A new survey from PNC Private Bank underscores a persistent disconnect in the business-owner wealth market: while 89% of owners say they value financial advice that spans both their company and personal finances, only 55% currently receive such integrated guidance. The findings, based on responses from 300 private business owners with annual revenues between $10 million and $125 million, were compiled online by Ipsos between Nov. 19 and Dec. 10, 2025.
The research also highlights a discipline gap. Although 98% of owners claim they reassess business decisions against personal goals, roughly 40% do so only occasionally or rarely. More striking, 31% have no succession plan in place at all. Don Heberle, head of PNC Private Bank, said the data shows a clear appetite for holistic advice that merges personal and business objectives—an opening for advisors willing to lead.
For advisors, the shortfall represents a chance to engage a demanding clientele. Business owners typically concentrate most of their net worth in a single illiquid asset, and the work of diversifying that equity, protecting families against death or incapacity, and keeping plans current often requires an external catalyst. The communication gap extends to families, as prior reporting has shown that most potential successors assume a plan exists when owners say it doesn't.
Diversifying business equity before an exit
Rick Simonetti, founding partner and CEO of Fidelis Capital, said the hardest step is persuading owners to move money out of the company at all. The business is often the owner's pride and highest-growth asset, so redirecting cash into outside liquidity meets heavy resistance. His approach is to start early and small, limiting the impact on the company, and to set a finite target for the outside portfolio rather than an open-ended goal. He also recommends holding assets such as real estate in separate entities from the operating business from the outset, which provides flexibility ahead of an exit or unexpected event.
Andrew Schiff, CEO of TritonPoint Wealth, views a private owner's equity as their "alternatives allocation." Since the business already supplies illiquid, low-correlation exposure, he cautions against adding much private equity or venture capital on top of it. "We often tend to focus their investable assets on public markets, be they stocks or bonds, to ensure the client retains sufficient liquidity to meet normal and emergency needs, outside of the value of their business," Schiff said. "Said another way, the client's largest asset is illiquid…why compound that situation by adding similar investments?"
Matthew Fulton, associate wealth advisor at Atlas Legacy Advisors, encourages owners to build a second balance sheet for their life outside the company. That work starts with how they picture their next chapter, a theme central to exit planning conversations. "A financial plan puts a number to that vision, showing what the owner needs to sustain their lifestyle and how much they may need to unlock from the business," Fulton said. "We also test it against a delayed sale or lower-than-expected proceeds. From there, diversification becomes an ongoing practice, instead of a decision made when a buyer appears."
What happens if an owner dies or becomes incapacitated?
If illness, incapacity, or death forced a transition tomorrow, Schiff said corporate documents must already place control with the family, not just the owner, so any sale happens on the family's terms. He recommends paying an attorney to review and revise those documents if needed. Schiff also calls buy-sell life insurance critical, simple to arrange, and frequently overlooked. A buy-sell agreement sets out how an owner's stake is transferred, and insurance funds the purchase when an owner dies. Where documents allow, he suggests revocable or irrevocable trusts to hold some or all of the equity, with irrevocable trusts among the most effective tools for keeping a company under family control across generations.
Simonetti said company-level coverage alone falls short. "Ideally, and sadly way too infrequently, a defined succession plan for both ownership and management should be developed and in place," he said. "A safety net like key person insurance at the company level may help in the case of an unplanned passing but doesn't solve for the whole. Outside insurance at the family level, or the existence of the previously mentioned outside pool of liquidity, can be a critical safety net there."
Timing matters for estate tax, too. The federal estate and gift tax exemption is $15 million per individual for 2026 gifts and deaths, up from $13.99 million in 2025. A fast-growing company can push an estate past that threshold quickly. "Planning the right organizational structure at the ownership level is much easier before the business has great value," Simonetti said. "This approach also positions the owners to avoid the economic disaster that the estate tax can impose on their legacy."
Fulton added that the company itself has to be able to run without its owner. That means documenting key processes, developing leaders, and making sure important relationships belong to the business rather than one person. These steps also shape valuation when advisors look at how to help clients sell their businesses on favorable terms. For more on the broader trend of business owners seeking exits, see pandemic fatigue driving sales and due diligence preparedness gaps.
How often should business owners revisit their financial plan?
All three advisors said once a year is the floor. Simonetti said planning never stops, because businesses, laws, families, and the economy all change, and new tools such as novel financing structures keep emerging. A disciplined annual review, he said, ensures that the plan remains aligned with both the owner's personal goals and the evolving realities of the business.
