First Citizens Wealth, the wealth management division of First Citizens Bank, published its "Beyond Wealth" study of business owners and wealthy Americans, finding they are adapting their professional and personal financial planning strategies to navigate today's evolving economic landscape. Despite challenges, optimism and resilience remain high for business owners, with nearly all saying that owning a business is "worth it."

"As business owners navigate inflation, market shifts and changing policy landscapes, the survey results underscore that they are finding innovative ways to preserve stability and plan for long-term growth," said Marc Horgan, Executive Director of First Citizens Wealth. "Working with an experienced wealth management team that understands both personal and business objectives can further support individuals and business owners alike as they plan their future with intention, build for the future of their business, adjust as needed, and ultimately pass down a lasting legacy."

Most business owners (66%) fund their ventures with their own savings or rely on traditional bank loans (40%) to sustain operations. However, more seasoned entrepreneurs are branching out, being twice as likely (38%) as first-time owners (18%) to leverage private equity or venture capital to grow their businesses.

Experienced owners are also reinvesting in their businesses at higher rates than first time owners, being twice as likely to expand operations or hire new employees, reflecting a focus on long-term growth despite economic headwinds. When responding to economic pressures, owners are most likely to adjust pricing strategies (34%), followed by increased marketing efforts (23%) and changing their vendor or supplier relationships (22%).

Looking ahead to an exit for their business, most owners plan to exit their business through a sale and current stakeholders including family, business partners or management/employees are the most commonly named successors to take on ownership. Yet only two in five plan to retire following their business exit, suggesting an appetite to continue working.