A recent report from MassMutual showed that the company was interested in learning the needs of its customers, and expressed its continued commitment to meeting the needs of business owners and customers. The company’s Business Owner Perspectives Study helped researchers better understand the marketplace needs of MassMutual’s customers. HawkPartners helped conduct the study for the benefit of MassMutual and consumers. For those who read the study, there are several opportunities to learn how to overcome challenges and enjoy success. The study explored several planning pillars of importance. These included the following:
- Knowing the worth of the business.
- Ensuring loyalty among key employees to the company.
- Transferring of ownership or looking for a buyer when retirement time approaches.
- Protecting the company from the death or permanent disability of a key worker or an owner.
- Deciding who will take the lead for the business if one of the owners dies, leaves or becomes permanently disabled.
In the study conducted by MassMutual, one of the most interesting findings was that business owners in the United States spent most of their time handling operations of their business instead of working on improving the business. This is considered working in the business instead of on it, and the concept of working on a business instead of in it is an important topic today. With most business owners, long-term planning is not always their top priority. However, all business owners agree that protecting the company is their key goal. Both negative and positive emotions are connected to business planning. With more plans in place, the rate of positive attitudes among business owners increases.
MassMutual encouraged business owners to review this study with key employees. They also encouraged family members to review it together to help create a useful dialogue about protecting a business and ensuring its long-term survival. Since a business is important for the livelihoods of family members, communities and employees, business owners must put forth the effort to make sure it is properly protected. MassMutual pointed out that entrepreneurial businesses were important components of a recovering economy. Since the economy is still bouncing back from a slump, they encourage all business owners to avoid sacrificing the financial futures of their families and workers. It is possible for business owners to look past what they perceive as overwhelming daily demands of running a business. By doing this, they can build and accomplish their long-term financial goals. To learn more, discuss concerns with an agent.