(StatePoint) For successful business owners, managing wealth extends far beyond balance sheets — it requires carefully orchestrating growth, balancing business and personal financial priorities, and thoughtfully considering business succession planning and legacy.
PNC’s “Business Owner Wealth Insights Report” is the product of a partnership with leading market research firm, Ipsos, on a nationwide survey of business owners. Its findings center on four themes: connectivity between business and private banking, balancing business and personal growth, family dynamics and governance, and philanthropy and legacy.
“As business owners juggle growth, personal financial priorities, succession planning and legacy, the need for a truly integrated approach has never been clearer,” said Don Heberle, head of PNC Private Bank. “This report shines a light on how prepared business owners are for navigating the complex intersections of business and personal wealth and the keys for unlocking stronger outcomes for families, businesses and communities.”
Connectivity Between Business and Private Banking
For most business owners surveyed (67%), business and personal finances are managed separately. Respondents believe there are potential risks associated with combining business and personal finances, with 83% saying that separating the two reduces the potential for conflicts of interest. Still, 89% say they are interested in receiving advice that considers both their business and personal needs, and 88% of respondents say they value having a dedicated advisor who understands both.
Business and personal goals are reviewed at similar intervals, with the majority saying they revisit their business goals (80%) and personal finance goals (75%) at least quarterly.
The Balance Between Business and Personal Growth
There is importance among business owners in finding the right balance between growing the business and achieving personal financial goals.
Most owners (91%) agree that achieving both personal and professional growth is equally important, but that success does not come without barriers, which include:
• Personal time and resources (53%)
• Financial constraints or market conditions (44%)
• Choosing between business reinvestment and personal use of the business’ profits (35%)
Family Dynamics and Business Governance
Most survey respondents (92%) agreed that it is important to have a formal governance structure for their business. Separately, 84% said succession and exit planning is critical to the continuity of their business. Yet, only 63% said they have a formal exit or succession plan.
Among those without a formal plan, top barriers identified include lack of a clear successor (25%), family conflict in succession (15%), and lack of time (19%).
Philanthropy and Legacy
Philanthropy plays a meaningful role in legacy planning. Two-thirds of respondents view philanthropy as part of their legacy, and 81% structure investment strategies to support charitable goals. Nearly 80% donate financially, and many involve family members — either actively (43%) or in future plans (26%).
“Today’s business owners are shaping legacy across generations,” Heberle said. “When business and personal strategies are aligned, they are better positioned to create lasting impact.”
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