Capstone Partners Releases 2026 Middle Market Business Owners Research Survey: CEOs Acclimate to Volatility and Exhibit Optimism, Exit Preparation Bolsters Decision Making and Business Performance
Exit-prepared owners reported more capital markets activity and higher revenue growth than those not preparing to exit.
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Rhea-AI Summary
Capstone Partners (HBAN) released its 2026 survey of U.S. middle-market business owners, covering financing, exit preparation and outlooks.
The survey of 400 owners, conducted from May 20 to July 7, 2026, found that 72.7% had begun preparing to exit their businesses. Inflationary pressures persisted for 92.3%, while 79.5% had made at least one tariff-strategy change in 2026. Over the last 12 months, 57.7% completed a capital markets transaction and 54.6% reported contact from a private equity firm.
For the next 12 months, 48.8% planned growth strategies and 71.6% held a positive industry outlook, up 5.7% year over year. A very positive outlook on the U.S. economy reached 22.5%, a four-year high.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Key Findings:
- Improved comfortability with persistent macroeconomic and geopolitical volatility saw the share of CEOs concerned with company growth fall an average of
3.5% compared to 2025. However, persistent inflationary pressures have remained for the majority (92.3% ) of business owners. - Middle market business owners have scaled back operational and strategic adjustments to adapt to shifting trade policy in 2026. Overall, most (
79.5% ) business owners have completed at least one tariff strategy shift in 2026, down3.8% from 2025. - The majority (
57.7% ) of surveyed CEOs completed at least one capital markets transaction in the last 12-months (LTM), representing a0.3% year-over-year (YOY) rise. - Private equity (PE) interest in middle market businesses has also continued to expand, with
54.6% of surveyed business owners reporting inbound contact from a PE firm in the LTM. - The majority (
84.5% ) of surveyed CEOs reported that their business has already implemented or plans to adopt artificial intelligence (AI) tools, with customer service/marketing solutions representing the most common use case. - The lion's share (
48.8% ) of business owners surveyed plan to execute growth strategies over the next 12-months (NTM). However, planned growth strategy initiatives have fallen7.1% YOY, as recent inflationary pressures have pushed owners to increasingly prioritize financial stability efforts (+6.1% YOY). - Project financing has represented the top use case for LTM debt capital (
50% ), NTM debt capital (57.1% ), and NTM equity financing (44.6% ) among surveyed CEOs. - In 2026,
72.7% of middle market CEOs have started preparing for an exit from their business, suggesting a sizable pool of exit-ready business owners. - Compared to CEOs who have not started preparing for an exit from their business, exit prepared business owners completed more capital markets transactions in the LTM (+
46.5% ), attracted greater inbound PE interest (+34.5% ), and reported greater LTM revenue growth (+20% ). - The share of CEOs with a very positive
U.S . economic outlook has increased for the second consecutive year to22.5% in 2026, marking a four-year high. - The majority (
71.6% ) of CEOs have reported a positive NTM industry outlook, marking a5.7% YOY improvement following two years of declining sentiment.
Through this research, Capstone has evaluated the health of the middle market in 2026, uncovering recent challenges faced by business owners and the resources required to offset these challenges. The report also provides an analysis of forward-looking growth strategies and initiatives, business owners' outlooks on their respective industries and the broader
To access the full report including a breakout of the results by industry, click here.
Make your voice heard in our upcoming survey here.
ABOUT CAPSTONE PARTNERS
For over 20 years, the firm has been a trusted advisor to leading middle market companies, offering a fully integrated range of investment banking and financial advisory services uniquely tailored to help owners, investors, and creditors through each stage of the company's lifecycle. Capstone's services include M&A advisory, debt and equity placement, corporate restructuring, special situations, valuation and fairness opinions and financial advisory services. Headquartered in Boston, the firm has 300+ professionals in multiple offices across the U.S. With 12 dedicated industry groups, Capstone delivers sector-specific expertise through large, cross-functional teams. Capstone is a subsidiary of Huntington Bancshares Incorporated (NASDAQ: HBAN). For more information, visit www.capstonepartners.com.
View original content:SOURCE Capstone Partners
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many owners in Capstone Partners' 2026 survey were preparing to exit their businesses?
72.7% of surveyed middle-market CEOs had started preparing to exit their businesses.
How did exit-prepared owners in Capstone Partners' 2026 survey compare with other owners?
Compared with owners who had not started preparing to exit, exit-prepared owners completed 46.5% more capital markets transactions in the last 12 months, attracted 34.5% more inbound private equity interest and reported 20% greater last-12-month revenue growth.
What did owners in Capstone Partners' 2026 survey use or plan to use financing for?
Project financing was the top use cited for debt capital in the last 12 months (50%), debt capital planned for the next 12 months (57.1%) and equity financing planned for the next 12 months (44.6%).