<human>: Condense the text into a few key points

Throwaway because my main account could identify me and my company. I've worked for the same small company for almost 10 years now and have a close relationship with the owner and other employees. I'm now in an upper level position here and someone my boss trusts, but I'm not sure how to bring up a sensitive issue.   
 The problem is thus: he's run the place as the ultimate decision maker for 30 years but he doesn't seem to be able to keep up with his responsibilities anymore. He insists on working with our crews of employees but drags everyone down now, is consistently the worst member of the crew. He's forgetting how things have always been done and making strange decisions that make us less productive and frustrate his lower employees. And for those of us in management, he insists he's doing work constantly only to dump unfinished projects in our laps frustrated after they are already overdue. Yet he won't let us just take care of these duties for him for whatever reason. He won't return phone calls or even fill out paperwork to make operations run smoothly, but is frustrated that things aren't going well.
He's getting older and I'm concerned that his mental health could be deteriorating. He is often asking me questions to things he taught me years ago. Between out of work activities taking up most of his time and a refusal to hand over any responsibilities, nothing is getting done and he's still tired and frustrated.    
   
I'm incredibly concerned. I care about the owner and company a lot and I worry what would happen to him if we are shut down, not to mention for my own job and those of my coworkers. Other higher level employees are exasperated and ready to quit, and that would be very bad for us as well. I want to express my concerns but he has always reacted very negatively to anything he takes as criticism or an attack on him personally. Does anyone have suggestions for how to broach this delicate subject in a way that doesn't seem like I'm making a power play or going over his head. This is truly not the case, I'm just seeing red flags raised everywhere that we are on a bad trajectory. I want us all to succeed and continue the work we've been doing for a long time.
<bot>: My boss is a good guy but can't keep up with his responsibilities and the business is suffering because of it. How can I talk to him about these serious issues without him taking it personally and just getting angry?