To say nothing of their fears connected with legacy and succession planning. Successful business owners want help retaining what they've worked to build and passing it on to their heirs. That's the big takeaway from a survey of business owners conducted by SunTrust Banks' Private Wealth Management (PWM) unit and published earlier this month.

"This research confirms what SunTrust has observed through our long-standing commitment to serving business owners," says Dave Johnston senior v.p. of SunTrust PWM. "When it comes to personal finances, business owners are more concerned about building and protecting wealth than the inherent risks in their business."

SunTrust PWM sponsored the survey of 201 business owners with at least $10 million in annual revenue. About half of them said they were worried about their money lasting as long as needed, and 30% said that transitioning their wealth was a top concern.

Spoiled

Well over two thirds of those surveyed -- 71% -- said they needed to retire with between $1 million and $10 million in investable assets to sustain their lifestyles; 24% said that they would need more than that. Kids were another worry.

Though most of the respondents considered themselves "good mentors" to children -- whom they think share their values -- 49% believed that their children may also be spoiled.

Only 26% plan to bring their children into the family business. Those surveyed consider conflicts between the older and younger generations as the biggest challenge to keeping the business in the family through the next generation.

SunTrust says it sponsored the online survey -- which was conducted by GFK Roper Public Affairs -- " to understand the key issues and concerns among the high net worth business owner population."

But the Atlanta-based bank didn't miss the opportunity to plug its Business Owner group, which Johnston says is "dedicated to supporting the unique personal and business financial needs of business owners."

SunTrust PWM is the marketing name for the bank's private-client banking, trust , securities, insurance and investment offerings. SunTrust also owns Palm Beach Gardens, Fla.-based multifamily office Asset Management Advisors. -FWR

.