Who most embraces 'American dream'? Hispanics.
Two-thirds of Hispanic business owners said they started their firms to better their lives, provide for their families, according to new survey.
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Despite their commitment to passing their businesses on to family members, only 17 percent of Hispanic business owners surveyed are concerned about transitioning ownership upon retirement compared with 32 percent of the general population. They do, however, know who will be taking over their businesses — 47 percent said their child and 21 percent said their spouse.
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Planning for the future
The research also shows that Hispanic business owners are struggling along with the rest of the population. While the latest available Census data shows that the number of Hispanic-owned businesses with more than $1 million in annual sales increased by 51 percent between 2002 and 2007, those numbers are pre-recession.
Today, 3 in 10 Hispanic business owners say it is all they can do to keep up with everyday business expenses. And, despite their desire to prepare for their futures, many are not doing much planning at all.
In fact, approximately 28 percent said they don't have time to get involved in managing their investments(versus 18 percent of general-market business owners who said the same thing). And, 18 percent say they wouldn't know where to go for financial assistance. Only 12 percent of the general business-owning population said the same thing.
Hispanic respondents pointed to employee retention, the need for a long-term financial plan, and developing a college savings plan for their children as their top priorities.
"Latinos understood the meaning of the 'American Dream' long before the term was coined," Mendoza said. "As businesses owners, they put incredible pressure on their shoulders to succeed, not just for themselves, but for the good of their families. The good news is they actually know to whom they want to transition their businesses, as part of their dream in providing for their families — they just need to understand the advantages of having a formal succession plan, the information and tools to help improve their ability to achieve that dream," he said.
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