partner of Cornerstone Business Services, calls this the “$100 million opportunity hiding in your book.” His firm, which specializes in helping business owners navigate the sale process, has spent two decades working with wealth managers and private banks to keep those clients engaged before, during, and after their exits. Bushkie discusses what advisors are missing, how to start “the conversation” about exit planning, and why emotional readiness is just as critical as valuation.  

CM: Your report opens with a familiar story—an advisor who loses a decades-long client right after the client sells their business. Why does this happen so often, and what is the biggest misunderstanding advisors have about their role during a client’s business sale? 

SB: This scenario plays across the country, and it’s more common than most advisors realize. The biggest misunderstanding is believing that a strong personal relationship alone will secure the client’s assets after a business sale. Our national study found that nearly two-thirds of business owners (62%) would consider leaving their advisor if no value was added during the sale process. 

Advisors often invest years building rapport like dinners, golf outings, and quarterly reviews, but when it comes to time for the sale, they assume the client will naturally roll over their assets. In reality, the moment a business owner sells, they’re suddenly approached by competitors promising specialized expertise for high-net-worth individuals. For many, this is the largest financial event of their lives, and they’re looking for guidance, not just friendship. 

If you’re not actively involved in helping your client prepare and navigate the sale, that personal relationship can fade quickly. The key is to be at the table early helping set the strategy, not just waiting for the proceeds. Advisors who don’t step up risk losing the assets they’ve worked so hard to build. 

CM: You describe this as a “$100 million opportunity hiding in plain sight.” What does that mean in practical terms for a financial advisor’s growth strategy? 

SB: When I talk about a “$100 million opportunity hiding in plain sight,” I’m referring to the untapped potential advisors have with their existing business owner clients. Traditionally, advisors grow their assets under management by adding hundreds of smaller accounts. (most common I hear is 200 clients at $500K each to get to $100M AUM). But by helping just five business owners successfully navigate the sale of their companies with $20 million in investable assets each you can reach $100 million in new AUM. 

This isn’t about working harder; it’s about working smarter. Fewer clients with larger accounts mean you can deliver more personalized service, free up time for your own priorities, and build a more valuable, focused practice. Advisors who take a proactive role in the sale process become magnets for referrals, as satisfied clients share their success with other business owners. The key is to shift your mindset from quantity to quality, helping clients with their biggest financial event can transform your business and theirs. 

CM: How big is the demographic opportunity right now, especially as Baby Boomers and Gen X business owners move toward retirement? 

SB: The demographic opportunity for financial advisors is enormous and it’s accelerating. Our national study surveyed 750 business owners between the ages of 45 and 75, representing both Gen X and Baby Boomers.  

Here’s what’s striking: 

• 48% of business owners plan to exit within the next three years. 

• 64% expect to sell in less than five years. 

• By 2030, every Baby Boomer will be over 65, and between 2025 and 2035, roughly 20 million Americans will reach retirement age—many of them business owners. 

To put it another way, nearly half of all business owners in this age group are actively planning their exit right now. For advisors, that means a significant portion of your client base is approaching the largest financial event of their lives in the very near future. If you’re not proactively helping them prepare, someone else will. 

CM: Your study found that 62% of business owners would consider leaving their advisor if the advisor didn’t add value during the sale process. What specific behaviors—or lack thereof—drive that statistic? 

SB: That 62% figure is one of the most eye-opening results from our national study. These aren’t small or unsophisticated business owners; our survey included companies with $5 million to $100 million in annual revenue, evenly split across revenue bands. Yet only 4% of owners said they were certain they would not leave their advisor after selling their business. That means 96% are open to switching, which is a huge risk or an opportunity if you take advantage of the current market. 

The main driver is a lack of proactive engagement. Business owners told us their advisors rarely initiate “The Conversation” a focused discussion about what they’ll need to live their ideal post-sale lifestyle. This isn’t a complicated process; it’s simply sitting down and helping the client understand their net number from a sale and how it aligns with their goals. 

Another key expectation is that advisors build a team of specialists like M&A advisors, CPAs, and tax attorneys to help maximize sale value and minimize taxes. Owners don’t expect their advisor to do everything, but they do expect them to bring in the right experts and help them accurately understand the value of their business. 

