As businesses grow, the decisions leaders face become more complex and consequential. This set the stage for PNC Private Bank’s recent webinar Finding Balance: Where Business and Personal Wealth Meet, which explored how owners can bring greater discipline, alignment, and confidence to their most important decisions.
The conversation expanded on findings from PNC’s Business Owner Wealth Insights survey, highlighting how owners balance growth, succession, and legacy across business and personal finances.
Moderator Don Heberle, Head of PNC Private Bank, opened the discussion with a simple truth:
“Business owners are navigating some of the most meaningful decisions of their careers – ones that affect their businesses, their families, and their long‑term legacy. As owners juggle growth, personal financial priorities, succession planning, and legacy, the need for a truly integrated approach has never been clearer.”
The Growing Need for Integrated Advice
Business owners often face a fragmented advisory landscape. Multiple advisors – accountants, attorneys, bankers, consultants – may provide strong guidance individually, but not always in sync with each other.
PNC’s research revealed that while 67% of business owners manage business and personal finances separately, 89% want financial advice that considers both.
Judy Raffa, Head of Strategic Advisory Solutions, noted, “Many owners keep their business and personal finances separate, which can make sense operationally. But the decisions themselves are interconnected. The advice needs to be coordinated, even if the accounts are not.”
This aligns with survey findings that show a clear gap: while most owners separate business and personal finances operationally, they overwhelmingly want advice that bridges both. Nearly 9 in 10 value a dedicated advisor who understands both sides of their financial life, yet just 55% currently use one to manage both.
“Owners are not necessarily asking for more advisors – they’re asking for better alignment,” said Michael Willetts, Head of Commercial Banking. “They want clarity and they want their advisors to provide guardrails for confident decision-making.”
Embedding Alignment in Every Strategic Decision
Panelist Julie Williams, Head of PNC Advisory Services, stressed that alignment should be embedded in every key decision. “With every major decision, personal or business, there are tradeoffs. The most important thing is building alignment into the decision‑making process itself – into how owners evaluate investments, opportunities, and tradeoffs.”
Williams also highlighted the value of scenario analysis. “The expected case is great – if it happens, but oftentimes it doesn’t,” she pointed out. “Resilience comes from asking ‘what if?’ and stress‑testing scenarios to avoid surprises and support long-lasting, durable decisions.”
Heberle added a grounding reminder: “The only thing we know for sure is that we don’t know what happens next. That uncertainty is exactly why disciplined decision‑making matters.”
Navigating Increasing Financial Pressures
Inflation, tax uncertainty, operational pressures, and shifting economic conditions have heightened the stakes for owners. According to the survey, owners cite cash‑flow management (33%) and managing cost and keeping pace with technology (32%) as top challenges.
“When pressures rise, the instinct is often to gather more data,” Willetts observed. “But what owners need are decisions framed clearly to help them weigh consequences and choose what’s best for the business long‑term.”
Raffa added that aligned planning begins with clarity: “Start with the end in mind – what the owner wants for the business and for themselves. A strong plan provides the structure to evaluate each decision through that lens.”
Succession Planning: A High Priority That’s Hard to Begin
Survey results show that 84% of family business owners believe a formal succession plan is critical, but one in three of all business owners have not yet formalized one. All of the panelists highlighted how succession planning is emotionally complex, which often delays action.
“Many people think unclear succession only creates future risk, but we think it creates risk today as well, so we ask our clients to think of it more as a risk management tool,” Willetts noted.
Heberle added: “Delaying decisions almost never leads to better outcomes. Starting early is one of the biggest advantages an owner can give themselves and their successors.”
Philanthropy as Legacy and a Bridge to the Next Generation
PNC’s research shows that 81% of owners say philanthropy is a core part of their identity and legacy, while 80% believe the next generation should be involved in family giving, though fewer than half currently do so regularly.
Raffa highlighted how giving can strengthen family continuity: “Owners want their philanthropy to reflect their family’s values. Documenting a plan and involving younger generations early makes giving more intentional, more impactful, and more sustainable.”
Three Key Takeaways for Business Owners
- Integrate business and personal strategies
Owners may separate business and personal finances for practical reasons, but the strategies supporting them should be integrated. Integrated advice helps ensure decisions don’t contradict each other. - Formalize succession plans
It’s difficult and often emotional – particularly within families – but essential. Writing it down, defining timelines and clarifying expectations create stability and continuity. - Structure and document philanthropy
Most owners view philanthropy as core to their legacy. Involving family members and documenting a clear structure ensures long‑term impact.
The conversation made one theme unmistakably clear: as decisions grow more complex, alignment is what business owners value most. 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.
