The 2018 MassMutual Business Owner Perspectives Study takes the pulse of today’s business owners. Conducted by HawkPartners for Massachusetts Mutual Life Insurance Company (MassMutual), the results reveal 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 is not always top of mind, even though many feel protecting the business is important. In addition, most business owners prefer to keep their business and personal finances separate, but often find the two inextricably linked.
We recommend that you review the study with your family members, business partners, key employees and centers of influence. Then use the findings to begin a meaningful dialogue about how you can best position your business for long-term success and financial stability.
At the same time, consider the impact not planning could have on your business and on those who depend on it most. 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?
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