For successful business owners, managing wealth extends far beyond balance sheets — it requires carefully orchestrating growth, balancing business and personal financial goals and priorities, and thoughtfully considering business succession planning and legacy.
PNC’s Business Owner Wealth Insights is the product of a partnership with leading market research firm, Ipsos, on a nationwide survey of commercial and lower middle market business owners. The survey offers insight into how owners are navigating the intersection of personal and business financial priorities, philanthropic giving, and family business succession planning – and how integrating personal and business strategies through the guidance of a private bank can be a difference maker.
The research provides insights centered around four key themes:
- Connectivity Between Business and Private Banking
- Balancing Business and Personal Growth
- Family Dynamics and Business Governance
- 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.
Further, respondents indicated that they are reviewing both their business and personal finances at a similar cadence, with the majority saying they revisit their business goals (80%) and personal finance goals (75%) at least quarterly.
“While the combining of business and personal finances in a practical sense could represent a conflict of interest, there’s value in taking a less siloed approach to creating a holistic financial strategy,” Heberle said. “When business owners view their enterprise and personal balance sheets through a unified lens, they can make clearer decisions and better manage risks as they build long‑term wealth.”
The Balance Between Business and Personal Growth
Even while business owners seek a less siloed approach to financial strategy for both their business and personal finances, there is still importance to finding the right balance between growing the business and achieving personal financial goals.
Most owners (91%) agree that achieving both personal and professional growth are equally important, and 87% say that their business decisions positively impact their personal lifestyle, but that success does not come without barriers.
More than half of all respondents (53%) said that personal time and resources are a challenge when trying to maintain balance between their business and personal financial lives. Additionally, 44% cited financial constraints or market conditions as a barrier to balance, with 35% saying they are challenged by the choice of reinvesting in their business vs personal use of the business’ profits.
“Business owners are striving for a more integrated financial strategy that accounts for the needs of both the personal and professional, but it’s a difficult balance for someone to find on their own,” Heberle said. “This presents an opportunity to engage a private bank advisor to bring that balance into focus, so the business owner can focus on growing their enterprise.”
Family Dynamics and Business Governance
An interesting insight uncovered in the research is the divide between the understood importance of business succession planning, and the development of such a plan.
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. Despite that expressed importance, 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%).
“Business succession planning is critical to long-term continuity and legacy for a business, but there are clearly barriers,” Heberle, said. “Bridging the gap between intent and execution on succession planning can have long-term impacts on not only business success, but family harmony and family wealth preservation.”
Philanthropy and Legacy
A benefit of business success and wealth accumulation is the ability to put wealth to work in ways aligned with family or individual values. Philanthropy is important to business owners, with 66% of those surveyed saying they view philanthropy as part of their legacy. Moreover, 81% of respondents said they structure their investment strategies to support their charitable goals, with 79% saying they provide financial donations to charitable organizations.
Philanthropy is a mechanism for perpetuating long-term business values and family legacy, as 69% of respondents said they either currently involve family in their philanthropic efforts (43%) or plan to involve family in the future (26%).
“Today’s business owners are navigating far more than operations and growth — they’re shaping family legacy, stewarding wealth, and planning for continuity across generations,” Heberle said. “When personal and business strategies are aligned, supported by informed guidance, owners are better positioned to preserve what they’ve built and create lasting impact for their families and communities.”
PNC’s inaugural report surveyed 300 middle-market and emerging middle-market business owners with annual revenues between $10M and $125M.
