“Planning to sell a closely held business might start with a valuation three to five years before the targeted exit date,” says an article in The Estate Planner. The two-part article gives an overview of the exit planning process for closely held and family businesses. It also cites a PwC study that found an increasing number of small-business owners intend to sell rather than pass their business to family members. However, only a quarter of these businesses have any succession or exit plans. Citing valuation fees, the article says, “[A] certified business appraiser might charge between $5,000 and $10,000, while a specialized boutique investment banking firm might charge between $20,000 and $30,000.”