Since the question asked for a formal question as I would be addressing an elderly man, I would only use company esta? I would not use question tal? That is a very informal way of asking and means more ‘how’s everything?’
¿Qué tal? is also used in Spain to greet an elderly person. We'd probably use it followed by "don/doña" if we want to make it slightly more formal: "¿Qué tal Don Antonio?"
But even if you don't use don/doña, this is still used and it is not considered too informal. For example, an elderly person could be greeted by a bank employee saying something like:
¿Qué tal? Pase y siéntese, for favor.
How are you? Come in and have a sit please.
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