Insights from America’s Economic Engine
Business owners are the engine that drive the U.S. economy. The small business community in the U.S. is the third largest economy in the world, represents a total buying power of $2 trillion and has generated 66% of all new jobs since the 1970s. They are also your peers. The 2015 MassMutual Business Owner Perspectives Study takes the pulse of today’s business owners. The study, conducted by HawkPartners for Massachusetts Mutual Life Insurance Company (MassMutual), reveals that today’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. This underscores the need for financial knowledge and preparation. We recommend that you review this study with family members, business partners, and key employees. Then use these findings to create a meaningful dialogue about how you can best position your business for long-term success and stability. At the same time, consider the impact not planning could have on your business and on those who matter most to you. Evaluate what’s important, keep those critical items top of mind, and seek guidance from professionals who are best equipped to meet the needs of you and your business. 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 it, as you did building it?
Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual) (Springfield, MA 01111) and its subsidiaries, C.M. Life Insurance Co. and MML Bay State Life Insurance Co. (Enfield, CT 06082).C.M. Life Insurance Co. and MML Bay State Life Insurance Co., are non-admitted in New York.
Provided by Brian D. Wheeler, a Financial Advisor with MassMutual Central U.S., courtesy of Massachusetts Mutual Life Insurance Company (MassMutual)
© 2017 Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001