Hmm, one of the verbs for "to do" in Russian is "делать". I assume "дела" is of the same root (perhaps a short-form adjective?), so, kmowing that, perhaps a possible literal translation is "How are you doing?"
The word for "things" in Russian is "вещи", for future reference :)
While I'm American, I don't say 'how ya doing' or anything resembling it. The phrases I'd use that capture the spirit of 'Как дела?', if not the precise meaning, would be 'How goes it?' or 'How's it going?' I might also ask 'How're you doing?' but that's not quite as casual.
Idiomatically, it becomes: How are you? But there is a can of worms here, because the standard greeting that doesn't call for a literal response, has several variations in various languages (doing, going, being) ! But I note the russian ending is plural, so the transliteration cannot be: How are you doing?
Formally, you could say Как Вы поживаете? Or (less formally) Как ваши дела?
You also wouldn't call him Тим if it's formal. You'd probably call him Timothy or Тимофей or Тимур depending on what name "Tim" is short for. Also, if you know his father's name then you'd address him with his patronymic in a formal setting. Как Вы поживаете, Тимофей Александрович?