The report examines why business owners think of selling, what the typical mistakes are, how to gain optimal outcomes, and what the role of advisors should be.

BNY Wealth has drilled deep into the issues faced by business owners thinking of selling their companies at a time when tens of trillions of dollars of liquid wealth and illiquid assets are in play.

In a 25-page Insights For Private Business Owners Report, Structuring the Sale, authors collate advice and recommendations from 354 experts, including investment bankers, certified public accountants and attorneys.

The report examines the mistakes that owners should avoid, what optimal outcomes look like, and how to choose the best structures.

The decision by business owners to sell comes amidst constant wealth management focus on owners of liquid and illiquid wealth and their plans to transfer these assets, sometimes to their children and others. Estimates vary widely on the sheer scale of this. According to Cerulli Associates, total wealth transfer (all older generations, mostly Boomers) through 2048 will amount to $124 trillion, with more than $105 trillion flowing to beneficiaries and $18 trillion to charities.

A far lower figure of ÂŁ36 trillion came from Visa Business and Economic Insights in July 2026. Visa gave this lower number by excluding wealth from the top 1 per cent of households, subtracting debts and other liabilities, and deducting retirement spending, charitable donations, taxes, and fees.

Regardless of specific sizes, financial institutions such as BNY Wealth seek to engage with business owners as they seek to transition wealth. Other large institutions, such as at Bank of America, Wells Fargo, JP Morgan, Citigroup and UBS, devote resources to working with HNW and UHNW families in these areas.

The BNY Wealth survey found that family-related, retirement and other personal considerations accounted for 46 per cent of the reasons why owners are choosing to sell their firms now; 45 per cent said they do so for strategic partner/exit opportunities, and the same percentage cited competitive pressures. Other reasons included needing capital to grow other business activities; to respond to regulatory disruption; estate and tax planning, and de-risking and diversification. 

Two-thirds of survey respondents said the current M&A market is “somewhat or very strong” and the balance said it was “somewhat weak or very weak.” Some 58 per cent of advisors reported a rise in the number of letters of intent, 57 per cent saw a rise in the number of closed deals, and 53 per cent saw a rise in the number of mandates.

“Advisors who view the market as strong flag interest from private equity and strategic buyers as key reasons for current market strength. Many advisors also cite favorable financing conditions and robust valuations,” the report said. “Dealmaking staged an important comeback in 2025, as buyouts surged, exits rebounded and initial public offerings returned.”

Potential risks
BNY Wealth’s report flags certain risks to a rosy M&A scenario, however. For example, advisors said possible higher interest rates and tighter credit are the main threats to corporate deals. Most advisors don’t think a recession is on the cards, but recession risks and downgraded earnings are risks to keep in mind, the report said. Some 58 per cent of respondents said higher rates/credit contraction were a risk. At end of the scale, 31 per cent said regulatory and antitrust actions were risks to M&A.

The report examined how sellers can prepare better for a sale. It found that 48 per cent of sellers are viewed by advisors as prepared when buyer diligence starts across finances, legal paperwork and operations. 

Asked about factors that are most likely to delay a deal, the highest single answer is “legal” (19 per cent), followed by “information quality” (17 per cent), and “financing” (16 per cent). The legal angle is also the top factor cited in changing deal terms (18 per cent). Financing (35 per cent) is the largest factor in causing deals to fail.

As reported here, BNY Wealth published a report in July that said 47 per cent of the UHNW people it interviewed said comprehensive transfer plans are in place; 53 per cent acknowledged that plans are not complete.