In this episode of the Confident Exit Podcast, host Pete Bush, CFP, CEPA, sits down with Lance Hill of John Hancock, a Certified Exit Planning Advisor (CEPA) who supports financial advisors across Louisiana, Mississippi, and southern Alabama. Together they explore why exit planning belongs in the present rather than a decade down the road, drawing on Lance’s dual perspective as both an industry consultant and the recent owner of his family’s nursery and landscaping business. The conversation digs into the difference between a successful business and a significant one, why a current business valuation is the essential first step, and how the intangible capitals — people, culture, systems, and customers — drive the majority of a company’s value. Lance shares striking statistics on the coming wave of business transitions and the regret that follows unplanned exits, while both make the case that financial advisors are uniquely positioned to start these conversations. For owners and advisors alike, the episode is a practical reminder that the best exits are planned long before the offer arrives.
00:02 – Welcome & Catching Up Pete welcomes Lance Hill of John Hancock to the show, opening with some friendly banter about a signed Jim Craig “Miracle on Ice” jersey and the parallels between a championship win and a successful business exit.
01:35 – Why Lance Pursued the CEPA Designation Lance explains how joining John Hancock introduced him to the firm’s deep integration with the Exit Planning Institute, and why earning the CEPA designation opened his eyes to the realities facing business owners.
02:14 – John Hancock’s Unique Role in Exit Planning Lance describes how few asset management firms have built out exit-planning value propositions, and how John Hancock’s resources help advisors have more meaningful conversations with business-owner clients.
04:22 – A Multi-Dimensional View: The Family Business Pete and Lance discuss the many disciplines that surround a business owner at exit, and Lance reveals he has personally taken over his family’s 35-year-old nursery and landscaping business in North Louisiana.
05:24 – Lessons Learned the Hard Way Having transitioned the business from his aging parents before earning the CEPA, Lance reflects on what he would have done differently — and contrasts it with relatives who ran businesses for decades with no plan and got stuck.
07:13 – Pulling Exit Planning Into the Present Pete introduces Horizon’s “Maximum Value, Zero Regret” lunch-and-learn theme and the Exit Planning Institute stat that roughly 75% of owners regret selling within a year, often due to a lack of personal planning.
08:21 – A Job vs. a Transferable Business The discussion turns to how many small business owners really just own a job. A successful business funds a lifestyle; a significant business is transferable and aligned with personal and financial goals.
09:08 – The Conversation Advisors Are Missing Lance recounts an advisor who wanted to grow new assets dramatically but spent most of his time with plant workers — and was missing the business-owner conversations that drive larger opportunities.
10:50 – “When Was Your Last Valuation?” Lance shares his go-to opening question and ties the 70–80% business-transition failure rate to a lack of preparation, plus the idea that every business will transition one way or another.
12:30 – Why the Financial Advisor Is the Trusted Advisor Lance cites that 27% of business owners view their financial advisor as their most trusted advisor — ten points higher than their attorney — making advisors well placed to start the exit conversation.
13:22 – The Profit Gap and the Value Gap Pete breaks down how a business owner can close the profit gap (EBITDA versus best-in-class) and move up the valuation multiple, while owners often assume a higher multiple than buyers will pay.
14:06 – Owners Overvalue Their Businesses With 80% of an owner’s wealth typically tied up in the business, owners tend to overvalue it. Lance and Pete use the “ugly baby” and home-value analogies to explain that a business is only worth what a buyer will pay.
15:31 – Intangible Capital Drives 80% of Value Pete highlights how people, culture, systems, and customers drive most of a company’s value, and why de-risking concentration — such as one customer making up 40% of revenue — matters to buyers.
16:24 – Advisors Are Business Owners Too Lance points out that independent financial advisors face the same risks — revenue concentration, reliance on the founder — and should run these exercises on themselves before guiding clients.
18:05 – Pete’s Three Reasons for Earning the CEPA Pete shares his motivations: serving larger clients with liquidity events, completing six acquisitions since 2017 within the advisory industry, and planning his own succession at Horizon as he approaches 60.
19:43 – The Scale of the Coming Transition Wave Lance lays out the numbers: roughly $118 trillion changing hands by 2044, 57% of privately held businesses owned by baby boomers, and 74% of privately held businesses expected to come up for sale within ten years.
20:54 – The Preparation Gap Lance notes 58% of business owners have no written transition plan and 78% have no formal transition team, fueling the high regret and failure rates — and the absence of a personal “third act” plan.
22:16 – The Middle Market’s Economic Weight Lance frames the opportunity: middle-market companies ($5M–$100M revenue) generate $6.7 trillion in combined revenue, employ 50 million workers, and would rank as the world’s fifth-largest economy on their own.
23:41 – Don’t Sell Under Pressure Pete and Lance caution against waiting until you’re tired, unhealthy, or pressured to sell, using a $10 million unsolicited offer example to show how owners can leave money on the table without preparation.
24:12 – How to Bring the Conversation Into the Present Lance offers practical guidance for advisors and owners: advisors in his region can call him for resources, and owners should seek out a CEPA-versed advisor and build a complete transition plan.
28:07 – How to Reach Lance Hill Lance shares his contact information and a light story about the correct pronunciation and spelling of his last name.
29:18 – Closing Thoughts & Wrap-Up Pete reflects on learning that Lance is now a business owner himself, underscoring the value of thinking about exit planning both personally and professionally, and closes the episode.
Guest Lance Hill, CEPA John Hancock Coverage area: Louisiana, Mississippi, and southern Alabama Phone: 617-306-8658 Email: lhill@jhancock.com
Host Pete Bush, CFP, CEPA Horizon Financial Group: pbush@horizonfg.com
Resources Mentioned Exit Planning Institute and the Certified Exit Planning Advisor (CEPA) program John Hancock exit-planning resources for advisors Gold Medal Strategies by Jim Craig
The views depicted in this material are for informational purposes only and are not necessarily those of Cetera Advisors, LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors, LLC nor any of its representatives may give legal or tax advice.
Pete Bush, Bill Bush, and Andy Bush are registered representatives offering securities and advisory services through Cetera Advisors, LLC, member FINRA/SIPC, a broker-dealer and registered investment adviser.
Adam Figura is a registered administrative assistant of Cetera Advisors, LLC, member FINRA/SIPC.
Today’s guest is not affiliated or registered with Cetera Advisors, LLC. Any information provided by our guest is in no way related to Cetera Advisors, LLC or its registered representatives.
Cetera is under separate ownership from any other named entity.
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