Here at MassMutual we’re committed to meeting the needs of our customers and business owners alike, which is why we commissioned the 2015 MassMutual Business Owner Perspectives Study to better understand the demands on those in the marketplace.
The study, conducted by HawkPartners, provides us and you an opportunity to reflect upon your business successes and challenges so that you, your family and employees can face tomorrow with more confidence. Several core business planning pillars were explored:
- Keeping key employees loyal to the business
- Knowing what the business is worth
- Protecting the business from the disability and death of an owner or key employee
- Choosing who will take over the business if an owner dies, becomes disabled or leaves
- Transitioning ownership and/or finding a buyer upon retirement
One of the most eye opening findings of the study is that U.S. business owners are spending the majority of their time working in their businesses instead of on their businesses. The reality for today’s business owner is that long-term planning for the business is not always top of mind, even though many feel protecting the business is important. There is also a mix of positive and negative emotions associated with business planning; however, business owner positivity increases with the more plans they have in place.
Reviewing this study with family members, business partners, and key employees may help to create a meaningful dialogue about how you can best position your business for long-term success and stability. After all, your business is vital to the livelihoods of your family, your employees, and your community. Shouldn’t you spend the same amount of effort protecting your business, as you did building it?
“Entrepreneurial businesses are vital to our economic recovery, so it is concerning that so many business owners seem to be sacrificing their own and their family’s financial future,” says Tara Reynolds, corporate vice president of consumer and product marketing at MassMutual. “With help, business owners can look past the seemingly overwhelming day-to-day demands of running their businesses and establish and meet their long-term financial goals.”