(StatePoint) For successful business owners, managing wealth extends far beyond the balance sheet – 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 Ipsos, a leading market research firm, on a nationwide survey of business owners. Its findings focused 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 highlights how unprepared business owners are to understand the complex intersections of business and personal wealth and the keys to unlocking stronger outcomes for families, businesses and communities.”
Connectivity between business and private banking
For the majority of business owners surveyed (67%), business and personal finances are managed separately. Respondents believe there are potential risks associated with combining business and personal finance, with 83% saying separating the two reduces the potential for conflicts of interest. Still, 89% say they are interested in receiving advice that takes into account both their business and personal needs, and 88% of respondents say they value 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.
Balance between business and personal development
There is importance among business owners to find 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 success does not come without obstacles, including:
• Personal time and resources (53%)
• Financial constraints or market conditions (44%)
• Choosing between business reinvestment and personal use of business profits (35%)
Family Dynamics and Business Administration
The majority of survey respondents (92%) agreed that it is important for their business to have a formal governance structure. Separately, 84% said succession and exit planning is important to the continuity of their business. Still, only 63% said they had a formal exit or succession plan.
Among those without a formal plan, the top barriers identified included lack of a clear successor (25%), family conflict over succession (15%), and lack of time (19%).
Philanthropy and legacy
Philanthropy plays a meaningful role in legacy planning. Two-thirds of respondents see philanthropy as part of their legacy, and 81% have structured 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 legacies from generation to generation,” Haeberle said. “When business and personal strategies are aligned, they are better positioned to create lasting impact.”
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