Finally, many owners said they would leave if their advisor provided an incorrect estimate of business value or tax consequences. In fact, about one-third of owners said they created an assumption of value with their advisor, but that number often didn’t reflect market reality. 

In short, business owners want their advisor to lead, not just manage assets. If you’re not adding value during the sale, you risk losing the relationship at the most critical moment. 

CM: What are the most common misconceptions advisors hold about their clients’ exit readiness and understanding of valuation? 

SB: One of the biggest misconceptions is that business owner clients have all the answers and will reach out if they need help. In reality, our study found that 32% of owners didn’t even know where to start or who to trust when it came to selling their business. Many advisors assume owners know the true value of their company and simply plug those numbers into retirement planning software. Unfortunately, those assumptions are often far from market reality, and the gap is only discovered when it’s too late, after burnout or a health issue forces a sale. 

Another common mistake is believing owners have a clear plan for their exit. In fact, 44% admitted they had no real understanding of their exit options, and fewer than 40% had ever had a formal business valuation or real market analysis done. Advisors who take a proactive approach helping clients understand their options and get an accurate valuation can make a real difference in the outcome. 

CM: The report found that 72% of business owners expect their financial advisor to bring in specialists—from M&A advisors to tax strategists. Why do most advisors fail to do this, and how can they start building that bench of experts? 

SB: Most advisors miss this step because they’re not sure where to turn or who to trust as referrals are an extension of their own reputation. Many haven’t taken the time to build relationships with M&A advisors, tax strategists, or joined professional associations like the Exit Planning Institute. Sometimes, it’s simply not knowing the right questions to ask or worrying about looking uninformed. 

The good news is you don’t have to be an expert in every area. Start by reaching out to reputable partners, attending industry events, or leveraging resources like the CAPex Program (www.capexprogram.com), which is designed to help financial advisors build their network and feel confident leading these conversations. The key is to be proactive. When you bring the right experts to the table, you become indispensable to your client. 

CM: One of the most striking findings in your study is that 65% of business owners tie their identity to their business. How does this emotional connection complicate succession planning—and how can advisors help clients navigate it? 

SB: For most, this isn’t just an investment like a stock or bond; it’s something they built from the ground up, they gave “birth” to, often over decades. In fact, 76% founded their company themselves, and another 16% inherited it. Only 3% bought their business from a third party. 

This attachment makes succession planning much more complex. Selling the business can feel like giving up a part of themselves, which leads many owners to delay planning or avoid tough decisions until burnout or health issues force their hand. Advisors can help by shifting the conversation from numbers to meaning, asking questions about life after the business, legacy, and personal goals. When you help clients reflect on what comes next, you make the process less daunting and more purposeful. 

CM: With nearly half of all business owners planning to exit within three years, what’s your biggest piece of advice for financial advisors who want to capture—and keep—those assets? 

SB: Start the conversation early. Nearly half of business owners in our study plan to exit within three years, and 64% within five years. Advisors who wait until the sale is underway are often too late. 

Begin by having a focused discussion about your client’s goals and what they’ll need to fund their ideal lifestyle after the sale. Introduce trusted specialists, M&A advisors and tax experts who can help maximize value and minimize taxes. Follow a proven process, like Assurance 360™, to guide clients through each step. 

If you do just one thing, help your client get a Real Market Analysis (RMA) from a reputable M&A firm. This gives everyone a clear picture of the company’s true market value, which is the foundation for smart tax and retirement planning. The sooner you start, the better positioned you’ll be to help your client and to keep the relationship and assets for the long term. 

CM: Finally, if an advisor could do just one thing tomorrow to start unlocking this $100 million opportunity, what would it be?   

SB: If I had to pick one action, it would be this: ask every business owner client the critical questions about their exit plans and future goals. Most owners wait too long to start, and many have never had an accurate valuation or Real Market Analysis (RMA) done. By initiating this conversation and helping your client get a clear, market-based valuation, you set the stage for smarter decisions and better outcomes. 

You don’t need to be an expert in M&A, just help your client take the first step. Use tools like our “Critical Questions for Every Business Owner” assessment and connect them with trusted specialists when needed. The earlier you start, the more value you add, and the more likely you are to keep the relationship and the assets after the sale.