Hispanic-owned small businesses present an opportunity

By Tony Viola

Educator's Retirement Service


Did you know?
  • Hispanic-owned businesses employ over 2 million workers
  • They have over $54 billion in payroll
  • They had average sales of over $345 billion in 2007
More than 80 percent of the Hispanic business owners went into business to be their own boss and have control over their financial future for themselves and their families. More than 70 percent desire to pass on their business to their family.

But sadly, most Hispanic business owners spend more time on running the business and day to day operations and fail to plan for themselves.

In addition, most hope that the business will be a source of income at retirement. But, only about 53 percent of Hispanic-owned businesses have a qualified retirement plan compared to over three-fourths of the general population. Nearly 70 percent of all Hispanic business owners do not have a financial adviser. and over 80 percent of them have never received professional financial advice.

* findings of MassMutual's research: Business Owner Perspectives: 2011 Insights in an Uncertain Economy