Preparing for the $10T Shift: How Advisors Can Win the Great Ownership Transfer

A massive wave of business transitions is underway as Baby Boomer owners prepare to pass down or sell an estimated $10 trillion in privately held companies over the coming years. For wealth advisors, the so-called “Great Ownership Transfer” represents both a significant opportunity and a retention risk.  

Mike Perry, Head of Client Solutions and Wealth Management at Guardian, oversees wealth offerings for advisors managing approximately $80 billion in client assets. Perry outlines how advisors can strengthen credentials, deepen planning capabilities, and position themselves as indispensable partners before, during, and after ownership transitions. 

CM: When you talk about the “Great Ownership Transfer,” how do you seize the opportunity and the risk for advisors who serve business owners today? 

MP: With millions of small and midsize businesses poised to change hands, we’re entering an era of unprecedented complexity, one where business equity, personal wealth, taxes, and family all come into play. The advisors who win won’t just treat this as a one-time event. Instead, they’ll guide clients through a multi-year journey, helping them to navigate every twist and turn along the way. 

We tend to see the best results when advisors integrate protection, retirement, investment, and succession strategies from the start. Engaging early and leading with a “protection-first” mindset helps business owners navigate risks and seize growth opportunities through a proactive approach that builds both financial confidence and long-lasting relationships. 

CM: How can advisors proactively protect assets before a transaction occurs? 

MP: Protection and planning go hand in hand. That’s why advisors who lead with holistic, protection-first strategies help ensure that assets aren’t derailed by surprises like death, disability, divorce, or failed deals before value is locked in. Key moves include: 

• Business continuity planning 

• Buy-sell funding and aligning valuations 

• Key person risk mitigation 

• Liquidity planning for taxes and estates 

• Asset allocation after the transfer 

Proactive protection puts business owners in control of their exit so they choose when and how to transition, not the other way around. 

CM: What planning gaps tend to surface late in the transition process and how can advisors address them earlier? 

MP: Selling a business is often emotional and complex. When planning gaps arise late in the process, usually around liquidity and control, they add stress just when owners need clarity the most. For instance, issues might include unfunded or outdated buy-sell agreements, old estate plans, and personal balance sheets overloaded with illiquid equity. 

Advisors can help mitigate these challenges by stress-testing plans early, including asking “what if” questions and running real-world scenarios, so owners make smarter decisions before any contracts are signed. 

CM: What are the most common misconceptions business owners have about the timing and complexity of selling or transitioning a business? 

MP: Many owners think the transition happens at closing, but that’s not necessarily the case. In reality, the outcome is set years earlier, shaped by solid governance, clear financials, smart risk management, and teamwork with the right advisors. 

It’s also easy to underestimate how long, complex, and disruptive a deal can be, or how much planning is needed afterward. That’s why our advisors urge clients to see their exit as an ongoing process, not a one-and-done event. 

CM: Which structures or strategies are most underutilized before a transaction?  

MP: Advisors need more than transactional expertise. They also require the right tools, technology, and insight to help business owners understand the broader picture long before a sale is even considered. 

Too often, buy-sell agreements aren’t properly funded, key person risks aren’t covered, and liquidity for taxes or estates gets overlooked. Addressing these early, rather than as a last-minute scramble, can help keep business value stable and owners in the driver’s seat. 

These strategies work best when they’re baked into the plan from the beginning, rather than rushed through when the clock’s running out. 

CM: What changes should advisors make inside their own practices to effectively serve more business owner clients? 

MP: To serve business owners effectively, advisors should rely on process-driven methods and multidisciplinary teams covering tax, legal, valuation, and insurance. Advanced technology, beyond basic investment modeling, is essential for efficiency and insight. Using specialized discovery frameworks uncovers unique challenges, allowing advisors to deliver personalized guidance. Ultimately, business owners deserve to be treated as a distinct group, not just another client subset, so advisors can offer holistic value and support throughout their journey. 

CM: If you could give one piece of advice to an advisor with Boomer business owner clients on the cusp of transition, what would it be? 

MP: With the Great Ownership Transfer on the horizon, start succession conversations early – often before clients have even thought about the next chapter. 

Early engagement builds trust, protects business value, and positions advisors as a true strategic partner, ultimately helping families and businesses thrive for generations.