Cetera taps Cornerstone to expand business sale support for advisors' clients

Cetera has entered into a new partnership with Cornerstone Business Services, an investment bank focused on the lower middle market, to provide business sale services to financial advisors whose clients are private business owners.

The agreement, announced Tuesday, is designed to help advisors support clients who are considering selling their businesses or beginning the planning process.

The offering will be available across all Cetera communities and channels, and is positioned as an expansion of the firm’s high-net-worth solutions.

Scott Baker, Cetera’s head of high-net-worth solutions, said in the announcement that the firm is “pleased to add Cornerstone to Cetera’s High-Net-Worth Solutions offerings, further strengthening our comprehensive platform of value-added services we offer Cetera clients, and the advisors who serve them.”

Baker also noted that a professional sales process and carefully crafted tax and estate plans “can result in higher sales prices, and importantly, higher after-tax proceeds.”

Cornerstone will provide a structured sale process for business owners, which the firm says typically generates multiple offers.

“When you combine that leverage with Cetera’s world-class financial expertise, owners gain true peace of mind,” said Scott Bushkie, founder and managing partner of Cornerstone. He added that owners can be confident they have not left money on the table and that their final decision to sell – whether driven by value, legacy, or culture – remains in their control.

The partnership comes at a time when many private business owners are seeking more comprehensive support as they navigate the complexities of selling a business.

According to a recent BNY Wealth study of 127 US private business owners, securing a fair price is the top priority for sellers, but nearly as many cited the impact on employees as a major concern.

The study also found that assembling a tailored deal team – including investment bankers, financial advisors, and legal professionals – was crucial to ensuring peace of mind and a successful outcome.

A common regret among business sellers, according to the BNY report, is not starting the planning process early enough. Forty percent of respondents wished they had engaged in estate and tax planning further in advance, and a two-year runway was identified as ideal for ensuring a smooth sale.

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The study also highlighted the importance of having trusted advisors who understand both the business and the owner’s personal goals, with one respondent advising, “Set this team up early. Establish regular meetings, so everyone knows each other and can work well together. You’re leveraging your team’s expertise, and that team is greater than the sum of its parts.”

Cetera’s new partnership with Cornerstone aims to address these needs by offering both near-term exit planning and longer-term business valuation strategies, supported by Cetera’s advanced planning team and trust company.

Baker said the firm’s most value-added service is to do meaningful tax and estate planning before a sale takes place, emphasizing a proactive approach that sets Cetera apart from those “simply looking to execute a sale.”

Read more: How to help small-business-owner clients get started with their exit plan