Business ownership is more than a career, it’s a high-stakes investment and often the cornerstone of a family’s financial future. Unlike public-market investors, private business owners face unique challenges: concentrated wealth, illiquidity, and complex exit decisions. Turning business value into diversified personal wealth requires deliberate, long-term planning.
The Raymond James 2025 Business Owner Report, based on a survey of more than 500 private business owners, highlights how entrepreneurs are preparing for the next chapter. One key finding is that most owners have significant asset concentration, with nearly 90% reporting their business represents more than a quarter of their wealth and 44% saying it accounts for more than half. While reinvesting profits can fuel growth, it also heightens financial risk if diversification strategies aren’t in place.
Exit planning is another priority. More than half of respondents expect to exit their financial stake within five years, and nearly nine in ten plan to do so within a decade. Interestingly, ownership isn’t the endgame for most—nearly two-thirds intend to keep working or launch a new venture after selling, signaling a strong trend toward serial entrepreneurship. Generational dynamics are also shaping the landscape: Gen X and millennials now make up 92% of business owners, while baby boomers, though only 6% of respondents, report the highest levels of wealth concentration. This shift coincides with the Great Wealth Transfer, which will see trillions move from older generations to younger ones in the coming decades.
Succession planning remains common but complex. Family transitions are the most prevalent, especially among businesses valued at $15 million or more, while internal stakeholder buyouts and third-party sales each account for nearly a quarter of planned exits. Each path carries unique operational, financial, and emotional challenges, underscoring the need for early, structured planning. Growth capital is another critical theme, with 85% of owners anticipating the need for outside funding. Private equity and traditional bank loans lead the list of preferred sources, but each option involves trade-offs in control, risk, and cost.
Looking ahead, owners cite expansion into new markets as the most critical factor for success, followed closely by economic conditions, product demand, talent retention, and leadership readiness. These priorities reflect a broader truth: growth isn’t just about capital—it’s about strategy, people, and execution.
As Bonnie Harper, Vice President at Raymond James Private Wealth Consulting, notes, “For the owner and their business, their exit has incredible stakes. Managing that moment well can be a lifelong benefit, the result of executing plans months—even years—ahead of a business transition.” Whether your next chapter involves a family handoff, internal sale, or strategic exit, the difference between a good outcome and a great one often comes down to readiness and timing. Your business may be your largest investment, but your future is your most important asset. Start planning now.
Jodi Perez, CFP®, CEPA®
President & CEO, IFS
Wealth Manager, RJFS
20635 Amberfield Drive, Suite 102
Land O’Lakes, FL 34638
813-908-2701
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Independent Financial Services is not a registered broker/dealer and is independent of Raymond James Financial Services. Any opinions are those of Jodi Perez and not necessarily those of Raymond James.
Raymond James 2025 Business Owner Report – This poll was conducted between April 7-18, 2025, among a national sample of 540 business owners. Interviews were conducted online and the data were weighted to approximate a target sample of adults based on gender, educational attainment, age, race and region. Results from the full survey have a margin of error of +/- 4 percentage points.
Business owners are classified as those who are 18+ in the United States, who work in the private sector or are self-employed and have an ownership stake of 5+ years at a privately held company with 6-1,000 employees.
https://www.raymondjames.com/commentary-and-insights/business-ownership/2025/11/06/2025-business-owner-report-how-business-owners-are-planning-their-futures
Written By: Jodi Perez
Jodi Perez, CFP®, CEPA® is a seasoned financial advisor at Raymond James, specializing in personal financial planning for business owners.
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